when was america taken off the gold standard
August 15, 1971
title: Exorbitant privilege text: reserve of gold and was followed by several countries. As it resulted in considerably reducing U.S. gold stock and U.S. economic influence, it led U.S. President Richard Nixon to end unilaterally the convertibility of the dollar to gold on August 15, 1971 (the "Nixon Shock"). This was meant to be a temporary measure but the dollar became permanently a floating fiat money and in October 1976, the U.S. government officially changed the definition of the dollar; references to gold were removed from statutes. Different attempts have been made across time to assess the validity of the exorbitant privilege hypothesis by title: Charles de Gaulle text: exchange rate. He sent the French Navy across the Atlantic to pick up the French reserve of gold and was followed by several countries. As it resulted in considerably reducing US gold stock and US economic influence, it led US President Richard Nixon to unilaterally end the convertibility of the dollar to gold on 15 August 1971 (the "Nixon Shock"). This was meant to be a temporary measure but the dollar became permanently a floating fiat money and in October 1976, the US government officially changed the definition of the dollar; references to gold were removed from statutes. In December title: Executive Order 6102 text: their conservative views were in opposition to President Roosevelt's New Deal agenda. The Gold Reserve Act of 1934 made gold clauses unenforceable, and changed the value of gold from $20.67 to $35 per ounce, thereby devaluing the U.S. dollar, as the dollar was gold-based. This price remained in effect until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for foreign exchange (see Nixon Shock). The private ownership of gold certificates was legalized in 1964, and they can be openly owned title: Global financial system text: War I gold standard when the Dresdner Bank implemented foreign exchange controls and announced bankruptcy on July 15, 1931. In September 1931, the United Kingdom allowed the pound sterling to float freely. By the end of 1931, a host of countries including Austria, Canada, Japan, and Sweden abandoned gold. Following widespread bank failures and a hemorrhaging of gold reserves, the United States broke free of the gold standard in April 1933. France would not follow suit until 1936 as investors fled from the franc due to political concerns over Prime Minister Léon Blum's government. The disastrous effects of the Smoot–Hawley title: Gold Standard Act text: international arrangement at the conclusion of World War II, before the Nixon shock unilaterally cancelled direct international convertibility of the US dollar to gold in 1971. Gold Standard Act The Gold Standard Act of the United States was passed in 1900 (approved on March 14) and established gold as the only standard for redeeming paper money, stopping bimetallism (which had allowed silver in exchange for gold). It was signed by President William McKinley. The Act made the "de facto" gold standard in place since the Coinage Act of 1873 (whereby debt holders could demand reimbursement in whatever metal was preferred—usually