I got Ted Phillips latest update. Ted is a financial astrologer and a very clever Cap indeed!
Here's part of his newslestter, Go to LINK for rest of it.
The day in history that shocked the financial world was on August 15th, 1971. This was also referred as “Nixon shock.” Former president Richard Nixon, closed the gold window. The United States made it impossible for other nations to peg their currency to the gold standard, which was the underlying principle behind the Bretton Woods system. As a direct result of the economic policies imposed by the United States at the time, the gold standard was all but abandoned and the world’s major currencies began to float. The Nixon administration effectively “defaulted” on the United States’ long-standing debt obligations ending once and for all the Bretton Woods System.
In other words, August 15th, 1971 is the official day the U.S. dollar was no longer pegged to Gold and was now a free floating fiat based currency backed by nothing but the full faith and credit of the United States and its printing press.
Here is another interesting fact I came across during my research. According to a study of 775 fiat currencies by DollarDaze.org, “there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.”
“The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month. Founded in 1694, the British pound Sterling is the oldest fiat currency in existence. At a ripe ..... go to link for rest of the read.