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Can Gold Return to the Monetary Throne?
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In 1979 my brilliant professor of International Trade and Investment Rachell McCulloch, at Harvard University, told us in class with details what Nixon at the Smithsonian in Washington DC flanked by G finance ministers declared that he had made the most important Monetary Agreement in history. On August 15 of that year the US left the parity set at US$ 35 a troy in the Bretton Woods agreement in 1944 and therefore the currencies became all fiduc…
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