When and why was the gold standard abolished in the US?

Question

I had read it was abolished in 1971, but I also read it was in 1933. Which one is it? Also, why was it abolished in the first place?

In: 306

Answer 1

If you want to do a deep-dive into the topic of how our monetary system works (and the history about how we got there), I really suggest the book “Broken Money” by Lyn Alden.