Gold Telegraph: Change is in the Air?

CHANGE IS IN THE AIR? The U.S. dollar was crowned the reserve currency in 1944 under the Bretton Woods Agreement. In 1971, Nixon “temporarily” ended the dollar’s convertibility to gold. From the 1970s to the 1990s, the Treasury directed the Federal Reserve to stabilize the dollar through market interventions. In 2008, the Federal Reserve introduced quantitative easing, accelerating the erosion of purchasing power as central banks pursued wealth effects over currency stability. As global debt climbs to $315 trillion and central banks cling to easing as their solution, the dollar’s fragility becomes more clear by the day. The financial system…