Why did Nixon get off the gold standard?
ChatGPT said:
President Richard Nixon took the United States off the gold standard in 1971 primarily due to growing economic pressures that made the Bretton Woods system unsustainable. Here are the key reasons:
1. Massive U.S. Trade Deficits and Inflation
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In the 1960s, the U.S. ran large budget deficits due to spending on the Vietnam War and Great Society programs.
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This led to inflation and a growing supply of dollars around the world, raising doubts about the U.S. ability to back those dollars with gold.
