On August 15, 1971, U.S. President Richard Nixon shocked the world by taking the dollar off the gold standard, marking the end of the Bretton Woods system. This pivotal moment, the Nixon Shock, fundamentally reshaped global trade and economics.

In this episode of Quick Projects, we’ll explore the global economy under the Bretton Woods system:

00:00 Quick Projects Intro

00:05⁠ ⁠Nixon Shock Intro

00:38 Why the U.S. Dollar’s gold backing started to crumble?

01:26 Richard Nixon’s bold move to suspend dollar-to-gold convertibility

02:17 How the Nixon Shock led to floating exchange rates and modern fiat currencies?

03:02 ⁠The long-term impact on inflation, debt, and global markets

03:30 Quick Projects Outro

From the U.S. gold reserves draining to Charles de Gaulle of France sending out warships for France’s gold, the story of Nixon Shock is full of drama and lasting consequences on financial aspect of the world.

Was the Nixon Shock a masterstroke or a desperate gamble? Let us know in the comments!

Don’t forget to like, share, and subscribe for more episodes on the moments that shaped our world. Stay curious!

Host & Script- Manpreet Kour
Video- Loud Beats Inc.
Project- SOOFI (Manmeet Pal Singh)

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