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<p>[QUOTE=&quot;fatima, post: 1106720, member: 22143&quot;]It was 1971.&nbsp;&nbsp; Until that year other countries could exchange their dollars for gold.&nbsp;&nbsp; Nixon abruptly halted the practice which technically was the first bankruptcy of the USA&#039;s currency.&nbsp; At that time the US Treasury also stopped issuing currency.&nbsp; From this point on we were 100% fiat with the Federal Reserve being the only issuer of currency in the USA.&nbsp; Many banks at the time objected to this plan as being dangerous and moved to stop using the federal reserve dollar.&nbsp; They addressed this by passing a law in the 1970s that required all US banks to join the federal reserve system.&nbsp; </p><p><br /></p><p>It should be noted that ~96% of the entire accumulated federal debt has been run up in just the 40 years since that happened.&nbsp;&nbsp; There is no historical precedent for it.[/QUOTE]</p><p><br /></p>

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