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TIP615: Current Market Conditions w/ Richard Duncan
We Study Billionaires - The Investor’s Podcast Network
Understanding the Post-Gold Economy
The economic system underwent a fundamental shift in 1971 when the dollar was no longer backed by gold, altering the way the economy functions. This change freed the Federal Reserve from the constraints of gold reserves, allowing for unrestricted money creation. It also led to the decoupling of the necessity for the United States to maintain a trade balance, as it could now finance trade deficits with paper dollars or treasury bonds instead of gold. As a result, the economy now operates differently from what was traditionally taught, posing both risks and opportunities. Understanding this new economic model is crucial for the public, investors, and policymakers to navigate its implications for the future effectively.
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