"I have directed Secretary Connally to suspend temporarily the convertibility of the dollar into gold..." 

President Richard Nixon - 15 Aug 1971

Today marks 50 years of fiat currencies.

1971
1 oz gold = 35 USD
1 AUD = 1.15 USD

2021
1 oz gold = $1800
1 AUD = 0.74 USD

 https://t.co/nnbtXU5mNN