1. The decoupling of the US dollar from gold was announced by then US President Nixon, so this event was also called "Nixon shock". The main purpose of decoupling the dollar from gold is to protect the dollar and avoid an international currency crisis under the influence of international currency speculators.
2. In addition, the exchange of US dollars for physical gold by institutions and individuals in various countries has also led to the decline of US gold reserves. Coupled with the oil crisis at that time, the United States finally announced that the dollar was decoupled from gold.
3. Due to the fixed pegged exchange rate relationship of "1 troy ounce =35 USD", the USD can be called "USD", which makes USD equal to gold. However, with the gradual erosion of the gold content of the US dollar, this fixed pegged relationship became more and more fragile, and finally broke up in 197 1 year.
4. Stopping the exchange of US dollars for gold means that the "gold exchange" standard established by the Bretton Woods system after World War II will be broken, the US dollar will no longer be bound by the US gold reserve, and it can print money and expand indefinitely, and the United States will have greater control over the international economy and financial currency.
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1. The Bretton Woods system has established a gold exchange standard system based on the US dollar and gold. Its essence is to establish an international monetary system centered on the US dollar, which basically includes the dollar being linked to gold, and the currencies of IMF member countries maintain a fixed exchange rate with the US dollar (a fixed exchange rate system is implemented).
2. The operation of the Bretton Woods monetary system was closely related to the absolute strong position of the United States in the world political economy at that time, the high reputation of the US dollar and its stable international status. The establishment of the Bretton Woods system greatly promoted the recovery and development of the post-war capitalist world economy, and also greatly stimulated the development of the American economy and its international hegemony. However, due to the frequent dollar crisis and the American economic crisis, the periodic recession of the American economy is constantly emerging, and the inevitable contradiction of the American capitalist system itself is highlighted. Coupled with the greed of American capital interest groups, the link between the dollar and gold cannot be maintained.