End of the Gold Standard - March 3, 1933 - August 15, 1971 - Deepstash
End of the Gold Standard - March 3, 1933 - August 15, 1971

End of the Gold Standard - March 3, 1933 - August 15, 1971

On March 3rd 1933, President Franklin D. Roosevelt closed all the banks in the U.S.A. 

Banks held large amounts of Gold which were backing all the available U.S dollars. At those times there was a fixed exchange rate between U.S dollars and Gold.

Gold standard ended officially when president Richard Nixon on August 15 1971 announced that the U.S would no longer convert dollars to gold at a fixed value, that’s how the gold standard ended.

Nowadays, fiat money is no longer dependent on gold but rather on governmental policy.

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1933 - President Franklin D. Roosevelt had gold confiscated and people were forced to accept paper money for their gold. The government needed people to adopt the inflated paper and they used force. 

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