Making the global money machine

Making the global money machine

In this extract from Money Mayhem: The Bewildering Consequences of Cutting Money Free, markets expert John Looby explores the history of the gold-linked global currency, the moment when that changed, and the perils of what may be to come

The world changed on August 15, 1971. After almost a quarter of a millennium broadly tied to gold, the money of the world was cut free. The consequences have been dramatic and far-reaching. And we are still grappling with them.

The pressured decision of an ultimately disgraced US president a mere generation ago to break with centuries of accepted wisdom changed our world – and continues to profoundly affect our lives.

Developments as disparate and apparently unrelated as...

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