Archives for November 2023

On November 7, 1973, US Senator James Fullbright introduced a very short bill - it was only ONE page - that didn’t even have a name. But Fullbright’s unnamed bill ended up being one of the most important pieces of legislation in US history. By the time Fullbright introduced his bill, it had been two years since the legendary “Nixon Shock” of 1971. That was when US President Richard Nixon implemented wage and price controls, and changed the US dollar’s convertibility into gold.Nixon famously promised the American public that there wouldn’t be any negative consequences fromhis actions. Yet inflation hit 3% the following year, in 1972. Then 4.7% in 1973. Then 11.2% in 1974.Simultaneously, gold prices around the world were surging… from … [Read more...]