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We live in the future!
(thelemmy.club)
cross-posted from: https://lemmy.world/post/9525207
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this post was submitted on 18 Jun 2026
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The modern banking system and monetary policy was created under FDR. Nixon just stoped pretending it was backed on gold and told de Gaulle to kick rocks when he asked for the gold back.
Realistically the changes under Nixon are peanuts compared to the digitization of it all since the introduction of systems like Swift.
You say that like Nixon wasn't unilaterally breaking the Bretton Woods Agreement. No offense, but are you an American?
https://en.wikipedia.org/wiki/Nixon_shock
Yes I am an American and I know what he did, but I also know that the Breton woods agreement was only a small part of the financial system, and that realistically, the economic downturn of the 70s was far more heavily impacted by several oil shocks and the hangover from massive spending on Vietnam.