In 1971, President Nixon took the U.S. dollar off the gold standard. This meant the dollar would no longer be pegged to gold. With gold being a finite commodity (historically, real money), and the dollar now being unrestricted in terms of supply , it gave way to a fiat monetary system.
Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government, rather than the worth of a commodity backing it.
Nixon may have done this, but it was at the direction of the Central Banks (Fed Reserve). That is the group that regulates monetary policy. Since this historic day in 1971, a lot started to happen.
The removal from the gold standard gave the U.S. government a blank check to spend into perpetuity with no accountability. From the 70s to present, government spending has been insane. Especially within the last 3 years, since covid, the U.S. government has manage to spend over $8 trillion, and is currently strapped with $30 trillion in debt that can never be repaid.
This could only happen on a fiat system. Nothing good is going to come from the irresponsible monetary policy that the U.S. has engaged in, as well as many other countries worldwide. With the hyperbolic increase in money supply/debt, we are experiencing a hyperbolic amount of corruption. Its global monetary crisis, and a crash, reset or meltdown could be on the horizon. But there are a few things called Bitcoin, gold, silver and commodities that may be the tools we can use to dig our way out of this monetary debacle. More articles will be posted discussing this, we are just getting started.