Originally posted as a Twitter thread on August 15, 2021
While Bretton Woods and USD gold convertibility formally ended on August 15, 1971, the writing was on the wall for years, particularly once LBJ suspended the 25% Gold Cover for Federal Reserve Notes (and 1890 Treasury Notes) in March 1968:
https://fraser.stlouisfed.org/files/docs/publications/frbrichreview/pages/65585_1965-1969.pdf
And more on the final nail in the coffin, and how this is related to Bitcoin: