Paper Money vs. Gold Part 1: The Problem February 11, 2012

In 1971 President Richard Nixon pounded the final nail into the coffin of the gold standard, defaulting on the U.S. government's obligations to foreign governments.

Since then, we have had a worldwide regime of irredeemable paper money, based not on gold, but on debt. A positive value was replaced by a negative one. Money was replaced with credit.

Debt at every level has increased exponentially. How did we get here, and what will happen next?

In this first of a two-part lecture Keith Weiner covers the gold standard, the current paper system, and makes an ironclad case that the paper system will necessarily collapse soon under the weight of its debt.

This event is hosted by Phoenix Objectivists. Special thanks is extended to Mr. Weiner for giving this lecture. He is a local entrepreneur, student of Austrian Economics, author, and Objectivist.

Official Website: http://phoenixobjectivists.blogspot.com/