# Abandoning the gold standard In this clip of the "Principles for the Changing World Order", Ray Dalio details his experience of the United States - and by virtue the world - abandoning the gold standard | Creator | Time | URL | | --------- | ---- | ---------------------------------------------------------- | | Ray Dalio | 5min | [Full source](https://www.youtube.com/watch?v=xguam0TKMw8) | {% embed url="" %} {% hint style="info" %} **Takeaway** As of 1971, the world had officially broken the gold standard, with all fiat currencies no longer backed by a scarce commodity. {% endhint %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://btcjourney.gitbook.io/start/so-why-do-we-need-banks/abandoning-hard-money/abandoning-the-gold-standard.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.