Bow to the Head 2009
Computer loop animation, color
4k, 00:00:08 sec, 30 fps
NFT-backed digital work

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 (from Latin: fiat, "let it be done") where the dollar was not backed by a commodity and was therefore not anchored. On average, international monetary systems last about 35 to 40 years before the tensions they create become too great and collapse.

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 July 27, 1971, President Richard Nixon presents the first proof Eisenhower dollar to Mrs. Mamie Eisenhower in the White House. Treasury Secretary John Connolly and Director Mary Brooks are also present. 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.

A computer animation of a digitally rendered 1971 silver dollar coin endlessly spinning counterclockwise in a vacuum.