People refuse to look at history.
The United States didn’t accumulate the world’s largest gold reserves by accident
During the two World Wars, massive amounts of gold flowed into America as European nations paid for supplies, financed their war efforts, and later rebuilt their economies. By the end of World War II, the United States controlled the majority of the world’s official monetary gold. But here’s where history gets shocking, and many forget.
In the years leading up to the Nixon Shock of 1971, foreign governments began questioning the dollar’s convertibility into gold. But a key part of that story? As countries sought to exchange their dollars for American gold, the monetary system came under enormous pressure.