“Nixing” the Gold Standard: The Secret Meeting Behind Today’s Inflation

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In 1971, the United States was at a crossroads: The economy was stagnating, inflation was high and Americans were starting to feel like they were losing their competitive edge. Sound familiar?

In the second episode of our two-part series on inflation, we return to a conversation between NPR’s Chief Economics Correspondent Scott Horsley and Jeffrey Garten, an influential economist who served in multiple presidential administrations. They explore Nixon’s consequential decision to abandon the gold standard, how this move created the modern global economy, and what this can tell us about inflation and fears of a recession.

Guest:

Jeffrey E Garten, Dean Emeritus, Yale School of Management, former Undersecretary of Commerce, and author of Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy

Hosts:

Philip Yun, host of World Affairs

Scott Horsley, NPR's Chief Economics Correspondent

824 episodes