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...
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