The Bretton Wood System
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The End of the Breton Wood System
President Nixon closed the gold window by ending the convertibility of gold on august fifteenth, 19 71. After that point, foreign currencies would freely float in international exchanges. The us. Dollar and many other currencies their last tenuous length to gold and became full fiat currencies. A fia currency is just a currency that isn't backed by anything. There have been calls for a new breton woods type approach to the international monetary system but as of right now, nothing has been done.
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