24
Apr
2026
The US currency changed from gold-backed to petro-dollar backed in the early 1970s after Nixon closed the gold window.
So then in 1971, Nixon closed the gold window. We couldn't own gold, you know, trade it back and forth as citizens during that time. And it wasn't backing the dollar, but currencies could still settle in gold. Nixon closed that completely. So at that point, we changed. We changed from a gold backed currency to a nothing backed currency to a petro backed currency with the petrodollar in the early 70s.