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Karrington Moudry-Cooper's avatar

"One of the key elements was that the dollar would be pegged to gold at $35 an ounce. Other central banks could exchange the dollars they held for gold. In that sense, the dollar was as good as gold. Every other currency had a fixed exchange rate to the dollar."

Has anything like this ever happened in human history before this? It almost seems like a magic trick that we could tie "fiat currency" (if I'm using the term currently) to gold. We're on the tail end of a crazy one-of-a-kind experiment, if I understand everything correctly.

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Papo's avatar

Truly a very insightful analysis. Thank you for sharing your perspective.

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