“Nixing” the Gold Standard: The Secret Meeting Behind Today’s Inflation
Date
July 4, 2022
Category
North America
July 4, 2022 — In 1971, the United States was at a crossroads: The economy was stagnating, inflation was high and Americans were starting to feel like they were losing their competitive edge. Sound familiar?
In the second episode of our two-part series on inflation, we return to a conversation between NPR’s Chief Economics Correspondent Scott Horsley and Jeffrey Garten, an influential economist who served in multiple presidential administrations. They explore Nixon’s consequential decision to abandon the gold standard, how this move created the modern global economy, and what this can tell us about inflation and fears of a recession.
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