15. The End of the Gold Standard
In 1971, President Richard Nixon announced the end of the U.S. dollar’s convertibility to gold, effectively dismantling the gold standard and ushering in a new era of floating exchange rates. This seismic shift gave governments greater flexibility in monetary policy but also introduced new risks and volatility to global markets. The move transformed international finance, influencing everything from inflation management to currency trading, and set the foundation for today’s complex economic landscape.
