Although it happened more than 40 years ago, many Americans still rue the day back in 1971 when US President Richard M. Nixon effectively took this country off the so-called "gold standard." Under a true gold standard, paper notes are "convertible" into pre-determined, fixed quantities of the "yellow metal."
What actually happened back in 1971 was that President Nixon – facing huge budget and trade deficits, and a plunging dollar – enacted a series of economic moves, including the unilateral cancellation of the direct convertibility of the US dollar into gold...............................................Full Article: Source
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