"AUGUST 15, 1971: President Richard Nixon took the US dollar "temporarily" off of the gold standard to stop other countries from exchanging US dollars for gold. This was need[ed] to fund the Vietnam war and the massive increase in social spending for President Lyndon Johnson's "Great Society."

On this day 52 years ago, August 15, 1971, President Richard Nixon took the US dollar "temporarily" off of the gold standard to stop other countries from exchanging US dollars for gold.

This move to remove the connection between gold and the US dollar enabled the USA to begin… pic.twitter.com/M3inSHHxi0

— Wall Street Silver (@WallStreetSilv) August 15, 2023