@lselin98 @AbeNormal93 Nixon ended the convertibility of dollars into gold in August 1971. The US ran up large debts in the 1960's. Vietnam War, Space Program, and LBJ's Great Society Welfare Programs. Closing the Gold Window: The End of Bretton Woods as
304 followers
932 followers
In 1971, President Nixon announced that the United States was "closing the gold window"--but archival evidence shows that doing so was never preferred by the Nixon administration and that it met a short-term goal at the expense of the world economy. https:
932 followers
"Not only are powerful actors able to overturn major institutional structures directly through purposive action; it is also perfectly clear that they may opt to do so, . . . begrudgingly to achieve a different purpose." https://t.co/KPuOyTQ2CJ
932 followers
"The end of Bretton Woods [was] a late-arriving contingency plan of the US government, in response to failed attempts to negotiate reform to Bretton Woods." https://t.co/MLbxjX8q1j