Purpose of Fiat Money. ... since President Nixon eliminated the gold standard in the 1970's gold has seen a 460% appreciation in value, while the S&P 500 has grown by over 2,200%. ...

Fiat money became the norm after U.S. President Richard Nixon decided to abandon the gold standard in 1971. This meant that the U.S. dollar was no longer convertible into gold.

As the gold value of America’s fiat dollar plunges, the world’s eighth-largest economy restores a monetary role for specie.

Learn more about commodity and fiat money and some of the differences between them. ... "Nixon and the End of the Bretton Woods System, 1971–1973." Congressional Research Service.

June 22 is perhaps an even more consequential semiquincentennial, even if there are no re-enactors or commemorative ...

Learn everything you need to know about fiat money, including its definition, history, how it works, expert insight, and common questions.