Until August 1971, the system still allowed the convertibility of the U.S. dollar into gold. The U.S. dollar was still based on some tangible assets.
When Richard Nixon decided to unilaterally end this convertibility, he de facto put in place the fiat system that we have today.
Jamaica’s agreements in January 1976 legalized this system which is ours today but which had already been in force since August 1971.
This system is an experiment like any other.
It shows its limits, and an alternative will have to emerge sooner or later. For me, it is Bitcoin.