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<p>[QUOTE="sakata, post: 2891868, member: 23778"]That's not exactly true. The currency was still backed by gold. Had it not been there would have been no need for FDR to devalue the currency by 42% a year later when he changed the price of gold from about $20 to $35. Even after Breton Woods the currency was still backed by gold: US residents could not own it but foreign countries could still cash in their dollars for gold. Not until Nixon finally severed the tie in 1971 the was gold-backed currency finally terminated.[/QUOTE]</p><p><br /></p>
[QUOTE="sakata, post: 2891868, member: 23778"]That's not exactly true. The currency was still backed by gold. Had it not been there would have been no need for FDR to devalue the currency by 42% a year later when he changed the price of gold from about $20 to $35. Even after Breton Woods the currency was still backed by gold: US residents could not own it but foreign countries could still cash in their dollars for gold. Not until Nixon finally severed the tie in 1971 the was gold-backed currency finally terminated.[/QUOTE]
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