{"id":961,"date":"2011-08-18T15:43:51","date_gmt":"2011-08-18T19:43:51","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=955"},"modified":"2018-06-10T10:57:40","modified_gmt":"2018-06-10T10:57:40","slug":"gold-and-fiat-currency-forty-years-later","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/gold-and-fiat-currency-forty-years-later\/","title":{"rendered":"Gold and Fiat Currency: Forty Years Later"},"content":{"rendered":"<p>\u00a0<br \/>\n<span style=\"font-size: small;\">Today, Monday, August 15, 2011, marks the 40th anniversary of the US default on the dollar\u2019s convertibility into gold. It was the world\u2019s de facto reserve currency and thus began an experiment with a reserve fiat currency that was doomed to failure before it began, because there has never been a successful fiat currency in all of history.. August 15, 1971 was just like any other day for most people, and President Nixon\u2019s unprecedented decision to cut the US dollar\u2019s gold international convertibility was largely ignored by the public. The majority of citizens didn\u2019t understand the implications for their financial future. Contrast that to today, where a historic downgrade of US debt and a very public $2-trillion increase of the debt ceiling dominated headlines and the television news. <\/span><br \/>\n<a href=\"http:\/\/www.silver-investor.com\/pdf\/8.16.1140YearAnniversaryFormatted.pdf\" target=\"_blank\">To read the rest of this article please click HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Today, Monday, August 15, 2011, marks the 40th anniversary of the US default on the dollar\u2019s convertibility into gold. It was the world\u2019s de facto reserve currency and thus began an experiment with a reserve fiat currency that was doomed to failure before it began, because there has never been a successful fiat currency<span class=\"read-more\"><a href=\"https:\/\/www.themorganreport.com\/blog\/gold-and-fiat-currency-forty-years-later\/\" title=\"Read More\">More<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold and Fiat Currency: Forty Years Later<\/title>\n<meta name=\"description\" content=\"Gold and Fiat Currency: Forty Years Later\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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