Governments abandoned the gold standard from "summary" of The Fiat Standard by Saifedean Ammous
The gold standard was a system in which currencies were directly linked to a specific amount of gold. This system provided stability and confidence in the value of money, as the supply of money was limited by the amount of gold held by the government. However, as governments faced increasing pressure to finance their spending, they began to abandon the gold standard in favor of fiat currencies. Fiat currencies are not backed by any physical commodity like gold. Instead, their value is derived from the trust and confidence of the people using them. This shift away from the gold standard allowed governments to print more money without having to worry about depleting their gold reserves. While this gave governments more flexibility in managing their e...
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