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The Time is Ripe for an International Currency Reserve

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26/01/2016

–– Rejoinder, 45 Years Later ––
The article by Robert Triffin, “The International Monetary Scene Today and Tomorrow”, appeared in The International Spectator in 1970, a crucial moment for international monetary matters. In it, Triffin asserted that the convertibility of the dollar into gold – on which the Bretton Woods system was based – had de facto come to an end and that, if that system were to be resuscitated, the dollar would have to be officially declared non-convertible. Only one year later, on 15 August 1971, US President Nixon broke the link between the American currency and gold. Triffin’s prediction came true. […]

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