When Nixon put America first and took the dollar off gold

When Nixon put America first and took the dollar off gold

Today, when people hear the name Richard Nixon, they probably think of Watergate. Few remember another one of his most controversial acts – his suspension of the dollar’s convertibility into gold. The “Nixon Shock” as it became known was a quintessentially America First policy, which shattered the postwar global monetary order. But the US president was far more concerned about juicing the US economy and winning re-election than he was about upsetting America’s closest allies. In this second episode about Nixon’s pivotal decision, Professor Jeffrey Garten tells the story of its aftermath, while hosts Gillian Tett and Robin Wigglesworth explore the parallels with the present-day America First presidency.


Further reading:

Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy, by Jeffrey E Garten (2021)

Gold and the dollar crisis, by Robert Triffin (1960)

Our Dollar, Your Problem, by Kenneth Rogoff (2025)


Credits: Getty Images, Associated Press, the Richard Nixon Presidential Library


To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: https://www.youtube.com/@FTTheStoryOfMoney


Hosts: Gillian Tett and Robin Wigglesworth

Producer: Laurence Knight

Executive Producer: Manuela Saragosa

Original music: Breen Turner

Broadcast engineers: Bianca Wakeman and Petros Gioumpasis

Podcast Development: Laura Clarke

Video editor: Kristen Kenyon and Josh Divney at Podcast Discovery


Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com.


Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Denne episoden er hentet fra en åpen RSS-feed og er ikke publisert av Podme. Den kan derfor inneholde annonser.

Episoder(346)

How the US financed World War I using Charlie Chaplin and Girl Scouts

How the US financed World War I using Charlie Chaplin and Girl Scouts

The first world war was one of the deadliest conflicts the world has ever seen. And when the US entered the war in 1917, it faced a massive financial challenge: how to pay for its contribution? Enter ...

7 Okt 40min

The bloody birth of the bond market

The bloody birth of the bond market

The US Treasury market - the world's largest government bond market - is worth about $32tn today, making it the largest pile of debt accumulated in history. But its roots lie in medieval Venice, a blo...

30 Sep 43min

Does history show that fraud is the sign of a healthy economy?

Does history show that fraud is the sign of a healthy economy?

How do you tell if an economy is actually working? Most economics classes point to controlled inflation, steady growth, or low unemployment - but what if the level of financial fraud is the real hidde...

23 Sep 45min

Meet the Fuggers: Europe’s richest family ever

Meet the Fuggers: Europe’s richest family ever

Long before Silicon Valley, the grandson of a 15th Century German peasant named Jakob Fugger built a mining and banking empire that dwarfed today’s tech titans, accumulating a fortune estimated at $4 ...

16 Sep 43min

Why Dante put bankers in hell and James Joyce didn't

Why Dante put bankers in hell and James Joyce didn't

Is money a tool of moral decay or a force for human liberation? Dante feared money would corrupt and damn us, placing bankers in the eighth circle of hell - just one above Lucifer. James Joyce saw it ...

12 Sep 41min

He expelled the money changers. So was Jesus anti-capitalist?

He expelled the money changers. So was Jesus anti-capitalist?

What did Jesus really think about money? When he overturned the tables of the money changers in the Temple in Jerusalem, accusing them of turning a sacred "house of prayer" into a "den of robbers", he...

9 Sep 51min

1873: The year America ditched silver as money and all hell broke loose

1873: The year America ditched silver as money and all hell broke loose

In 1873, Ohio senator John Sherman quietly helped pass a law that stopped Americans from turning silver into official US money. The consequences were huge: years of economic pain and political turmoil...

2 Sep 41min

The ‘Sheriff of Wall Street’ who exposed bankers’ lies

The ‘Sheriff of Wall Street’ who exposed bankers’ lies

He was the bruiser of Wall Street. In the early noughties, New York attorney-general Eliot Spitzer took it upon himself to expose the lies of stock analysts during the dotcom bubble. His crusade blind...

26 Aug 46min

Populært innen Fakta

fastlegen
dine-penger-pengeradet
relasjonspodden-med-dora-thorhallsdottir-kjersti-idem
rss-strid
rss-kunsten-a-leve
treningspodden
foreldreradet
rss-orjasater
jakt-og-fiskepodden
rss-bisarr-historie
fryktlos
sinnsyn
rss-impressions-2
gravid-uke-for-uke
takk-og-lov-med-anine-kierulf
mikkels-paskenotter
hverdagspsyken
rss-bak-luftfarten
kvallm
level-up-med-anniken-binz