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

As an individual: if you have a job, own a house, have savings gold standard/ deflation isn’t a bad thing. Might add run a profitable business too.