Source: Ron Paul Liberty Report
by Ron Paul
“This month marks 55 years since President Richard Nixon closed the ‘gold window,’ severing the last link between the US dollar and gold. Under the 1944 Bretton Woods agreement, foreign countries pegged their currencies to the US dollar, which was then pegged to a fixed value of gold. Foreign countries could exchange their dollars for gold at a rate of 35 dollars per ounce. … Closing the gold window left the US with a pure fiat currency. The results have been disastrous. The dollar has lost over 97 percent of its purchasing power since the Federal Reserve was created in 1913, with most of the dollar’s decline occurring since 1971.” (08/10/26)
http://www.ronpaullibertyreport.com/archives/unhappy-anniversary