3 ms·

It was in 1971.

dylan604 5y ago
"Upon taking office in March 1933, U.S. President Franklin D. Roosevelt departed from the gold standard.[53]" taken from https://en.wikipedia.org/wiki/Gold_standard https://en.wikipedia.org/wiki/Gold_standard
- SgtBastard 5y ago
  If you’re splitting hairs on domestic vs international redeemability for gold you’re technically correct but the person you’re replying to is more generally correct - the discussion of the Bretton Woods agreement in that wiki article is important.
  - dylan604 5y ago
    1933 was the infamous meeting in the backroom with not enough people to hold quorum that is what most of the conspiracy theory and illuminati types point to as evidence. plus, whether you could redeem a greenback for gold or not is much less of an issue if the powers that be have already been acting as if the gold was no longer relevant in their policy decisions. that's the reason i point to '33 vs '71. i don't care about monetary exchange formats, but how the system was running.
- nemo44x 5y ago
  ‘71 was when the dollar was no longer tied to it.
- 3009629147 5y ago
  That is true, but the Bretton Woods agreement (which the United States signed in 1944) and subsequent System featured a gold standard.
- AnimalMuppet 5y ago
  That is far from the whole story. FDR departed from the gold standard, devalued the dollar (or raised the price of gold to $35 from $20). And the price of gold was left fixed at $35 until 1971. Now, is that "gold is pegged to a fixed price" or "dollars are convertible to gold at a fixed price" the same as the gold standard? The very first sentence of that Wikipedia article says "A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold." So I would say that yes, by that definition we were still on the gold standard until 1971.
- anm89 5y ago
  Yes but it was Nixon who closed the gold window. From a macro budgetary perspective 71 was a much more meaningful year than 33. 33 was only when direct exchange was killed.

It was in 1971.

"Upon taking office in March 1933, U.S. President Franklin D. Roosevelt departed from the gold standard.[53]" taken from https://en.wikipedia.org/wiki/Gold_standard https://en.wikipedia.org/wiki/Gold_standard

SgtBastard 5y ago
If you’re splitting hairs on domestic vs international redeemability for gold you’re technically correct but the person you’re replying to is more generally correct - the discussion of the Bretton Woods agreement in that wiki article is important.
- dylan604 5y ago
  1933 was the infamous meeting in the backroom with not enough people to hold quorum that is what most of the conspiracy theory and illuminati types point to as evidence. plus, whether you could redeem a greenback for gold or not is much less of an issue if the powers that be have already been acting as if the gold was no longer relevant in their policy decisions. that's the reason i point to '33 vs '71. i don't care about monetary exchange formats, but how the system was running.
nemo44x 5y ago
‘71 was when the dollar was no longer tied to it.
3009629147 5y ago
That is true, but the Bretton Woods agreement (which the United States signed in 1944) and subsequent System featured a gold standard.
AnimalMuppet 5y ago
That is far from the whole story. FDR departed from the gold standard, devalued the dollar (or raised the price of gold to $35 from $20). And the price of gold was left fixed at $35 until 1971. Now, is that "gold is pegged to a fixed price" or "dollars are convertible to gold at a fixed price" the same as the gold standard? The very first sentence of that Wikipedia article says "A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold." So I would say that yes, by that definition we were still on the gold standard until 1971.
anm89 5y ago
Yes but it was Nixon who closed the gold window. From a macro budgetary perspective 71 was a much more meaningful year than 33. 33 was only when direct exchange was killed.