Saturday, August 17, 2013
Aug 15 (1971) Nixon officially ends the gold standard: "What a tragedy for mankind!"
On this day in 1971, Richard Nixon officially ended the gold standard monetary policy. Upon hearing of Nixon's decision, then Federal Reserve Chairman Arthur Burns exclaimed “What a tragedy for mankind!” A 2011 article in Forbes called August 15, 1971 "a date which has lived in infamy."
Read the Arthur Burns 1970 Time Magazine cover story in which he discusses the state of the economy, and his concern over the high 4.8% (!) unemployment rate.