Peter Schiff: Fifty-Five Years of Fiat Failure

On August 15, 1971, President Richard Nixon delivered a televised address that fundamentally altered the trajectory of the global economy In a surprising announcement, Nixon declared that the United States would “temporarily” suspend the convertibility of the U.S. dollar into gold for foreign governments. This decision effectively dismantled the post-World War II Bretton Woods system, ending a monetary framework that had anchored American currency to tangible gold reserves for nearly two centuries. What was presented as a short-term stabilizing measure ultimately marked the permanent transition from gold-backed currency to a floating fiat monetary system. To understand why this pivotal moment…