Part 3/9:
Nixon's fateful decision to suspend the dollar's convertibility to gold is frequently heralded as the moment capitalism began its decline. Before this era, Americans enjoyed economic prosperity, with strong job markets, affordable housing, and overall stability. Post-1971, the narrative shifts dramatically; economic data shows a consistent decline in living standards, with fears cropping up that those living in today's society may eventually "own nothing and be happy."
However, it's important to recognize that the suspension of the gold standard was not the sole factor contributing to these trends. In fact, for many Americans, the right to own gold for investment purposes has expanded since 1971, and a plethora of changes transpired during the 1970s that warrant attention.