August 15th, 1971

This is the infamous video clip of Richard Nixon welching on the promise to redeem paper Federal Reserve Notes in gold, as was promised to the world in the Bretton Woods agreement of 1944.  While Tricky Dick blamed evil speculators for crisis, there remained one reason and one reason only why the United States welched.  This is the same reason the printers of paper money have welched since the creation of paper money...they always print and print until the bluff is called.  Come on, it isn't rocket science!