The breakdown of the gold-based Bretton Woods international monetary system during 1968-71 signaled to Mundell that severe trouble was ahead.

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During the 1970s the Bretton Woods international monetary system broke down when Richard Nixon severed the dollar from the price of gold.

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But that short-lived experiment didn't work, and during World War II the dollar's tie to gold was reaffirmed by the Bretton Woods international monetary system.

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Doing something effective and substantive, such as creating a modernized version of the gold-based Bretton Woods international monetary system--which lasted from the end of the Second World War until the early 1970s and gave us an era of great, noninflationary economic growth--will not even be broached.

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This guarantee was made by the Gold Reserve Act of 1934, and reaffirmed under the 1944 Bretton Woods agreement for the post World War II international monetary system.

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The gold-based Bretton Woods monetary system provided the currency stability necessary for the resumption of international trade.

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More than a few observers have dubbed this meeting Bretton Woods II, a reference to the 1944 international conference that established the post-World War II monetary system.

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