1971: The Year Money Changed
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1971: The Year Money Changed
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About this listen
In 1971, the world was changing fast.
The Nasdaq opened as the world’s first electronic stock market. Intel released the first microprocessor. Starbucks opened its first store. Blue Ribbon became Nike. Federal Express was born.
But the biggest story came on August 15, 1971, when President Nixon ended the dollar’s convertibility into gold and changed the global monetary system forever.
In this episode of Becoming Berkshire, we look at the end of Bretton Woods, the rise of stagflation, and Berkshire Hathaway’s 1971 results, where Buffett was still fighting the textile business while quietly building something much better through insurance and banking.
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