1971
A digital animation depicting a 1971 Eisenhower silver dollar perpetually rotating counterclockwise in a vacuum.
Before World War I, most economies functioned under a rigid gold standard. Following the conclusion of World War II, a novel international system was established, known as the Bretton Woods order, which involved linking the U.S. dollar to gold and other vital currencies to the U.S. dollar. Nevertheless, this framework disintegrated in the early 1970s, causing the world to adopt a fiat system in which the dollar was unbacked by a commodity and therefore unanchored.
President Richard Nixon announced in 1971 that the United States would no longer exchange dollars for gold at a fixed value, marking the complete abandonment of the gold standard. On July 27, 1971, President Nixon presented the first proof Eisenhower dollar to Mrs. Mamie Eisenhower in the White House, accompanied by Treasury Secretary John Connolly and Director Mary Brooks.
The current configuration of the domestic and international monetary and financial architecture is the primary cause of many Western economies' excessive dependence on consumption, debt, and housing prices. On average, international monetary systems last about 35 to 40 years before the tensions they create become too great and collapse.
Year: 2009
Medium: Computer-generated animation, color, sound
Resolution: 4K, 3840 x 2160 px
Duration: 00:00:08, 30 fps
Direction: Jason Mena
Animation: Jason Mena
3D Design: Jason Mena
Dimensions: Variable
Editions: 1/1 + A/P