JUN 28, 2017
ORIGINAL SOURCE: Jim Grant Explains the Gold Standard by Jim Grant of mises.org on 6/27/17
Jim Grant of Grant's Interest Rate Observer breaks down the classical gold standard that eventually choked governments because of its rigid standards. He goes on to say that you just simply could not devalue your way out.
So on a Sunday evening, Aug. 15, 1971, President Nixon announced the temporary suspension of the dollar’s convertibility into gold which ended up being a lie and stayed indefinite.
Please read the rest here; Jim Grant Explains the Gold Standard