he exchange rate of the dollar against other currenci

riced commodity, as the dollar was overpriced as a currency. The United States was on the verge of running its first trade deficit in over 75 years.[104] The price of gold had been set at $35 an ounce since the days of Franklin Roosevelt's presidency; foreign countries acquired more dollar reserves, outnumbering the entire amount of gold the United States possessed. Nixon completely eradicated the gold standard, preventing other countries from being able to claim gold in exchange for their dollar reserves, but also weakening the exchange rate of the dollar against other currenci

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Houston tax attorney