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Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business

The Future of the Gold Standard and the Collapse of the Dollar

Jun 26, 2024
Economist Peter Schiff joins to talk about the gold standard, Nixon's decision in 1971, future financial crises, gold as real money, flaws in monetary systems, protection of wealth, BRICS nations, risks of a Fed coin, and impact of a dollar collapse on American standard of living.
20:50

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • The US dollar's disassociation from the gold standard in 1971 led to economic repercussions and the shift to a fiat-based monetary system.
  • Investing in gold as a stable asset can safeguard wealth in uncertain economic times by mitigating risks.

Deep dives

Implications of the 1971 US Dollar Disconnection from Gold Standard

In 1971, the US disassociated the dollar from the gold standard, leading to significant economic repercussions. This decision resulted in the devaluation of the dollar, a massive default on obligations, and the transition to a fiat-based monetary system. The move marked a historical shift that has impacted global economies and paved the way for impending financial challenges.

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