0
When President Nixion closed the gold window_____APEX
Still curious? Ask our experts.
Chat with our AI personalities
Coach
Devin
Judy
Add your answer:
Earn +20 pts
What year did the dollar become the official currency in the U.S.?
1971 was the fateful year. Nixon passed legislation to make the dollar no longer be 'Money', but to be a currency. However, this was only possible because of the 1933 Federal Reserve Act, which centralized banking and gave power to print or create money (Fiat money at that!) to a private bank. Always remember that the FED is NOT a federal entity! And yet it dictates interest rates and the amount of money in circulation (ie-inflation). Now this has spawned an incredible amount of conspiracy theories, but the fact remains that the government doesn't control our money supply.Historically, every time a gold backed money system was changed to a fiat currency system, eventually more and more money was put into circulation until eventually the money was worth nothing more than the paper it was printed on. (eg-Russia, China, Rome) Some estimates, including a statement made by 2008 Rep Presidential Candidate Ron Paul who is part of the overseeing committee of the FED, say that the American dollar's Real value is about 4 cents. But I personally haven't studied that.Hope this helps
When did the US get rid of silver certificate dollar bills?
1964 was the last year they printed silver certificates, although they were dated 1957 B. Until 1968 it was possible to exchange your silver certificate for its face value in silver dollars or the equivalent in silver bullion/coins. However, since 1968 they have become fiat money and somewhat of a collector's item. They are no longer convertible for silver and can be found rarely in change.
What year was all gold backing removed from the US dollar bill?
August 15, 1971 by President Richard Nixon. It was supposed to be a temporary suspension that just never got reinstated. It was suspended because other countries suspected the US of printing more money than we had Gold reserves. The idea was that other countries could back their currencies with dollars instead of gold since the dollar was backed by gold. Once the gold standard was suspended all currencies became fiat currencies. If the US economy collapses and the dollar hyper inflates the economy of the world will also collapse. And most currency will become worthless. See End of the Road: How Money Became Worthless for more information.
When did the US officially move to fiat currency?
1971
In what year did the U.S. officially move to fiat currency?
1971
