Happy 40th Anniversary-7-15-71 / 7-15-11

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Throwing Sliver...
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Happy 40th Anniversary-7-15-71 / 7-15-11

Nixon Ends Bretton Woods International Monetary System

On August 15, 1971, President Nixon announced on TV 3 dramatic changes in economic policy. He imposed a wage-price freeze. He ended the Bretton Woods international monetary system. And he imposed a temporary surcharge (tariff) on all imports. The Bretton Woods system was created towards the end of World War II and involved fixed exchange rates with the U.S. dollar as the key currency - but also a role for gold linked to the dollar at $35/ounce. The system began to falter in the 1960s because of an excess of dollars flowing out of the U.S. which foreign central banks had to absorb. A run on gold in 1968 was stemmed by a patch on Bretton Woods known as the two-tier gold system. All of this was ended unilaterally by the Nixon decision. After a brief attempt to create a modified fixed exchange rate system, the world moved to flexible rates.

Edited by admin on 11/08/2014 - 06:31
SilverTree
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And so the Turd slowly rolled

And so the Turd slowly rolled down the hill, and the rest is unfolding right in front of us.

pink freud
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Nixon even made Elvis a Drug Enforcment Agent

Why was Nixon such an ass hole? Fucked up the dollar, started the Chineese takeover of our economy and made Elvis a DEA agent.

Like he hated America err something.

IS HE THE BIGGEST ASS HOLE OF ALL TIME! or is it that rothchild muther f**ker?

pink freud
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One more month OP August 15,

One more month OP

August 15, 1971

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