🏛️ 💰 They Changed the Money System in 1971 and Nothing Was Ever the Same After That

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In 1971, President Richard Nixon announced a series of economic measures, known as the Nixon Shock, which included ending the dollar's convertibility to gold, effectively dismantling the Bretton Woods system. This move, declared on August 15, shifted the U.S. dollar from a gold-backed currency to a fiat currency, allowing its value to float against other currencies. The decision was driven by rising inflation, trade deficits, and pressure on U.S. gold reserves, as foreign nations began demanding gold for dollars. This change had profound global economic impacts, leading to increased currency volatility and the modern era of floating exchange rates.
Source: mutinni.com
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