It was on this vary day, when President Nixon ended the Age old ‘Gold standard’ valuation of dollar and debased it, to the Fiat Dictate of the Political Rulers. He claimed for 7 International Currency Volatile situations in as many Years and Blamed all that, on the International Monitory Speculators and justifies the action for American Jobs and Inflation. He added an 10% Import tax, to benefit, the American Producers.
The Background for this action was ‘ Vietnam ‘ war and the Misery, And protest ensued.
Well ! The debasement of currencies saw big Volatility in the Gold Prices and bottom in the 2004, there about. The many wars and Alan Greenspan’s Policy tweaking saw Gold rising and falling in a Narrow Grove for many Years.
It was always ignored and Dollar Importance remained. More so due to American Dominance.
International Monitory Fund, remained on the side walk. All Countries followed this ‘ Disorder’ in Great Happiness. The International currencies Trading has now become the Trading Bets and Currencies traded in Derivatives, ETF’S and All Kind of Fictitious Products, for so Called ‘ Hedges’.
The Clock is slowing turning Back to 14Th August 1975…?
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