Functions and Types of Money: Why Money Matters in the Economy
Student Worksheet
Bretton Woods had pegged the dollar to gold at $35 an ounce since World War II, but Vietnam War spending drained U.S. gold reserves through the late 1960s as foreign governments converted dollars for bullion. On August 15, 1971, Richard Nixon announced what became the Nixon Shock, and a six-month suspension of convertibility never lifted. The reading opens earlier, with barter and its need for a double coincidence of wants.
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