THE ADDRESS
Sunday, August 15, 1971: President Nixon ends the convertibility of the U.S. dollar into gold.
In a televised address, Nixon announced he had directed the Treasury to 'suspend temporarily the convertibility of the dollar into gold'. The temporary suspension was never lifted.
Since that night the dollar has been backed by nothing but the government that issues it.
The Federal Reserve that manages it was drafted at a private meeting of bankers on Jekyll Island, Georgia, in 1910 — confirmed decades later by attendee Frank Vanderlip.
The record
- Address to the Nation Outlining a New Economic Policy: 'The Challenge of Peace', American Presidency Project
- Federal Reserve history: Banking and Currency hearings, FRASER
There is a word hidden on the shirt. It is written in dots and dashes. When you have it, go to complydesigns.com/key/<word>.