In 1971 Nixon famously said “we are all Keynesians now” as he ash-canned the Bretton Woods gold exchange standard, thereby unleashing fiat central banking on the world economy.

Nixon’s one-two combo of fiscal activism and unshackled central banking exposed American capitalism to powerful and unrelenting forces of statist assault. [Click to Tweet]

At the time, the Keynesian part wasn’t viewed as such a big deal by enlightened opinion. It was supposedly just the Republican Right catching-up with the … Continue reading Right, Bernie! We Are All (Ersatz) Socialists Now