America’s trade war with China is blamed for the working class being left behind. It’s a common excuse used by politicians today. They declare a ‘trade war’ because China is taking all of America’s jobs. Find out why its a fallacy.
In 1971, President Nixon permanently dislodged the USD from the gold standard, ending nearly forty years of global monetary policy in which the USD was equal to a fixed price for gold. In its place, Nixon decided to introduce a floating currency exchange system called Fiat which remains in place today.