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Essay

Foreign Exchange

Essay specific features

 

Issue:

Business

 

Written by:

Andrea R

 

Date added:

October 28, 2013

 

Level:

University

 

Grade:

B

 

No of pages / words:

5 / 1167

 

Was viewed:

3208 times

 

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Essay content:

From 1834 until 1933 the specified price of gold in the United States was $20.67 per ounce (Bordo, 2002). However, in 1933 U.S. President Franklin D. Roosevelt put an end to the gold standard when he prohibited the possession of gold by any persons except for the purposes of owning or manufacturing jewelry (Moffatt, 2008)...
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This was the beginning of the Bretton Woods System. Under the Bretton Woods System, countries agreed to settle their international balances by converting deficits into U.S. dollars at a flat exchange rate of $35 per ounce (Bordo, 2002). This monetary system only lasted until 1971 when President Richard Nixon completely ended the trading of gold (Moffatt, 2008)...
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