Tuesday, October 23, 2012

Our Fiat Dollar Has Cost the United States $80 Trillion

In 1973, the Nixon administration eliminated the last vestiges of the Bretton Woods gold standard and transitioned the U.S. to a fiat dollar. Given the mind-boggling cost of this economic error, it is tragic (although not surprising) that Keynesians are currently recommending higher inflation as a solution to the economic woes of both the U.S. and Europe.

http://www.forbes.com/sites/louiswoodhill/2012/06/28/our-fiat-dollar-has-cost-the-united-states-80-trillion/