The destruction of the worldwide economic order in the wake of World War II encouraged world leaders in 1944 to form a meeting to generate alternatives. This conference, referred to as Bretton Woods, resulted in the development of a new global fixed exchange rate regime with the U.S. dollar playing a central role. Under the Bretton Woods system, an ounce of gold could be bought at a fixed international rate of $35 per ounce (+/- 28 Gram). Because this fixed … Continue reading The money alchemists