Topic: Nixon Shock

1 chapters across the catalog

The discussion explores the fundamental properties of money: store of value, unit of account, and medium of exchange. Bush explains that for most of history, money was a free-market choice based on scarce resources like gold and silver. He argues that the US dollar became "unethical" following the 1913 creation of the Federal Reserve and the 1971 Nixon shock, which disconnected the currency from any physical scarcity.