> For the complete documentation index, see [llms.txt](https://btcjourney.gitbook.io/start/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://btcjourney.gitbook.io/start/so-why-do-we-need-banks/abandoning-hard-money/breaking-the-gold-standard-completely-in-1971-pt1.md).

# Breaking the gold standard completely in 1971 pt1

In this video, author of "Money, Gold, and History" Lewis Lehrman details the decision of president Nixon to take the United States fully of the gold standard.

| Creator         | Time | URL                                                        |
| --------------- | ---- | ---------------------------------------------------------- |
| Daily Reckoning | 3min | [Full source](https://www.youtube.com/watch?v=hRwEUtZFTo8) |

{% embed url="<https://www.youtube.com/embed/hRwEUtZFTo8?end=185>" %}

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**Takeaway** In 1971, the United States defaulted on their debts by halting the convertibility of the US dollar to gold.
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