I thought we were supposed to blame Nixon for taking us off the gold standard. Who to blame?
“I thought we were supposed to blame Nixon for taking us off the gold standard. Who to blame?”
It was Nixon. 15 August 1971.
What FDR was revalue gold from $20/oz to $35 in order to increase the monetary base. And prohibit private ownership but it didn’t end the gold standard.
--or FDR depending on your politics and gold preference, the entire process took a long time from '14 to '72 with the biggest jumps in '33 and '72. This writer's notion that FDR put us on the gold standard was a new one for me. Sounds like something from Orwell's 'Ministry of Truth'.