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This is the 1971 speech where Nixon announces he is severing the last vestiges of the gold standard. This is when Ron Paul decided he had to do something. This, combined with the wars of previous decades, is what made the 1970's so economically tumultuous. To stabilize the dollar, we used our military might to secure a deal with OPEC to only trade oil in dollars, in exchange for the promise of intervention in the middle east. That arrangement is falling apart right now... Money cannot be based on nothing.
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