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On the night of 15 August 1971, the dollar stopped being a claim on gold. After that, everyday money was a promise, and the issuer could make more promises whenever the old ones felt heavy. Money you can audit still exists. A supply nobody can quietly dilute is not a myth. Most people keep the melting kind anyway, because the person next to them does. A herd feels like safety. The old word for that is sheep.

Worth knowing

Sound money is real. People stay with the kind that melts because the herd does.

Nixon Ends Convertibility of U.S. Dollars to Gold and Announces Wage/Price Controls · Federal Reserve History · 1971

Source

Nixon Ends Convertibility of U.S. Dollars to Gold and Announces Wage/Price Controls, Federal Reserve History · Open the source

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