<P> On the afternoon of Friday , August 13 , 1971 , these officials along with twelve other high - ranking White House and Treasury advisors met secretly with Nixon at Camp David . There was great debate about what Nixon should do , but ultimately Nixon , relying heavily on the advice of the self - confident Connally , decided to break up Bretton Woods by suspending the convertibility of the dollar into gold ; freezing wages and prices for 90 days to combat potential inflationary effects ; and impose an import surcharge of 10 percent , to prevent a run on the dollar , stabilize the US economy , and decrease US unemployment and inflation rates , on August 15 , 1971 : </P>
<P> On the afternoon of Friday , August 13 , 1971 , these officials along with twelve other high - ranking White House and Treasury advisors met secretly with Nixon at Camp David . There was great debate about what Nixon should do , but ultimately Nixon , relying heavily on the advice of the self - confident Connally , decided to break up Bretton Woods by suspending the convertibility of the dollar into gold ; freezing wages and prices for 90 days to combat potential inflationary effects ; and impose an import surcharge of 10 percent , to prevent a run on the dollar , stabilize the US economy , and decrease US unemployment and inflation rates , on August 15 , 1971 : </P>
when did the usd stop being backed by gold
when did the usd stop being backed by gold
August 15 , 1971
August 15 , 1971