How an obscure policy from 1971 created the modern world
The 15th of August 1971 was a turning point in modern history – the day the Nixon Administration severed the link between the dollar and a specific quantity of gold. In this conversation with Sean Keyes, John Looby draws a line from 1971 to the global financial crisis, the rise of China and our boom-bubble-bust financial system. He explains why Nixon was forced to abandon gold, how the decision affects ordinary people, and how the system might be fixed.
