Before 1971, the U.S. fiat currency was 40% backed by gold. As stated right on the bills, all fiat was exchangeable for gold on demand.
In 1971, Nixon canceled that exchange ability & took us completely off gold standard. Since the connection was severed, look at what happened.
In 1971, Nixon canceled that exchange ability & took us completely off gold standard. Since the connection was severed, look at what happened.