In 1971, Richard Nixon made a decision that reshaped global finance forever. Since World War II, the U.S. dollar was tied to gold at $35 per ounce, anchoring the global system. But Vietnam War costs, rising government spending, and massive trade deficits pushed it to the edge. Foreign governments rushed to redeem dollars for gold, draining U.S. reserves fast. On August 15, Nixon went on national television and suspended dollar convertibility. Overnight, the gold standard collapsed. Currencies be
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In 1971, Richard Nixon made a decision that reshaped global finance forever. Since World War II, the U.S. dollar was tied to gold at $35 per ounce, anchoring the global system. But Vietnam War costs, rising government spending, and massive trade deficits pushed it to the edge. Foreign governments rushed to redeem dollars for gold, draining U.S. reserves fast. On August 15, Nixon went on national television and suspended dollar convertibility. Overnight, the gold standard collapsed. Currencies be
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