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In 1971, Richard Nixon made a move that quietly rewired the global economy. Since World War II, the U.S. dollar was backed by gold at $35 an ounce-but war spending, deficits, and foreign governments cashing in gold were draining reserves fast. On August 15, Nixon went on television and suspended dollar convertibility. In one night, the gold standard ended. Currencies began to float, inflation followed, and money stopped being tied to metal, and started being tied to trust. The dollar didn't coll
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