94.1 Nixon didn’t kill Bretton Woods; twas already long dead

———Ep 94.1 Summary———
Fifty years ago the “Nixon Shock” closed the ‘Gold Window’ on “international speculators” and killed the Bretton Woods gold exchange era. That’s what we’re told. Actually, Bretton Woods died a decade (or more!) earlier; it’s just that we only noticed in 1971.

———See It———

Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/

———Hear It———

Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr

———Ep 94.1 Topics———

00:00 Show Intro: The Bretton Woods monetary system died long before 1971’s “Nixon Shock”
00:31 Show Sponsor: Blockworks’ Bretton Woods August 11-13 “The Realignment Conference.
01:29 It is common knowledge that Bretton Woods ended when Nixon closed the ‘Gold Window’.
02:10 Bretton Woods, the post-WW2 monetary order in which the US dollar was pegged to gold.
06:08 In the late-50s / early-60s market gold prices detached higher from the fixed gold peg.
08:12 Key nations created the London Gold Pool to re-peg gold market prices; to ‘correct’ gold.
13:17 In 1963 Italy had a substantial current account deficit; it was solved by eurodollars.
14:38 Italian and Swiss private and central banks intermediated Italy’s imbalances with E$s.
20:16 Economics teaches us that national economies are closed systems – this is bananas.
22:10 Japan’s monetary peace was disturbed by Italy’s and Switzerland’s eurodollar hijinks.
24:42 Show Outro: the eurodollar system had supplanted Bretton Woods in the 1960s.

———Ep 94.1 References———

No Matter What They Say, the Future Isn’t Inflationary: https://bit.ly/3AjfK6N
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7

———Who———

Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is “Sweet Distraction” by Ealot from Epidemic Sound.