It has been more than 50 years since the Nixon shock — August 15, 1971, when President Nixon went on national television to announce the historic change that the U.S. dollar would no longer be pegged to gold.

Perhaps few people knew how tremendous of a decision that was at the time, and fewer people realized the vast consequences and second-order effects such an action would have.

Regardless, it happened. And we’re here, 51 years later, in 2022.


The rise of fiat currency did not start in 1971; it was brewing for decades earlier, with the real catalyst being World War I. Fiat currencies, along with taxes, have a history of being linked with war.

By Antoni