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Last week it was exactly 45 years ago that president Nixon took the United States off the gold standard. At the time the Federal Reserve lost lots of gold after the Fed itself eased monetary conditions to help finance the Vietnam war. Ever since we live under a fiat money regime, or a PhD standard as Jim Grant calls it because the value of our money (its purchasing power) no longer depends on gold, but on the whims and fancies of a handful of academics. What did this PhD-standard bring us?

The Evolution of Our Banking System: The Increasing Centralization of Gold Reserves

Source: St Louis Fed

Source: St Louis Fed

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