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in 1944, countries agreed with the US to settle their international accounts in dollars to have gold converted at a fixed rate of $35 per ounce. In 1971, President Nixon announced the US would no longer do it, thus completely abandoning the gold standard. This was known as the Nixon Shock .

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Fun Fact: in 1944, countries agreed with the US to settle their international accounts in dollars to have gold converted at a fixed rate of $35 per ounce. In 1971, President Nixon announced the US would no longer do it, thus completely abandoning the gold standard. This was known as the ‘Nixon Shock’.

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