How the ounce-of-gold promise US broke is playing out 50 years on

The 1980s then saw the growth of what is called financialisation where firms make money by trading in money rather than goods and services

On August 15 India celebrates its Independence Day. But there is another “Independence Day” on the same date that the world has largely forgotten. In fact, two days ago, it was the golden jubilee of that event.
 
This was the freeing of the world of the tyranny of fixed exchange rates by Richard Nixon (pictured), the 37th president of the United States of America. In a sudden and completely unexpected move, he announced on August 15, 1971, that the US would no longer honour its commitment to the holders of dollars that for every dollar the US would give