Back-to-back administrations in the late 70s and 80s were unable to prevent the specter of stagflation from taking over the economy. Although every macroeconomic policy under the sun was attempted, and both Carter and Reagan were undermined by sea change in America’s debt structure, the increasing sale of national debt to foreign governments to finance further deficit spending.
Continue reading “America’s Addiction to Debt”
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.
Continue reading “Nixon’s Devastating Legacy”