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Thread: Happy 40th Birthday Fiat Money FRNs!

  1. #1
    Copper Silver Moon Rising's Avatar
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    Happy 40th Birthday Fiat Money FRNs!

    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?
    Fiat money, in extremis, is accepted by nobody. Gold is always accepted.
    -- Alan Greenspan in a speech to the Senate Banking Committee in May, 1999

  2. #2
    Rebel Without a Clue sirgonzo420's Avatar
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    Great post.

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  3. #3
    Iridium
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    happy anniversary I guess.
    But they that wait upon the LORD shall renew their strength; they shall mount up with wings as eagles; they shall run, and not be weary; and they shall walk, and not faint - Isaiah 40:31

    Keep on asking, and you will receive what you ask for. Keep on seeking, and you will find. Keep on knocking, and the door will be opened to you. ~
    Matthew 7:7


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    Great Value Carrots iOWNme's Avatar
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    Silver Moon, are you some type of Conspiracy Theorist?

    Paper may not be money, but digital 1's and 0's are!





    Great Post!
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  5. #5
    Unobtanium Twisted Titan's Avatar
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    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.

    Ponder that for a while and know with absolute certainty The Dollar will not exist by the end of the decade
    Honor The Most High, Keep His Commandments and all will go well with you.

  6. #6
    Platinum
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    Fiat currencies usually fail in 30-50 years. But never before has a fiat currency been supported by a regime with this much power to keep the illusion going. USD has to fail, but it doesn't have to fail by the end of the decade. It could easily run another 40 years if they want it to.

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    Unobtanium Serpo's Avatar
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