1913 vs. 1971?

[Jerome]

Sorry if this is in the improper place for this, but I'd like some clarification on some talking points on another board I frequent (my alma mater's site has been a political hotbed)...

The Fed was created in 1913, but we didn't leave the Gold Standard until 1971? Why did it take so long, and how did inflation react? Did we have a significant increase in inflation immediately following the creation of The Fed, or did it not take off until after 1971? Thanks for the help in advance.

[austin356]

It was a steady and systematic "fading off" of the gold standard.

Fed creation - went off classical gold standard

1914-1933 - was on a weaker GS but stronger than the Bretton Woods system.

1933-1971 - faux gold standard called bretton woods system
http://en.wikipedia.org/wiki/Bretton_Woods_system

[Bluedevil]

This should help:

http://mwhodges.home.att.net/inflation.htm

[ronpaulyourmom]

http://www.washingtonpost.com/wp-dyn/content/article/2007/11/11/AR2007111100998.html

[Jerome]

This should help:

http://mwhodges.home.att.net/inflation.htm

Excellent site, very informative. I will take this an run w/ it.

Thank you both for your help!

[r3volution]

i could be wrong but i think there were people still fighting to keep it till then for the most part .