We are approaching the 50th anniversary of the so-called Nixon Shock, one the most decisive ruptures in monetary history
On August 15, 1971, US President Richard Nixon announced in a televised address that he was “closing the gold window.”
By ending the dollar’s convertibility into gold (at an official rate of $35 per ounce), Nixon severed the millennia-long link between money and precious metals.
To some optimists in Washington, DC, the persistence of America’s centrality to global economic governance may seem inevitable: The US would still provide two goods that everyone needs: the English language as a common medium of expression, and the dollar as a common medium of exchange.
Enormous advances in automatic translation in recent years mean that people around the world can now rely on artificial intelligence, rather than English.
As the digital revolution accelerates, the national era in money is drawing to a close.
Harold James Projet Syndicate 30 July 2021
Harold James is Professor of History and International Affairs at Princeton University. A specialist on German economic history and on globalization, he is a co-author of The Euro and The Battle of Ideas, and the author of The Creation and Destruction of Value: The Globalization Cycle, Krupp: A History of the Legendary German Firm, Making the European Monetary Union, and the forthcoming The War of Words.
The Euro and the Battle of Ideas
https://muse.jhu.edu/book/64555
Over a single weekend in August 1971, US President Richard Nixon and a crack team of advisers set in motion developments that would inaugurate a new world order.
Haldeman, had organized the meeting just one day before
Aside from the president, the most powerful man at Camp David was Secretary of the Treasury John Connally
In response to a simultaneous escalation of inflation and unemployment in the United States – America’s first experience with “stagflation” – Nixon announced that his administration would freeze all wages and prices.
Jeffrey E. Garten Project Syndicate Aug 13, 2021
Jeffrey E. Garten is the author of Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy, published last month by HarperCollins. He is Dean Emeritus of the Yale School of Management where he teaches courses on the global economy. He previously served in the Nixon, Ford, Carter, and Clinton administrations, and was a managing director of Lehman Brothers in the 1980s and the Blackstone Group in the 1990s.
För 50 år sedan, 1971, avskaffade president Nixon dollarns knytning till guldet (at a rate of $35 an ounce)
https://englundmacro.blogspot.com/2021/07/for-50-ar-sedan-1971-avskaffade.html
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