In the 1970s when US President Richard M.Nixon ended the gold standard,

Question

Quizplus · Accepted Answer

When Nixon ended the gold standard, he created a pure fiat money system, meaning that the US dollar was no longer backed by gold or any other commodity. This allowed the government to control the money supply and led to the current system where the value of the US dollar is determined by supply and demand in the international currency markets. Barter did not become the predominant method of transacting business, silver did not take the place of gold, hyperinflation did not occur, and a run on banks did not ensue.

In the 1970s When US President Richard M