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The Day Nixon Ended the Gold Standard

On August 15, 1971, President Richard Nixon delivered a televised address that quietly reshaped the global financial system. In a move described as temporary, the United States suspended the convertibility of the dollar into gold — ending the Bretton Woods system and severing the dollar’s link to gold. For decades after World War II, the U.S. dollar had been fixed at $35 per ounce, and foreign governments could exchange dollars for physical gold. That promise anchored the postwar monetary order. By the late 1960s, inflation, Vietnam War spending, and rising foreign claims on U.S. gold reserves put the system under strain. In 1971, Nixon closed the gold window. The decision marked the beginning of the modern fiat currency era — a system defined not by metal, but by policy and confidence. More than 50 years later, the world still operates within the framework created that day. 0:00 - The Announcement 0:36 - The World Built on Gold 1:39 - Too Many Dollars 2:16 - The Gold Window Closes 3:41 - A World Without an Anchor Subscribe to Inflection Points for more stories about the decisive moments and hidden truths that shape our world. #Nixon #GoldStandard #BrettonWoods #Economics #FiatCurrency #History #Documentary #Educational This video uses AI-generated reconstructions to bring history to life. These visuals and narrations are research-informed artistic interpretations and are not intended to represent actual persons or archival footage.