WTF Happened In 1971?

[Pallas_Boreas]

Looking at the charts it becomes a very serious question. The official excuse that sounds flimsy to me is:

The Bretton Woods system was in place until persistent US balance-of-payments deficits led to foreign-held dollars exceeding the US gold stock, implying that the United States could not fulfill its obligation to redeem dollars for gold at the official price. In 1971, President Richard Nixon ended the dollar's convertibility to gold.

There is more going on behind the scenes, as always, then meets the eye.

I suspect more chains against the destructive potential of fiat currency were dissolved.

Related:  U.S. Policy in the Bretton Woods Era - page 55