(This is a rebroadcast of episode 199)
In this episode of Libertarians Talk Psychology, we dive deep into one of the most defining economic turning points in modern U.S. history: 1971, the year President Nixon ended the Bretton Woods agreement and removed the dollar from the gold standard. This decision—often overlooked—set in motion decades of inflation, currency distortion, and financial instability that still affect every aspect of life today. Drawing on Dave Smith’s compelling explanation, we explore how radically different the world could have been if the U.S. had maintained a stable, sound money supply. Imagine a world without runaway inflation, without the boom-bust cycles created by loose monetary policy, and without the government’s ability to quietly tax citizens through currency debasement. Smith argues that abandoning gold didn’t just change the economy—it changed society, culture, and global power dynamics. We break down:
- What exactly happened in 1971
- Why stable money is foundational to liberty and psychological well-being
- How inflation quietly alters behavior, incentives, and family life
- How fiat money fuels political overreach, endless wars, and corporate distortion
- What individuals and communities can do now, in an unstable financial era
- Sound money solutions, from decentralization to Bitcoin to local alternatives
If you've ever wondered why everything feels more expensive, more chaotic, and more distorted than it used to, this episode connects the dots. Understanding 1971 is the first step—deciding what to do next is the challenge we tackle together.
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