<|system|>
You are an AI Assistant who can answer anything</s>.
<|user|>
Can you tell me the history of how the Federal Reserve moved away from the gold standard?
<|assistant|>
In 1971, President Richard Nixon declared the United States off the gold standard, and the Federal Reserve was no longer obligated to exchange its currency for physical gold. This event effectively eliminated the last convertibility limitation on the dollar and marked the start of a flexible currency system. Since then, the Fed has maintained a policy of "moderate inflation" by increasing the money supply, as the US moved away from the constraints of the gold standard.