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Detlev Schlichter: Forty Years of Paper Money – WSJ.com

Forty years ago today, Nixon closed the gold window, so that the dollar could not be redeemed. That created the global system of paper monies which is now in so much trouble. At the Wall Street Journal, Detlev Schlichter presents Forty Years of Paper Money: The global paper standard has lasted 40 years but evidence is accumulating daily that its endgame is now fast approaching. The world economy is caught in a deepening financial crisis caused by excessive levels of debt, severe asset […]

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