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home / news releases / TYBS - What Went Wrong In 1971


TYBS - What Went Wrong In 1971

An interview with the gentlemen behind the website "WTF Happened in 1971?"

The last remnants of the gold standard were abandoned in August 1971, when President of the United States Richard Nixon decided to close the gold window (foreigners couldn't redeem dollars for gold at the Treasury anymore). From 1945 until 1971, the U.S. dollar was backed by gold, and served as the world reserve currency under a system called Bretton Woods.

The "Nixon Shock" - as the unilateral suspension of Bretton Woods is often referred to - brought about a sea of change in

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Stock Information

Company Name: Direxion Daily 20+ Year Treasury Bear 1X Shares Direxion Shares ETF Trust
Stock Symbol: TYBS
Market: NYSE

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