August 18, 2011
40 years ago today former President Nixon was fighting inflation and overwhelming war costs and with that he ended the last remnants of the gold standard. At that time Nixon claimed he was defending the dollar but his critics said it was one of the most damaging decisions in modern economic history. Are we feeling the effects of this decision four decades later? Lew Rockwell, chairman of Ludwig von Mises Institute, tells us who’s to blame for the death of the dollar.