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This Germany may have done, but "the gold crisis" / general Bretton-Woods-Exchange-Mechanism crisis brewed since the mid-late 60s and culminated visibly in Fran
by dualogy 9y ago
This Germany may have done, but "the gold crisis" / general Bretton-Woods-Exchange-Mechanism crisis brewed since the mid-late 60s and culminated visibly in France (de Gaulle I think) sending a tanker to collect their $ trade surpluses in physical bullion form, see the ending of the https://en.wikipedia.org/wiki/London_Gold_Pool https://en.wikipedia.org/wiki/London_Gold_Pool --- all Nixon did in Aug 1971 was basically just confirming to the world the completion of a transition that had been in progress for years, at that point.
It all started with the emergence of "Eurodollars" in the City of London, in the late 50s --- in itself, and their consequences, an inevitably that only a few thinkers such as https://en.wikipedia.org/wiki/Jacques_Rueff https://en.wikipedia.org/wiki/Jacques_Rueff foresaw with any kind of accuracy (even though his favouring a gold standard isn't something I personally buy into as a good idea for the modern globalized economy --- same goes for a dollar standard or Euro standard or crypto-standard or any such notion though)