1971 August 15 Nixon ends Gold Standard Currency

Who: Richard Nixon et. al.

What: President Nixon issues executive order to official end Bretton Woods International Monetary System.

Where: United States / World

Why: Once the creation of currency was no longer limited by gold reserves, the United States using it’s fiat currency was able to borrow and spend money without any limitations. In order to ensure the acceptance of the US dollar which was now worth nothing more than the paper it was printed on, the United States used it’s military to intimidate the rest of the world to move to a fiat currency and force the acceptance of the US dollar in exchange of their goods and services.