>>1156871
Pegging to gold is a very bad idea. Gold has low supply and you're banking on the prices rising to accomidate modern usage. Banks and businesses spend more dollars than there is gold in the world.

Also it makes it harder to control for business cycles and implement good monetarist policy.

>>1156897
So the Bretton Woods system was definetly a thing of the past and was doomed anyway ?

But isn't the end of Bretton Woods' the reasons of modern day economic crisis ?

I mean any money were worth this much dollar and this much money were worth this much gold. At the end of the chain, there was always something real, something concrete. Now it seems to me that it's the other way around and money's value is only related to what you can buy with it.

Like I said, I don't know much about economics, so even if it sounds absurd I'm not a troll, just an ignorant.

>>1156871
>1968-1975
>culminating 1971

Someone's functionally illiterate.

>>1159108
And I have a feeling in might be you.

> eventually culminating in a sudden end, on August 15, 1971, to the convertibility of dollars to gold later dubbed the Nixon Shock.

What is culminating is the sudden end of the convertibility of dollars to gold, in 1971.

>>1160814
>I have a feeling in

>Between 1968 and 1975, a variety of pegs to gold were put in place

So pegs on gold were put in place between 1968 and 1975

>a variety of pegs to gold were put in place, eventually culminating in a sudden end, on August 15, 1971

The pegs in gold culminated in 1971. They didn't climax, but culminated, ie: ended.

You cannot end a process in the middle.

>>1160854
It doesn't make sens because you keep cutting the sentences in the wrong places.

>a variety of pegs to gold were put in place, eventually culminating in a sudden end, on August 15, 1971
>to the convertibility of dollars to gold later dubbed the Nixon Shock

There is a variety of pegs on gold in place between 1968 and 1975. The one that culminated in a sudden end in 1971 was the one that later dubbed the Nixon Shock.

It's off topic anyway.

>I have a feeling in
Typo.

>>1156985
The weakness of Bretton Woods was that other currencies were linked to the dollar. In effect, if anotger currency was weakened, the effect would ripple onto the dollar. The 1967 devaluation of Sterling, weakened the dollar. Coupled with the effects that the Great Society Project and Vietnam were having on the value of the dollar, speculators began to attack the dollar. This event would lead to the Nixon Shock.

>>1160887
I cut the sentence at the fucking clauses mate. Do you not know how to identify a noun clause in English? You obviously don't know how to write one. Try breaking your fucking sentences down.

The variety of pegs still has an adjectival qualification as to its periods: 1968-1975. You can't culminate in the middle.

>>1160902
It makes more sense now, thank you. So I guess Bretton Woods simply couldn't work with modern days finance.

>>1160933
Hey, I'm not a fucking native in English, okay ? This may not be the best sentence but it looks perfectly understandable to me and to all the others who read it and did not act like a whiny prick.

>>1160954
He's an australian, they're natural cunts, you can just ignore them.

>>1160954
With your current attitude you'll never achieve fluency.

>>1156871

>But isn't the end of Bretton Woods' the reasons of modern day economic crisis ?

Not at all.

>At the end of the chain, there was always something real, something concrete. Now it seems to me that it's the other way around and money's value is only related to what you can buy with it.

Money's value has always been what you can buy with it. Even if you can also turn it into shiny metals. The value of gold is no more real than the value of pieces of paper that say 'dollar' on it.

>>1160998
>The value of gold is no more real than the value of pieces of paper that say 'dollar' on it.
Gold is also very useful in high tech applications.

>>1161005

I know but that doesn't actually dictate the price of gold. It certainly didn't when Bretton Woods was in place.