Silver Moon Rising
15th August 2011, 10:48 AM
Forty years ago today, on August 15th, 1971, President Nixon, closed the gold window, severing the ability of foreign banks to exchange their Federal Reserve Notes for gold, making the Federal Reserve Note a fiat currency.
In the history of mankind, there have been over 3,800 fiat currencies that have failed. There has not been one single fiat currrency that has stood the test of time.
Most fiat currencies typically last from 30 to 50 years before they fail. The FRN is now 40 years old today and has already lost 98.8% of its purchasing power.
Nobody knows how much more time until the last 1.2% of purchasing power is gone completely, but history shows us it won't be too much longer.
Got gold/silver?
In the history of mankind, there have been over 3,800 fiat currencies that have failed. There has not been one single fiat currrency that has stood the test of time.
Most fiat currencies typically last from 30 to 50 years before they fail. The FRN is now 40 years old today and has already lost 98.8% of its purchasing power.
Nobody knows how much more time until the last 1.2% of purchasing power is gone completely, but history shows us it won't be too much longer.
Got gold/silver?