thereby making them a fiat currency. However, the Specie Payment Resumption Act of 1875 reinstated the convertibility of greenbacks into precious metals and got the U.S. back to the gold standard — ...

The U.S. dollar abandoned the gold standard in 1971 under President Nixon. Now, the fiat currency derives its value based on trust instead of a tangible asset. Gold and the dollar are still correlated ...

Soon they were proved right. In 1971, Nixon broke the last link to the gold standard, turning the American dollar into a fiat currency. The dollar was devalued and millions of foreigners holding ...