Everything changed in 1971, when US President Richard Nixon, unable to contain the fiscal deficit resulting from spending on the Vietnam War and expanded social-welfare programs, abolished the dollar’s direct convertibility to gold. The resulting exchange-rate, interest-rate, and commodity-price volatility continues to this day.
1971年，一切都发生了改变。美国总统理查德·尼克松因为无法解决因越南战争和社会福利计划扩大所带来的财政赤字，宣布美元不再与黄金保持直接可转换的关系。由此引起的汇率、利率和商品价格波动一直延续至今。