The Bitcoin Journey
  • Why learn about Bitcoin?
    • Introduction
    • Table of contents
    • Changing nature of money
    • Role of money in protecting human rights
  • Trust problems with our money
    • Introduction
    • Banks: insolvencies, confiscation, and censorship
      • Gunman takes hostages at Beirut bank
      • Nigerian aid group finds sovereign lifeline in Bitcoin
      • Nigeria's central bank freezes accounts of police brutality protesters
      • Chinese depositors left in dark as three local banks freeze deposits
      • Freezing of bank account to shut down pro-democracy outlet
      • Hong Kong bank account freezes rekindle asset safety fears
      • Belarus tells banks to seize money raised to help out protesters
      • Banks have started to freeze accounts linked to Ottawa protests
      • Whose bank accounts can be frozen through the Emergencies Act?
      • Kremlin critic Navalny's bank accounts frozen
      • Long lines at Myanmar banks after coup
      • The Cyprus banking crisis and its aftermath
      • Bailout blackmail claims Cyprus president
      • Afghan central bank says U.S. plan for frozen funds an 'injustice'
      • Afghanistan sanctions from a first-person view
    • Central banks: money supply and currency debasement
      • Inflation by Wikipedia
      • Monetary inflation across the world
      • Inflation affecting Argentinian citizens
      • Inflation affecting Turkish citizens
      • Egypt devaluates currency by 48%
      • Bitcoin has saved my family
      • Problems with the CFA
      • Role of money in protecting human rights
      • Hanke's inflation rates
      • Milton Friedman on inflation
      • Inflating away sovereign debt in developed countries
      • How inflation is disproportionally affecting the poor
      • Financialization of an economy
    • A note on CBDCs
      • Impact of CBDCs different across the world
  • So, why do we need banks?
    • Introduction
    • Hard money and gold
      • Money and hardness
      • Gold as the hardest money (p1)
      • Gold as the hardest money (pt2)
      • Hard money survives
    • Problems with gold and resulting centralization
      • On centralization of gold
      • Layered money speeding up commerce
      • Global gold standard
      • The order of technology leading to centralization
      • Nations inflating their debt away
    • Abandoning hard money
      • Abandoning the gold standard
      • Abandoning the gold standard (pt2)
      • Breaking the gold standard completely in 1971 pt1
      • Breaking the gold standard completely in 1971 pt2
      • WTF happened in 1971?!
    • Digital money and eCommerce
    • Summary by Lyn Alden
  • What if?
    • Hayek on money the government can't stop
    • The first email
    • The first post
    • The Bitcoin whitepaper
  • How does Bitcoin work?
    • Introduction
    • Computers, code, and a ledger
      • Role of nodes
      • Full nodes
    • Mining and proof-of-work
      • Reaching decentralized consensus
      • Reaching decentralized consensus (pt2)
      • Dealing with conflicts
    • Where do bitcoins come from?
      • Bitcoin's money supply
      • Difficulty adjustment
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      • Public addresses and private keys
      • Signing transactions
      • Wallets and mnemonic phases
  • What is Bitcoin?
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  • Getting started with Bitcoin
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  1. So, why do we need banks?
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Breaking the gold standard completely in 1971 pt1

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Last updated 2 years ago

In this video, author of "Money, Gold, and History" Lewis Lehrman details the decision of president Nixon to take the United States fully of the gold standard.

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Daily Reckoning

3min

Takeaway In 1971, the United States defaulted on their debts by halting the convertibility of the US dollar to gold.

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