Jun 29, 2015
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On Bretton Woods, Nixon, and the de-coupling of value and valuation
Was discussing Bretton Woods earlier today, and went over to the Wiki to brush up on the subject.
One bit that stood out was the line:
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."
Would this be the first instance where the notion of "value" becomes ... "notional" -- i.e. de-coupled from a "real" benchmark -- i.e. gold? Any economic majors around willing to chip in with a POV?
Full wiki here: http://en.wikipedia.org/wiki/Bretton_Woods_system