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This is CBS I In The World.

I'm John Bachelors.

Sunday, August 15, 1971.

The President of the United States, Richard M. Nixon speaking to the American people on television.

The markets are closed.

I have directed Secretary Connellate to suspend temporarily.

The convertibility of the dollar into gold or other reserve assets,

except in amounts and conditions determined to be in the interest of monetary stability

and in the best interest of the United States.

I welcome John Tamney, the editor of real-clar markets, writing most recently about the gold standard

and about the world that we've lived in ever since that date, nearly 52 years ago,

up to and including remarks by the Federal Reserve Chairman, Mr. Powell,

...