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Brent Johnson on Why The De-Dollarization Narrative Is Overhyped
Forward Guidance
The History of the Euro Dollar Market
In the first Bretton Woods, if a country developed a trade imbalance, there would be a mechanism that would self-correct. And not only that, the currency was convertible. So you could exchange dollars for gold and take the gold home. In the late 60s, France didn't like the cost of the Vietnam War; Nixon de-linked dollar from gold. He no longer made it convertible, and that ushered in the area floating exchange rates.
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