
The Day the Dollar Lost Its Gold: The Nixon Shock
On August 15th, 1971, U.S. President Richard Nixon ended the dollar’s convertibility to gold, bringing an abrupt end to the last vestige of the international gold standard. Why? And what led up to this? Let’s dive in. Context: Bretton Woods In 1944, as the second World War came to an end, 44 Allied nations met … Continue Reading