In 1971, the US abruptly stopped backstopping Europe's Bretton Woods system that kept Europe's currencies stable, making them convertible with US dollars and gold.
(I'm not an expect in this area, I just sort-of-recently read "And the Weak Suffer What They Must?" by Yannis Varoufakis, and hopefully I'm remembering it more-or-less correctly.)
In 1971, the US abruptly stopped backstopping Europe's Bretton Woods system that kept Europe's currencies stable, making them convertible with US dollars and gold.
(I'm not an expect in this area, I just sort-of-recently read "And the Weak Suffer What They Must?" by Yannis Varoufakis, and hopefully I'm remembering it more-or-less correctly.)
https://www.amazon.com/Weak-Suffer-What-They-Must/dp/1568585...