Fixed Rate System

[DSST_Student]

Hi,

it's a well known fact that Nixon ordered that the convertibility of US dollars to gold be stopped back in August of 1971, yet on the InstantCert answer explanations it says the fixed rate system was abandoned in 1973.

Which one should I choose on the test?

(This is not the only topic that DSST has wrong under M & B...any idea why the Money & Banking study guides/practice solutions contain so much erroneous info?)

Thanks

[Yenisei]

It's probably a reference to the end of the Bretton Woods system of fixed exchange rates.