An interview with the gentlemen behind the website "WTF Happened in 1971?" Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. The last remnants of the gold standard were abandoned in August 1971, when President of the United States Richard Nixon decided to close the gold window (foreigners couldn’t redeem dollars for gold at the Treasury anymore). From 1945 until 1971, the U.S. dollar was backed by gold, and served as the world reserve currency under a system called Bretton Woods.
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