President Richard Nixon closed the gold window, ending the post-WW II "Brenton Woods" system and severing the last link between the U.S. dollar and gold. Nixon did this to "stabilize" the value of the dollar. As Dr. Phil would say, HOW IS THAT WORKING OUT FOR YOU?
Nixon's closing of the gold window was the event that inspired Campaign for Liberty Chairman Dr. Ron Paul to run for office. Don't miss your chance to here Dr. Paul talk about the current state of monetary policy and other important issues at LPAC 2014.
(h/t The Carl Menger Center for the Study of Money and Banking).
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Tags: LPAC, monetary policy, Carl Menger