Faced with increasing outflows of gold in the late 1960's and early 1970s, the United States:

Question

Quizplus · Accepted Answer

In 1971, the United States suspended the convertibility of dollars into gold, effectively ending the Bretton Woods system that had governed international monetary policy since 1944. This decision was made in response to increasing outflows of gold as foreign central banks lost confidence in the value of the U.S. dollar. By suspending convertibility, the U.S. government removed the constraint that had previously limited its ability to run large deficits without losing its gold reserves.

Faced with Increasing Outflows of Gold in the Late 1960's