Bitcoin, 50 Year Gold Standard Memorial

Not much can be more satisfying to historians, economists and statisticians than to delve back to a past year or era. When data and research from yesteryear are compared to that of today’s world, experts can begin to pinpoint just how meaningful and influential prior events in history became.

With regards to the United States, a quick internet search dishes out a handful of mildly interesting facts from the year that was 1971. Aside from little tidbits, such as Disney World opening and the Apollo 14 moon mission, some other events ended up having greater long-term effects on the country than contemporary audiences may have thought.

Intel introduced the first microprocessing chip, a cornerstone advancement that helped contribute to the towering tech wave that our society is still riding. The 26th Amendment lowered the voting age to 18, empowering millions of young Americans. The 1971 release of the “Pentagon Papers” was, and still is, fuel to libertarians and others skeptical and untrusting of the government. Lastly, the NASDAQ index made its debut, joining the S&P500 and Dow Jones to create today’s three-headed monster.

Fifty Years Since The End Of The U.S. Dollar Gold Standard

But, after half an hour of scrolling through the internet’s interpretation of 1971’s relevant happenings, I didn’t see any website or article cater to the seemingly mundane circumstance that I believe has eventually had greater repercussions than any aforementioned event. Fifty years ago this month, President Nixon announced the end of the gold standard to the U.S. monetary system. After a couple of years of the dollar still operating on a fixed exchange rate to gold, the results of the final ties being severed in 1973 are disturbing.