On August 15, 1971, US President Richard Nixon ended the gold convertibility of the US Dollar and simultaneously ended the Bretton Woods System, which had governed international monetary policy since the end of the Second World War.
The system which replaced Bretton Woods wasn’t built on formal treaties and conferences. It was a highly informal system that, for the most part, still exists today.
Learn more about the petrodollar system, how it came to be, and how it works on this episode of Everything Everywhere Daily.
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