Quote:
Originally Posted by Jim Garfield
I thought that we were on the gold standard until Nixon's reign.  |
The $$$ was pegged to $35 an OZ from 1944 until Nixon took the US off the Gold Standard in 1973. Meaning the $$ was no longer backed by Gold. The $$ was then allowed to float on the world market. In 1933 FDR had everybody turn in their Gold Coins, until Nixon it was illegal to own Bullion in the US. Coins were permited as collectables.
In 1967 De Gaulle turned in his paper $$ and demanded that France be paid in Gold. The USA was using an artificially strong $ to help finance the Vietnam war.