This week marks 50 years since President Richard Nixon announced the US would abandon the Gold Standard. Instead of redeeming the dollar in gold, the government allowed its value to float freely on the market.
So began a sharp devaluation of the world’s reserve currency of choice under the US-led Bretton Woods system. Priced in gold, the dollar has lost more than 90 per cent of its value since the Nixon shock. Meanwhile the British pound has lost over 40 per cent of its…
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