James Grant is right in pointing out that one root of today’s financial troubles lies in the Nixon administration’s decision, on Aug. 15, 1971, “that the dollar would henceforth be convertible into nothing except small change” (“The buck stopped then“, IHT, Sep 25).
Really, there’s lots of disasters that can be directly linked to the fewer-than-usual days of Richard M. Nixon as President.
Abroad: the bombing of neutral Cambodia and Laos, resulting in 4 students dead at Kent State in Ohio, and the establishment of the genocidal Pol Pot regime; the threat to India with nuclear-powered USS Enterprise in 1971, resulting in India’s and subsequently Pakistan’s nuclear (bomb) programs; the approval of Pinochet’s bloody coup in Chile in 1973, with a dwindling support for US interests by Latin American governments ever since.
Domestically: the end of all human voyages beyond Earth orbit; the ballooning-up of the Federal Government with the establishment of a long list of Government Agencies; the abuse of Presidential powers with their following corrosion for more than a quarter of a century; the “culture wars” between Republicans and Democrats, all trying to despise each other most; Donald Rumsfeld; and of course the original declaration of the “war on drugs” that surely must have been the most inefficient endeavor ever taken by humanity.
Nixon’s Presidency started a little less than forty years ago. Its legacy, who knows when it will end?