What happened in 1971 and why is it the root cause of a failing global financial system?

Edin Mujagić, chief economist at the OHV, discussed with Alexej and Bart the consequences of how Richard Nixon's decision to end the gold standard in 1971 profoundly changed the nature of money, the global economy and society for ever. Through conversations with former FED chairman Paul Volcker (1979-1987), Edin was able to gather unique insights on how the turning point in 1971 triggered:
- the global financial crisis in 2007
- negative interest rates
- record high sovereign debt
- Central Bank Digital Currencies
- disastrous gradual merger of fiscal and monetary policies
- other worrying economic trends among others

›› About Edin Mujagić ‹‹
Edin Mujagić (1977) is a macro and monetary economic analyst and chief economist at OHV. He was an economic editor at FEM Business & Finance for many years. He previously published 'Ten years of the euro' and 'The inflation ghost'.

Twitter: https://twitter.com/edinmujagic?lang=en

⏰ Timestamps ⏰
00:00 The game we can't win
00:52 Intro
01:44 What happened in 1971?
03:22 Meeting former FED chairman Paul Volcker
06:57 What is the Bretton Woods System and why it ended
12:08 Why Paul Volcker ended the gold standard
13:05 Why is 1971 so important
14:39 1971-1979 Paul Volcker's decision making process
20:20 Paul Volcker's worries: the unstoppable global debt
22:34 The danger of misusing monetary policy
23:48 How are negative interest rates possible?
30:43 The plan behind Central Bank Digital Currencies
34:58 Are central banks and government merging?
40:31 Disastrous outcomes of merging fiscal and monetary policies
42:06 Outro

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A podcast inviting guests with valuable insights into the emergence of a new monetary system through the lens of precious metals, cryptocurrencies and other financial instruments presented by Bart Brands, Precious Metals Specialist and Alexej Jordanov, Content Architect at GoldRepublic.

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