The Global Monetary System
When I was born in 1951, the United States was the envy of the entire world. The United States had been involved in a major world war and defeated both of its enemies, and liberated the Western World. We were the richest nation on the planet, having both silver coinage and gold reserves unparalleled in human history. The American worker was paid in Silver Certificates redeemable in silver at any bank in the fifty US States. The American dollar was redeemable in gold by any nation that traded our currency.
As a child I remember that our coins held real metallic specie of copper (pennies) and silver (dimes, quarters, half dollars and dollars). The average wage was much smaller in quantity, but its currency bought significant quantities of produce and manufactured goods. Inflation was nonexistent and a dollar enabled two children to view a matinee of two movies with cartoons between them. And if you were lucky your parents chipped in an additional quarter for refreshments.
This financial condition lasted for 20 years when the Bretton Woods Agreement was abrogated by the Nixon Administration in the 1970s. The US Dollar was now no longer backed by gold. Earlier in the 1960s the Kennedy Administration had attempted to monetize silver with EO 11110, but with his death that attempt ceased. Soon all silver and gold certificates disappeared and were entirely replaced with FRNs (Federal Reserve Notes).