Bitcoin (CRYPTO: BTC) critic and economist Peter Schiff issued warnings on Friday about America’s mounting debt crisis, linking current fiscal challenges to the 1971 decision that ended the gold standard. The warning comes as national debt has surged $9 trillion in four years to reach $37.09 trillion.
Historical Context Drives Current Concerns
Schiff posted on X that since former President Richard Nixon‘s Aug. 15, 1971, decision to suspend dollar-gold convertibility, “the national debt soared by $9 trillion, and gold climbed by over 85%.” He shared a 2021 video titled “Remembering the Day When Gold Died,” marking the 54th anniversary of what he called America’s monetary system transformation.
The economist emphasized that Nixon’s move, initially described as temporary, permanently severed the dollar’s gold backing after 184 years. This shift allowed unlimited money …