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Cake day: July 12th, 2023

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  • zed@lemmy.fmhy.mltoWeird Websites@lemmy.fmhy.mlWTF Happened In 1971?
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    1 year ago

    I’m going guess it had something to do with the US dollar becoming a fiat currency:

    On 15 August 1971, the United States terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. Shortly thereafter, many fixed currencies (such as the pound sterling) also became free-floating, and the subsequent era has been characterized by floating exchange rates. The end of Bretton Woods was formally ratified by the Jamaica Accords in 1976.

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