#CryptoCharts101 #Write2Earn #TrumpTariffs $BTC $ETH $XRP 1971: The Day the Dollar Broke Free — And Debt Went Infinite 💣💵

On August 15, 1971, President Nixon shocked the globe by cutting the dollar’s ties to gold — an event now known as the “Nixon Shock.” This dismantled the Bretton Woods system, where every U.S. dollar was backed by physical gold. 🏛️➡️🖨️

🔍 The Breakdown: For decades, the world treated the dollar like gold. But by the late '60s, the U.S. had printed far more dollars than it had gold reserves — driven by war expenses and domestic programs.

When countries like France asked for real gold in exchange, Nixon slammed the vault shut.

The dollar officially became fiat — based purely on trust, not tangible value.

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⚠️ Why It Changed Everything:

This gave the U.S. government unchecked power to print money and grow debt.

With gold out of the picture, fiscal discipline vanished.

Deficits ballooned. Debt soared. Yet the world kept accepting the dollar.

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📈 From Then to Now:

• 1971: U.S. debt ≈ 35% of GDP

• 2024: U.S. debt > 120% of GDP — and rising.