Nixon decided to trash the world monetary system rather than face that illusory threat to his electoral success.
On the other hand, with the world monetary system in disarray, I would not tell an investor not to own any gold holdings.
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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.
Several leaders, such as German Chancellor Gerhard Schroeder, showed a commendable sense of urgency by demanding that reform of the world's monetary system be decided in time for the June summit of G7 industrialized nations.
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.
The most perfect monetary system humans have yet created was the world gold standard system of the late 19th century, roughly 1870-1914.
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The ultimate goal was for America lead the world toward a stable, international monetary system based on gold, with the dollar again defined as a unit weight of gold.
Even Alan Greenspan now agrees that the world gold standard of the late 19th century was the Most Perfect Monetary System Ever Created.
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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.
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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