TLDR
On August 15, 1971, Richard Nixon established a new de facto monetary and financial system by putting an end to the convertibility of the American dollar into gold. The Bretton Woods system was a standard gold exchange centered around a single currency: the U.S. dollar. All currencies were defined in dollars at the time and only the dollar was defined in gold.via the TL;DR App
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Written by ssaurel | Bitcoiner. Freedom Maximalist. Author of "The Truth About Bitcoin". Editor, In Bitcoin We Trust Newsletter.
