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

I also thought it was because gold was very useful in technology like CPU pin-outs. If the gold standard still existed things like PCs would cost astronomical amounts and it would stymy accessibility and even tech evolution