In Video: Gold Standard Historical Moments

Nixon Ends Bretton Woods International Monetary System

President Nixon announced a dramatic change in monetary policy. Nixon ends the Bretton Woods International monetary system with the gold standard.

I have directed Secretary Connally to suspend temporarily the convertibility of the dollar into gold or other reserve assets, except in amounts and conditions determined to be in the interest of monetary stability and in the best interest of the United States.

President Nixon, August 15, 1971