We're on the Road to Inflation – HoweStreet
Slip Sliding Away But let’s not get distracted… We’re merrily tripping along… on the road to ruin, admiring the attractive intentions with which it is paved. As you’ll recall, the U.S. made a disastrous mistake in 1971. Egged on by economist Milton Friedman and many others, the Nixon administration changed from a more or less “natural” currency – dollars backed by gold – to a purely manmade one, today’s paper dollar. Paul Volcker, who was chairman of the Federal Reserve at the time, saved the new monetary system in 1980. Thereafter, it flourished, reaching a peak around...
Source: howestreet.com