On August 15, 1971 the U.S. dollar died.
On August 15, 1971 the U.S. dollar died.
On that day, without authorization from Congress, President Nixon severed the relationship between the US Dollar and gold, and the dollar became Monopoly money.
After that, the biggest economic boom in history began.
The problem is that Monopoly is just a game.
Applying Monopoly's rules in real life is a recipe for the destruction of society as we know it.
As John Maynard Keynes said, "The process [of debauching currency] engages all the hidden forces of economic law on the side of destruction and it does it in a manner which not one man in a million is able to diagnose."
One reason why people ignored the advice of Keynes, Nixon's 1971 change, and others on the destruction of money is because debauching the currency suddenly made people feel rich.
In many ways it was money for nothing - because money was nothing.
(Related: Financial Freedom)
In today's digital age bankers do not need paper to create money.
As you read this, trillions of dollars, yen, euros, pesos, and pounds are being created electronically - out of thin air.
According to the rules of Monopoly, you and I may go broke, but the Banker never does.
After all, the global game of Monopoly must go on.
On that day, without authorization from Congress, President Nixon severed the relationship between the US Dollar and gold, and the dollar became Monopoly money.
After that, the biggest economic boom in history began.
The problem is that Monopoly is just a game.
Applying Monopoly's rules in real life is a recipe for the destruction of society as we know it.
As John Maynard Keynes said, "The process [of debauching currency] engages all the hidden forces of economic law on the side of destruction and it does it in a manner which not one man in a million is able to diagnose."
One reason why people ignored the advice of Keynes, Nixon's 1971 change, and others on the destruction of money is because debauching the currency suddenly made people feel rich.
In many ways it was money for nothing - because money was nothing.
(Related: Financial Freedom)
In today's digital age bankers do not need paper to create money.
As you read this, trillions of dollars, yen, euros, pesos, and pounds are being created electronically - out of thin air.
According to the rules of Monopoly, you and I may go broke, but the Banker never does.
After all, the global game of Monopoly must go on.
