18 Feb 2009

The Breakdown of Bretton Woods

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Here’s a great article on Mises.org discussing the sickness and finally death of the Bretton Woods world monetary system. It was always awkward for me to discuss this, because the conventional graphs of gold prices make it look as if the Fed did a good job for a few decades:

But if you read the article linked above, the author (John Paul Koning) explains what was going on during that apparent period of tranquility when gold traded at $35 per ounce.

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