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Tag: "fiat money"

Fiat Money, the Gold Standard, and the Deficit

Fiat Money, the Gold Standard, and the Deficit

On August 15, 1971, President Richard Nixon ended the US gold standard for the trading of gold. The Bretton Woods System, enacted in 1946, created a system of fixed exchange rates that allowed all governments to sell their gold to the United States treasury at the price of $35/ounce. To be more precise, Nixon ended […]