<P> The Bretton Woods system collapsed in what became known as the Nixon Shock . This was a series of economic measures taken by United States President Richard Nixon in 1971 , including unilaterally canceling the direct convertibility of the United States dollar to gold . Since then , a system of national fiat monies has been used globally , with freely floating exchange rates between the major currencies . </P>
<P> The Bretton Woods system collapsed in what became known as the Nixon Shock . This was a series of economic measures taken by United States President Richard Nixon in 1971 , including unilaterally canceling the direct convertibility of the United States dollar to gold . Since then , a system of national fiat monies has been used globally , with freely floating exchange rates between the major currencies . </P>
when did the us dollar become part of a total fiat system
when did the us dollar become part of a total fiat system
1971
1971