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What happened ....

in August 1971

The general public, the media and most financial observers were largely unaware of the momentous event that took place on August 15, 1971. However, the implications of that event have had an enormous impact on global financial conditions ever since. On that date, US President Richard Nixon �closed the gold window�. In essence, this meant the US would no longer honour the Bretton Woods Agreement of 1944, which made the US dollar the world�s reserve currency, and allowed other countries to convert their US-dollar holdings into gold. In simple terms, the US defaulted. Those who may have glanced at the announcement buried within the pages of their daily newspaper were unlikely to have understood the implications for their financial future.


http://www.financialsensearchive.com/fsu/editorials/bms/2006/0511.html

 
sweet-a-kins

Asked by sweet-a-kins at 2:17 PM on Aug. 24, 2010 in Politics & Current Events

Level 34 (67,502 Credits)
This question is closed.
Answers (6)
  • I did not know this! Of course, i was only 4 1/2 when it happened... LOL Thanks Sweets--you gave given me a good "thinker" for my 8th graders when we begin discussing the impact of the US role in the world economy.
    Youngwifey2

    Answer by Youngwifey2 at 2:23 PM on Aug. 24, 2010

  • I got it from one of my groups...Thought it was interesting..


    History is very telling........

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 2:26 PM on Aug. 24, 2010

  • natesmom, you deleted 2 answers from here??

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 3:46 PM on Aug. 24, 2010

  • youngwifey, try this one for your kids


    http:/www2.econ.iastate.edu/classes/econ355/choi/bre.htm 

    Natesmom507

    Answer by Natesmom507 at 3:59 PM on Aug. 24, 2010

  • and now 3 deleted??? Whats going on?

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 4:02 PM on Aug. 24, 2010

  • I'm old, I was trying to figure out how to get my link to work. We didn't have computers when I was young, had to learn from my grand-kids.


    I thought it would be a good thing for youngwifey's school kids, seeing how it is for teachers to teach about Bretton Woods. I figure kids were more important then any points I lost.

    Natesmom507

    Answer by Natesmom507 at 11:53 PM on Aug. 24, 2010

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