Why was the United States taken off the gold standard in the early 1970s?

Question

Quizplus · Accepted Answer

All of the reasons provided contributed to the decision to take the United States off the gold standard in the early 1970s. The Vietnam War and the "Great Society" antipoverty programs significantly increased the U.S. budget deficits, making it difficult to maintain the gold standard. As the dollar overhang grew, foreign investors and governments became less willing to finance it, further undermining the stability of the system. Finally, the Vietnam War also undermined U.S. moral authority, which made it more difficult to convince other countries to maintain the gold standard. Together, these factors led to the decision to abandon the gold standard in favor of fiat currency.

Why Was the United States Taken Off the Gold Standard