The Day Money Died

"The Day Money Died – Breaking the golden anchor that held the world together" focuses on August 15, 1971. On this Sunday evening, President Richard Nixon interrupted popular TV shows to announce that the United States would no longer convert dollars into gold. This ended the Bretton Woods system and the era of the Gold Standard. Economist Richard Frum explains the consequences. For thousands of years, money was backed by physical metal. Suddenly, money became "fiat"—backed by nothing but trust in the government. The book traces the immediate aftermath: the devaluation of the dollar, the oil crisis, and the massive inflation of the 1970s. "The Day Money Died" is essential for understanding the modern economy. It explains why we have constant inflation today and why the price of everything keeps going up—not because things are worth more, but because the measuring stick (money) keeps shrinking.