…but he was “no Crook!”
Since August 15, 1971, the US dollar has been completely severed from gold. President Richard Nixon suspended the most important component of the Bretton Woods system, which had been in effect since the end of World War II. Nixon announced that the US would no longer redeem dollars for gold for the last remaining entities that could – Foreign Governments. Gold redemption had been made illegal for everybody else, so this action finally ended any semblance of a gold standard for the US dollar. (Continue to complete column…)
