An article in the new york times states that on aug 15, Microeconomics

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An article in the new york times states that on aug 15

An article in the New York Times states that: "On Aug. 15, 1971, President Nixon unhitched the value of the dollar from the gold standard." Is the author of this article correct that the United States abandoned the gold standard in 1971? What led President Nixon to take the action described in the article?

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