Today is the fortieth anniversary of US President Richard Nixon closing the gold window and bringing in for the first time in history a global system of unconstrained paper money under the full control of the state. To mark this sorry episode TCC Senior Fellow, Detlev Schlichter, has published a superb article in today’s Wall Street Journal Europe headed ‘Forty years of paper money: fiat currencies always end with hyperinflation and economic collapse’.
The article is well worth a read and my prediction is that you are going to hear a lot more about Schlichter in the months and years ahead. Indeed, some years from now, people are going to realise that his forthcoming book, Paper Money Collapse: The Folly of Elastic Money and the Coming Monetary Breakdown, is one of the seminal economics works of the early part of the twentieth century. Out next month, why not reserve your copy here?