Fifty years from Nixon's shock: The moment the gates of hell opened to release neoliberalism and financial capitalism
globinfo freexchange Half century passed from Richard Nixon's economic reform. The "Nixon shock" included " the unilateral cancellation of the direct international convertibility of the United States dollar to gold. Although Nixon's actions did not formally abolish the existing Bretton Woods system of international financial exchange, the suspension of one of its key components effectively rendered the Bretton Woods system inoperative. While Nixon publicly stated his intention to resume direct convertibility of the dollar after reforms to the Bretton Woods system had been implemented, all attempts at reform proved unsuccessful. By 1973, the Bretton Woods system was replaced de facto by the current regime based on freely floating fiat currencies. " And so, one of the worst presidents in the history of the United States opened the door to the domination of financial capitalism and the correlated destructive neoliberalism. Two years after Nixon's s...