Ie Repeal the Nixon mistake
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Actually, I am not sure that Nixon had much choice. What was happening was that the trading partners did not want Dollars-they demanded to be paid in Gold. So our gold stock pile was being demolished.
As I noted upstream the actual abandonment of the Gold Standard happened way before Nixon. And Triffin’s dilemma seemed to be right around the corner-as trading partners didn’t want the dollars-they wanted the gold.
So Nixon/Kissenger stopped the outflowing of gold and made a deal with Saudi Arabia to demand dollars for sale of oil-the Petro Dollar system was born.
You may have noticed that the UN was calling for a fairer Global governance system, and mentioned Bretton Woods—that’s a pretty clear signal as a call to revise the rules of the game in the financial markets right there.
Thank you for your analysis