1971: The Year the Global Monetary System Crumbled
2025-01-15
1971 witnessed a seismic shift in the global monetary system. F.A. Hayek famously predicted that a truly sound monetary system wouldn't be possible until it was subtly removed from government control. This year marked the collapse of the Bretton Woods system and the end of the dollar's convertibility to gold, profoundly altering the world's financial landscape. This piece delves into the events of that pivotal year and their lasting consequences.
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