SPEAKER_02

So we created Medicare and Medicaid.

And we went to the moon.

And we were fighting the war in Vietnam.

And we were just printing money for all of this, which is, you know, what we still do to this day.

But so, essentially, the Europeans started looking at us.

And they were like, I don't think you got enough gold to cover all these dollars that you're printing around.

Wasn't that a thing where they were going to, like...

Do an audit of Fort Knox that we never heard about?

Well, what I know is that I'm pretty sure it was the French.

It might have been the British, too.

It was definitely the French.

The French basically called our bluff.

And they just went, OK, we'll take gold.

We got all these dollars.

We'll take gold.

We get an ounce for every $35 that we have.

And we have quite a lot.

And that's when Nixon went, no.

No.

He just basically defaulted in front of the entire world, and he said he's temporarily suspending the convertibility of dollars into gold, and they framed it as like the French are attacking the stability of the dollar.