On August 15, 1971, the United States stunned the world by declaring
that it would cease redeeming dollars for gold from its reserves.
With this, the dollar's link to gold was severed, dismantling the
foundation of Bretton Woods. The financial system that had helped
bring a quarter century of prosperity to the industrial world had
With nothing concrete backing the U.S. dollar, would the world lose
confidence in it? What would replace the Bretton