Category 13. The Nixon Shock: The End of Gold-Backed Money (1971 CE)

1000 Years of Gold: The Medieval Origins of the Gold Standard, 13. The Nixon Shock: The End of Gold-Backed Money (1971 CE), Gold, Part 4: The Rise & Fall of the Gold Standard (1800–1971 CE)

The world moves to fiat currencies, ending the traditional gold standard

And so, the curtain fell. After thousands of years in which gold had quietly underpinned the world’s wealth—resting in vaults, stamped into coins, backing the very paper people carried in their pockets—its rule came to an end in 1971, not…

Ming-Chih
March 23, 2025

1000 Years of Gold: The Medieval Origins of the Gold Standard, 13. The Nixon Shock: The End of Gold-Backed Money (1971 CE), Gold, Part 4: The Rise & Fall of the Gold Standard (1800–1971 CE)

President Richard Nixon ends U.S. dollar convertibility to gold

Imagine turning on your TV on a quiet Sunday evening in August 1971. There’s President Richard Nixon, sitting calmly at his desk, looking serious. You’re expecting another update on the economy—maybe something about jobs or inflation. But instead, he drops…

Ming-Chih
March 21, 2025