The end of the US dollar international convertibility to gold did not happen until August 15, 1971.
It is also exactly the year inflation took off like a rocket - see the "Cumulative Inflation" graph. And the standard of living for the middle class (at least in the US) began to stagnate (up to this day).
It is also exactly the year inflation took off like a rocket - see the "Cumulative Inflation" graph. And the standard of living for the middle class (at least in the US) began to stagnate (up to this day).
https://inflationdata.com/Inflation/Inflation/Cumulative_Inf...