Learn about what is happening to the world today.

 

In 1971, President Richard Nixon ended the direct convertibility of the U.S. Dollar to gold, abolishing the Bretton Woods agreement or what we know today as the 'gold standard'. This not only severed the tie between the dollar and gold, but allowed central banks such as the federal reserve to continuously print the nation's money supply with no limits. Today as the U.S. Dollar makes up close to 70% of the world's reserve currency, this change from 1971 has led to disastrous implications to the global economy and our everyday lives.