The End Of The Bretton Woods – Part 4
. The Vietnam War happened from 1 November 1955 to 30 April 1975. This war was fought between North Vietnam and South Vietnam. The war caused the gold exchange standard to collapse and America’s budget was ruined in the 1970s.
. President Nixon suddenly decided to end the Bretton Woods system in 1971 and this is how the NIXON SHOCK came about.
. Since 2014, no countries in the world use a gold standard ie no currency in the world is backed by gold.
. However, most countries in the world maintain large gold reserves in order to defend their currency against possible future emergency.
. The US Bullion Depository also known as FORT KNOX is a fortified vault used to store a large portion of the US official gold reserves and occasionally other precious items belonging or entrusted to the federal government.