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

Not an ELI5, but I found this video helpful and interesting https://youtu.be/NJd6RKsY5H4?si=eZmhqVUJP6nV-Pm_