Werzit - Intel - History - Bretton Woods Monetary System

Werzit

Intel - History
Bretton Woods

"In God we trust.
All others we monitor."

British Pound Devalues November 1967

US Dollar Crisis of 1968

Schultz on cover of Time, February 26, 1973

Crisis of March - August 1971

Schultz served in Nixon's cabinet as director of the Office of Management and Budget

George Schultz Convinced Nixon's Treasury Secretary To Decouple the US Dollar from the Bretton Woods Fixed Exchange Rates System
"And it was accepted not only that fixed rates were clearly impracticable for the time being, but that also we were fortunate to have in place a flexible market system. That was a bitter pill for some to swallow. To others, including the U.S., the emergence of a market-based system was seen as a greater improvement over the inflexible gold-based system that preceded Camp David." (Economic Policy Beyond the Headlines, p. 128)

US Treasury Secretary John Connally Feb 11, 1971 - June 12, 1972

Treasury Secretary Connally Carries Out Decoupling of Dollar from Gold Standard
Nixon's Treasury Secretary was John Connally Together, Connally and Volcker engineered the most fundamental change in the world monetary system since World War II - the dismantling of the Bretton Woods agreement that had had the dollar the stable benchmark for all currencies. Secrets of the Temple, p. 68