4 ms·
How is that any different from redeeming notes in dollars, then buying gold for the pegged price of $35/oz.? Since the markets were open and liquid, I'm sure p
by smallnamespace 10y ago
How is that any different from redeeming notes in dollars, then buying gold for the pegged price of $35/oz.?
Since the markets were open and liquid, I'm sure people converted between gold and dollars all the time. It just wasn't anything to make note of.
What did cause Nixon to take the US out of Bretton Woods is when a bunch of our trading partners threatened to redeem dollars for gold all at once, and we didn't have enough gold to cover it.