Tim Price

INVESTMENT SPECIAL: Folding money

When politicians devalue the currency, hard assets are the answer

issue 19 March 2011

Forget Bernie Madoff. The biggest Ponzi scheme in history is unfolding before your very eyes. If you have money in the bank, you will be a victim.

The rot set in on 15 August 1971. That was the date on which the Nixon administration, reeling from the costs of the Vietnam war, unilaterally took the dollar ‘off gold’, ending fixed convertibility between the US currency and the precious metal.

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