On August 15, 1971, President Richard Nixon issued an executive order that came to be known as the Nixon Shock.
The order sought to curb inflation through economic policies including a 90-day freeze on wages and prices, and a suspension of the gold standard. Though he initially planned to reinforce the standard after other economic reforms had been carried out, this suspension became the standard's permanent end.
Republican presidential nominee Donald Trump has now suggested a return to the gold standard. On the anniversary of its removal, we reflect on the standard's significance and what Trump's policy would mean for the U.S. economy.