diagnosis
Nixon ending dollar-gold redemption in 1971 turns the dollar, in Jiang's words, into a Ponzi scheme whose value depends on people wanting to use it.
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Topic brief
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1971
Nixon ending dollar-gold redemption in 1971 turns the dollar, in Jiang's words, into a Ponzi scheme whose value depends on people wanting to use it.
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Timestamped Evidence
Transcript
"...basically withdraws all its gold from the United States. So, in 1971, what Nixon does is say, you know what? Here's the secret, guys...."
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"...run the clock back however far you want. You know, in 1971, Salvador Allende is a communist. If he stays, then, you know, there's..."
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"...scene, on the scene, uh, basically in the modern times after 1971, when Richard Nixon, uh, ended the dollar's convertibility to gold."
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"...that it's not a hoax. Okay, quote, so this was in 1971 that he said this, quote, in another 50 years, China will be..."
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"...gold, therefore you have nothing to worry about, right? Well, in 1971, Richard Nixon says, screw that, we're not backed by gold anymore, you..."
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"...this war against an enemy they really didn't know, okay? In 1971, the Pentagon Papers came out. And the Pentagon Papers was a history..."
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"...very famous incident during this war called the Pentagon Papers in 1971. In 1971, a group of American analysts, okay? These were military analysts..."
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Relevant Lectures And Readings
Reading
A source-grounded reading of Jiang's lecture on America as the world game: Britain invents the imperial board but cannot scale it, the dollar turns wealth into an idea, the Constitution keeps the game above...
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