The book Three Days at Camp David by Jeffrey E. Garten starts by placing the key figures into position before narrating the events that unfolded depegging the US dollar from gold. I often see BTC maxi circles pointing to Nixon's New Economic Deal as the pivotal moment for the US dollar to lose its purchasing power and the start of the exploitation of the dollar by those in power. But I wanted to read this book because I wished to know why Nixon made that decision.
A couple of reasons I found informative was that the post-war allies were not reciprocating the open flow of imports and exports. For example, Japan and West Germany had the advantage of exporting goods at low cost to the US but, they placed restrictions on US exports with the rationale that they needed these crutches to help sustain their nascent economy. Add to this, other countries such as France and England were converting their US dollars with gold at the fixed price of $35 depleting the gold reserve in America. If the gold vaults do not have enough supply then the dollar bill cannot be redeemed and essentially a bank run can happen.
Simply put, the US allies were enjoying the benefits of the free world without taking on their fair share of responsibilities that come with it. This need to share the responsibilities had Nixon's people take that bold move of taking the dollar off the gold standard in 1971 and ever since then fiat currencies around the world have been floating on the market.
https://fusion.gobob.xyz/?refCode=4jdbxh
Gyroscope: 9ZCHZR
Lisa STX: ETR78
