What's a Dollar Worth?

In August, 1971, President Richard Nixon severed the connection between gold and the U.S. dollar, taking America off the gold standard. In a television broadcast to the nation he said, "Your dollar will be worth just as much tomorrow as today."

How'd that work out?

At the time of Nixon's action, it took 35 dollars to buy one ounce of gold. Today, 38 years later, at the market close, it took about 1,140 dollars to buy an ounce of gold. That represent a 97 percent loss in the value of the dollar.

Looks like that plan didn't work out so well after all.