In his 1971 speech ending the gold standard, Richard Nixon promised to stabilize the dollar, but instead, nearly everything has gone up in price.
Aug. 15, 2024, marks the 53rd anniversary of the “Nixon Shock,” the day that United States President Richard Nixon eliminated the gold standard for the US dollar. At the time, Nixon claimed that taking the dollar off the gold standard was “temporary” and would “stabilize” the dollar.
However, the effects of this decision have proven to be profound, and economists still debate its benefits and costs today.
On Aug. 14, Niel Jacobs, head of brand management at Bitcoin savings platform Swan Bitcoin, reminded readers of the event’s continuing importance and argued that Bitcoin should be used as money. He stated, “TOMORROW marks the 53rd anniversary of President Richard Nixon’s speech that took the US off the gold standard.”
