Dollar Redux

November 21, 2022

“Gold is money, everything else is credit”

- J P Morgan

Putting aside the human tragedy resulting from the Second World War, the one major “takeaway” from that conflict was the staggering economic and military might, possessed by the USA. Factors which allowed it to successfully conduct a global war on two fronts whilst at the same time winning the race to become the first global nuclear superpower.  Since then, the USA has been the undisputed global hegemon – a position which, as a result of the Bretton Woods Conference in 1944, has also meant that the US$ has been the unequivocal global reserve currency to this day. The original iteration of the Bretton Woods conference saw the US$ pegged to Gold at a rate of $35 per 1 Oz of Gold, meaning investors could have full faith in the currency as a store of value.

However, with President Nixon taking the US$ off the Gold Standard in 1971, it effectively became a fiat currency backed by nothing more than the “full faith and credit” of the US Government.

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