What Actually Backs the US Dollar If Not Gold or Silver?
Key Takeaways The US dollar has not been convertible to gold since August 15, 1971, when President Nixon ended dollar-to-gold convertibility under the Bretton Woods framework. Since that change, the dollar’s purchasing power has fallen roughly 87% (BLS CPI-U). M2 money supply expanded from about $630 billion in 1971 to more than $22 trillion by … Read more