Nixon's Hidden Hand: How Paul Volcker Dethroned the Gold Standard

The US Gold Dollar was temporarily suspended on August 15, 1971, by President Nixon's administration. This decision effectively defaulted on foreign central banks' ability to redeem their dollars for gold at the official rate of $35 per ounce.

The value of gold has increased significantly since then, reaching a price of $4,376 per ounce in today's market. This represents a staggering 99.2% decline in the value of US dollars compared to gold over the past five decades.

Interestingly, it was not President Nixon who initiated this move but rather Paul Volcker, David Rockefeller's former personal assistant and future Federal Reserve Chairman. Volcker played a crucial role in disconnecting the dollar from gold, paving the way for its current devalued state.