What happened in 1971? Snowden and Dorsey want to know

FEE's Jon Miltimore writes, "It’s unclear if Dorsey and Snowden have similar ideological views, but it’s clear both men are seeking answers to the same question (or prompting others to look themselves): what in the world happened in 1971?…

In that year—1971—facing depleted gold reserves and a dollar facing increasing inflationary pressure from government expenses, Nixon made a critical decision: he “temporarily” paused gold redemption.

Nixon’s move was not temporary, however.

Things that began happening:

-income inequality got way worse -the federal debt increased 10-fold -The income gap between black and white Americans virtually stopped closing. -Inflation surged at a faster rate than any period in the previous century.https://t.co/8ENzt6LWyA — Jon Miltimore (@miltimore79) September 27, 2021

So now you know what happened in 1971. The US became what is known as a fiat currency system, one in which paper is legal tender backed not by gold, silver or some other commodity, but by government decree….

Edward Snowden and Jack Dorsey are asking the right question: what the [heck] happened in 1971? We know what happened, the question is: what will we do about it?"

Read the entire column.