when did we go off the gold standard us
Historically, the United States has had lower levels of inflation when on a gold standard. From 1880-1913, under a gold standard, average inflation was 1.6% per year. In 1971, when Nixon took the United States off the gold standard, inflation was at 3.3%. By 1979 it had risen to 13.3%. In a study of 15 countries covering the years 1820-1994, Federal Reserve economists found the average annual inflation rate under a gold standard was 1.75%, versus 9.17% when not on a gold standard.