1971 2009
Computer-generated imagery (CGI), color, no sound
4:3, 00:00:08 sec., 30 fps., infinite video loop
Non-Fungible Token (NFT)

Computer animation of a 1971 silver dollar coin endlessly spinning counterclockwise in a vacuum.

The current set-up of our domestic and international monetary and financial architecture is the key reason that many western economies are now overly reliant on consumption, debt, and house prices. Prior to the first world war, major economies existed on a hard gold standard. At the end of the second world war, a new international system was designed—the Bretton Woods order—with the dollar tied to gold, and other key currencies tied to the dollar. When that broke down at the start of the 1970s, the world moved on to a fiat system where the dollar was not backed by a commodity and was therefore not anchored. By 1971 President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard completely. On average, international monetary systems last about 35 to 40 years before the tensions they create become too great and collapse. This system has now reached the end of its usefulness, it's time for a Great Reset.