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?
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Many people here are going to give reasons for why we “needed” to get off the gold standard. But note that this is a debated topic. If you want to learn more, you can research the difference between Keynesian and Austrian economics. Most Redditors are presumably more on the side of Keynesian economics.
Austrians believe in some sort of gold standard and will use examples like this to show what a disaster it has been since we got off the gold standard: https://wtfhappenedin1971.com/
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