DEATH OF THE GOLD STANDARD // June 2013 // On August 15, 1971, President Nixon announced that the United States would no longer officially trade dollars for gold. Although the US had abandoned the gold standard in the early twentieth century, this announcement completely severed the relationship between the dollar and the gold market thus creating the environment for the credit crisis of our current times.
The Economist introduced the Big Mac Index in 1986 as a comparison device for currency across cultures. In our global culture, the price of a standardized item can be used to illuminate multiple economic conditions: labor, trade, trends, and economic health. Death of the Gold Standard investigates various indices, by asking, How can we make value tangible? We strive to understand equivalence through everyday data points and alternative metrics. Click the blue circle in the bottom right of each image for caption information.
This project is generously supported by the Robert Rauschenberg Foundation.