För 50 år sedan, 1971, avskaffade president Nixon dollarns knytning till guldet (at a rate of $35 an ounce))

August marks the 50th anniversary of a momentous event: Richard Nixon, then the US president, summoned his advisers to Camp David  to take the collective decision to sever the dollar’s link with the gold standard.

Jeffrey E Garten book Three Days at Camp David 

America simply did not possess enough gold to honour dollar claims. And that issue raised a bigger question that always stalks finance: what is the basis on which money commands value and trust?

David Graeber, a former anthropology professor,  in his book Debt, The First 5,000 Years.

Before then nobody thought money had value because an independent central bank had an inflation target. 

Gillian Tett FT 28 July 2021

https://www.ft.com/content/bb2bd452-727f-4fe4-877c-4d0875c187d3

John Connally, when Treasury secretary in President Richard Nixon’s cabinet, famously told his European counterparts in 1971 that the dollar “is our currency but your problem”

Trichet: "It is extremely important that the US has been saying that a strong dollar is in the interests of the US."

https://englundmacro.blogspot.com/2018/01/trichet-it-is-extremely-important-that.html