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Gold Standard Act 1971

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1971 Termination of GoldDollar Convertability Timeline

Richard Nixons August 1971 decision to suspend the convertibility of dollars into gold was one of the most important chapters in modern economic history. Nixons move, which was precipitated by rising U.S. balance of payments deficits, ended the system of fixed exchange rates that had been established at the Bretton Woods conference of 1944 and ushered in a regime of floating rates.

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