Omniequivalence

The True Meaning of Money

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1971

Richard Nixon (1913–1994)

Before 1971, the dollar was legally valuable as gold. Since then, it has been legally valuable only as the United States of America’s public debt.

In effect, the U.S. was the banker to the world, and it faced a bank run.

Simon Johnson and James Kwak

What Is Behind 1971?

This resulted from the same principle underlying fractional-reserve banking. That principle is representational monetary identity.

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