A Moment in History: Nixon explains to the nation that he is detaching the dollar from gold to “stabilize” the dollar.

They didn’t call him Tricky Dick for nothing.

The truth is we spent a fortune fighting in Vietnam and fighting “The War on Poverty” at home and we were tapped. When the the international community (especially the French and British) wanted to be paid back in gold, as was their right under Bretton Woods, for the money we had borrowed from them, Nixon told them to take a hike.

The main problem was that gold by decree was supposed to be $35.00 an ounce. The real world however was paying $44. You can see the problem. The US was bleeding gold and Nixon thought he had to do something. He chose the wrong thing however. He should never have completely abandoned gold.

His decision 40 years ago has had grave ramifications for us today. By disconnecting the dollar completely from gold Nixon unleashed the state.

Nick Sorrentino

About Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AgainstCronyCapitalism.org. A political and communications consultant whose clients have spanned the political spectrum, his work has been featured at Chief Executive MagazineBreitbartReason.com, NPR.com, Townhall, The Daily Caller, and many other publications. He has spoken at CPAC, The Commit Forum, The Atlas Summit, The US Chamber of Commerce, The National Press Club, and at other venues. Sorrentino is the CEO of Exelorix Consultants and a senior fellow at Future 500. A graduate of Mary Washington College he lives just outside of Washington DC where he can keep an eye on Leviathan.