The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. The dollar was tied to gold, and other (national) currencies exchange rate fluctuates relative to the U.S. dollar.
On August 15, 1971, the United States unilaterally terminated convertibility of the dollar to gold. As a result, "[t]he Bretton Woods system officially ended and the dollar became fully 'fiat currency,' backed by nothing but the promise of the federal government."
Published on May 16, 2012 by TruthNeverTold - comes with a note : if you like this go to http://TheGreatestTruthNeverTold.com and Join Us.
Published on May 16, 2012 by TruthNeverTold - comes with a note : if you like this go to http://TheGreatestTruthNeverTold.com and Join Us.
