prompt: Can you tell me the history of how the Federal Reserve moved away from the gold standard?
chosen: Can you tell me the history of how the Federal Reserve moved away from the gold standard?
chosen: user
chosen: The Federal Reserve moved away from the gold standard in 1971, when US President Richard Nixon terminated the direct convertibility of the US dollar to gold. Before this time, the value of the US dollar had been pegged to a certain amount of gold, meaning that the US government had to convert currency reserves into gold at the prevailing rate. Nixon's decision shifted the value of the dollar to an open currency exchange system. This meant that the US dollar was no longer redeemable for gold and that the US government would not longer intervene in international currency markets. Today, the Fed's monetary policy is not tied to gold and it sets monetary policy based on its own discretion.
chosen: assistant
rejected: Can you tell me the history of how the Federal Reserve moved away from the gold standard?
rejected: user
rejected: assistant