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ME PoV Winter 2013 issue
Currency uncertainties and the future of the IMS
The world has been living without an International Monetary System (IMS) since August 15, 1971 when U.S. President Richard Nixon terminated the convertibility of the U.S. Dollar into gold, thereby ending the Bretton Woods agreement.* Since that action – often referred to as the Nixon shock – was taken, the IMS lives under the reign of the Dollar as the U.S. economy remains the largest and the most dynamic.