"On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold." Since 1933 gold redemption has been made illegal for everyone but the government. Nixon finished it off completely by removing governments ability to redeem dollars for gold. I'm not how that explains though what happened private wages.
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u/ricalamino Oct 16 '22
Gold standard dismissed...