August 15 marks a special date in American history: it commemorates the fiftieth anniversary of President Richard Nixon’s suspension of Bretton Woods. With this decision, the United States stopped redeeming foreign governments’ and banks’ dollars for gold.
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Isolation Is Weakness; Strength Is in Numbers
Legend has it that back in 1776, at the signing of the Declaration of Independence in Philadelphia, Ben Franklin quipped to his fellow revolutionaries, “We must all hang together, or most assuredly we shall all hang separately.” That is, if the patriots didn’t stay together and fight for independence as a group, the British would win and then hang them all, one by one.
Fortunately, there’s strength in unity. George Washington kept the army of the 13 colonies intact, and so, after five arduous years of fighting, he won a decisive victory at Yorktown. To this day, the success of the American Revolution stands as an inspiring saga of purposeful teamwork; the Americans hung together and were not hanged.