"Nixon Shock" and the gold standard I'm starting to educate myself on these important issues...
Wikipedia gives a good history lesson – “Nixon Shock”
https://en.wikipedia.org/wiki/Nixon_shock
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It helps to first know about the Bretton Woods Institution of which the World Bank and the IMF are a part:
https://en.wikipedia.org/wiki/Bretton_Woods_system
On August 15, 1971, the United States unilaterally terminated convertibility of the dollar to gold. As a result, "[t]he Bretton Woods system officially ended and the dollar became fully 'fiat currency,' backed by nothing but the promise of the federal government."[1] This action, referred to as the Nixon shock, created the situation in which the United States dollar became a reserve currency used by many states. At the same time, many fixed currencies (such as GBP, for example), also became free floating.
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The US has to choose a candidate by this Friday for presidency of the World Bank.
https://ca.news.yahoo.com/exclusive-developing-nations-propose-two-candidates-world-bank-022534263.html
…with its majority of votes and the expected support of European countries, the United States is still likely to ensure that another American will succeed Robert Zoellick, who plans to step down when his term expires at the end of June.