Synopsis

1-1944-THE DOLLAR AS GOOD AS GOLD.
2-1971-FX 1971
3-2007-CRISIS AND CHANGES 
    
Financial institutions
Regulations
Capitalism

Churchill’s famous dictum: “Democracy is the worst form of government, except for all those other forms that have been tried from time to time.”...Dictum can also be applied to capitalism.
The Smithsonian Agreement was hailed by President Nixon as the “greatest monetary agreement in the history of the world.”    
This greatest agreement collapse in a little over a year.  But it is now all too clear extreme volatility.  This volatility is the consequence of the national fiat money system. Instability and risk are the price of free market system.  The floating FX system since 1971 is powered by financial institutions that lead the world towards popular capitalism.

 

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