August marks the 50th anniversary of Nixon’s closure of the gold window, the end of the gold standard that still affects the global economy. It’s been 50 years since one of the most important events in contemporary – or, perhaps, all of – economic history. And, no, I don’t mean the foundation of the Nasdaq stock exchange nor the bankruptcy and nationalization of Rolls-Royce. Half a century ago, on August 15, 1971, President Richard Nixon closed the gold window. It meant that America unilaterally canceled the convertibility of the US dollar to gold. Nixon’s action was a nail in the coffin of the Breton Woods system ... (full story)