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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