Deep Tide TechFlow News, August 15, today marks the 54th anniversary of Nixon's announcement of the dollar's departure from the gold standard. On August 15, 1971, then U.S. President Nixon announced the suspension of the dollar's convertibility into gold, ending the Bretton Woods system and ushering in the era of global fiat currencies. This decision is known as the "Nixon Shock," marking the final abolition of the international gold standard.