We Don't Like to This Is Not Working

During the great depression, many countries said, o no more. We are shutting our gold window. We will no longer exchange our currency for gold. Now the us continued to do so. They they valued the dollar. But in 19 71, richard m. Nixon, president of the united states, said, no more. we're shutting the gold window. That is very, very important point, because it meant that a currency was no longer backed by gold. Effectively, then money could be created out of thin air.