September 24, 2021
Economy

Nixon’s decision to delink the dollar from gold still haunts the IMF and Africa – CVBJ

US President Richard Nixon’s decision to end the US promise to turn dollars into gold changed the global financial system. fake images

Danny Bradlow, SARCHI Professor of International Development Law and African Economic Relations, University of Pretoria .
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This month, five decades ago, US President Richard Nixon informed the world that the United States would no longer honor its commitment to exchange US dollars for gold on demand. The compromise had been the foundation of the international monetary system created in 1944 at Bretton Woods, a conference established to regulate the international financial order after the conclusion of World War II. This system required each participating state to maintain a fixed face value for its currency in terms of the US dollar. In return, the United States promised to freely exchange dollars for gold at…

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