By Onno de Beaufort Wijnholds
The Vietnam warfare grew to become out to be a lot dearer than initially envisaged, and as its buying and selling companions published reduce charges of inflation, the United States was once wasting its aggressive part. It was once often working deficits on its total funds, whereas ecu nations have been in surplus and gathering money. This resulted in the gold-dollar quandary. not like the years of buck shortage after the second one global struggle, Europeans now not desired to upload to their greenback reserves. furthermore Nixon additionally needed to take on the fourfold bring up of oil costs in 1973. As facts got here to gentle at the Watergate scandal, Nixon used to be wasting the boldness of the yankee public, and overseas traders and politicians. The e-book examines the issues that Nixon confronted in the course of his presidential time period, concentrating on economics but in addition the impression of political judgements the place they motivated or decided financial and monetary policy.
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Extra resources for Gold, the Dollar and Watergate: How a Political and Economic Meltdown Was Narrowly Avoided
After the German surrender, American gold rush teams scoured the American sector, discovering small amounts of gold at various locations and bringing them to Frankfurt. These assets later became part of an Allied gold pool. Gold was returned from this pool to countries from which it had been looted. But these amounts were much smaller than the actual volume stolen, and the question of the division of the yellow metal among the 18 countries involved was not laid to rest until a conference on Nazi gold held in London in December 1997.
There was in London some feeling that the UK had been driven off gold by the misbehavior of others, and this helped to ease consciences. . ” Reverse gold rush Chastened by their bad experience with the Old Lady of Threadneedle Street, as the Bank of England is popularly known, continental central banks hastened to exchange dollars for gold, led by the Belgian National Bank, which dumped $106 million in one shot almost immediately after the pound had “gone off,” followed in the next days by the French—for about $350 million—and the Dutch and Swiss, for smaller amounts.
After Laval was ousted in January 1936, the Popular Front of the left under the socialist Leon Blum gave up defending the franc’s gold parity, accepting severe losses on France’s reserves—and with that, the last vestiges of the gold standard in Europe disappeared forever. Hot money flows intensified, and because all currencies could not float downward together, severe tensions developed and restrictions on international payments proliferated. A widespread—if not fully justified—belief that a shortage of gold existed caused central banks to hoard the precious metal, aggravating the crisis atmosphere.