Скачать или смотреть How Nixon Destroyed The Gold Standard — The 15-Minute Speech That Changed Money Forever

August 15, 1971. 9 PM. President Nixon appeared on television and announced he was "temporarily" suspending the dollar's convertibility into gold.

The speech lasted fifteen minutes. Seventy million Americans watched. By the time it ended, the Bretton Woods system was destroyed, the gold standard was finished, and money became backed by government promises instead of gold.

The "temporary" suspension never ended. It became permanent. And every economic crisis since—the 1970s inflation, exploding government debt, the 2008 crash, the money printing of 2020-2023—traces directly back to that fifteen-minute speech.

In this video, you'll learn:
→ Why Nixon closed the gold window (foreign central banks held $80 billion in claims, U.S. gold reserves worth only $10 billion)
→ How the decision was made in secret at Camp David (no press, no foreign governments notified, Treasury Secretary: "It's our currency, but it's their problem")
→ What happened immediately after (inflation exploded from 4.3% to 13.5%, federal debt grew from $398 billion to $36 trillion today)
→ Why this moment changed money forever (removed all constraints on government spending and money printing)

The Bretton Woods system had governed international monetary relations since 1944. Currencies were pegged to the dollar. The dollar was pegged to gold at $35 per ounce. Foreign central banks could redeem dollars for gold at Fort Knox.

By 1971, the U.S. was printing dollars faster than it had gold to back them. Vietnam War spending and Great Society programs required massive deficits. France and other countries began demanding gold. The math became impossible: $80 billion in foreign dollar claims versus $10 billion in U.S. gold reserves.

Nixon chose to close the gold window rather than cut spending. The political calculation was simple: unlimited money printing would stimulate the economy through his 1972 re-election. The long-term consequences—inflation, debt, monetary instability—would be someone else's problem.

Monday morning after the announcement, European markets plunged. Currency trading was suspended worldwide. Finance ministers protested furiously but were powerless. The United States had unilaterally rewritten the rules of the global monetary system.

Inflation exploded throughout the 1970s. It took Paul Volcker raising interest rates to 20% in 1981 to finally break it. Federal debt, constrained under the gold standard, exploded after 1971 and now exceeds $36 trillion.

📚 Understand the seven stages from stability to monetary collapse

⏱️ TIMESTAMPS:
0:00 - August 15, 1971: The Announcement
2:30 - Camp David: The Secret Decision
5:00 - Bretton Woods: How It Worked (1944-1971)
7:30 - Why It Collapsed ($80B vs $10B Crisis)
10:00 - Nixon's Political Calculation
12:30 - The 15-Minute Speech (70 Million Watching)
15:00 - Global Reaction: Markets Crash
17:30 - Consequences: Inflation Explodes
20:00 - Today: $36 Trillion and Counting

📖 SOURCES:
Nixon Presidential Library (Camp David meeting records, August 1971)
Federal Reserve Historical Archives (Bretton Woods collapse documentation)
U.S. Treasury Gold Reserve Data (1950-1971)
Bureau of Labor Statistics (Inflation data 1971-1983)

Fifteen minutes changed money forever.

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