jan 1, 1971 - End of Gold Standard by President Nixon

Description:

In 1971, President Nixon officially ended the U.S. dollar's convertibility into gold, effectively abandoning the Gold Standard. This decision replaced the fixed value of the dollar with a system where the currency's value was determined by supply and demand. It marked a significant shift in monetary policy, allowing more flexibility but also leading to fluctuations in currency values based on market forces.

Added to timeline:

Date: