On August 15, 1971, President Richard Nixon announced that the United States would no longer officially trade dollars for gold. Some speculated it was to prevent gold from leaving the country and others saw it as a blatant attempt to hand control of the money supply over to the Federal Reserve. Fifty years later, we are still off the gold standard with no indication of ever going back, and as a result runaway inflation has become a top concern for most Americans.
In today’s episode, we look at what has happened to the value of the dollars over the years, how to leverage it to create financial freedom and how to prepare for the coming recession. As Nelson Nash is often quoted as saying, “If you know what is happening, you will know what to do.” Enjoy this week’s episode.