15 August 1971

de bene esse: literally, of well-being, morally acceptable but subject to future validation or exception

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For almost four thousand years humanity based its currency on gold except for the last forty when President Richard Nixon announced on 15 August 1971 that the US will no longer trade it's currency for gold.

He thought the price stability of currency to gold was bogus.

History has proven his decision unwise ... recalled by critics as farcical and tragic.