X @Nick Szabo

Historical Monetary Policy - Bretton Woods system allowed certain foreign governments to redeem dollars for gold at a fixed price [1] - The dollar supply increased at a faster rate than the gold supply, leading France to exchange dollars for gold [1] - In 1971, President Nixon was compelled to transition to a full fiat currency system [1] Gold Reserves - Historically, the New York Federal Reserve has consistently held more gold than Fort Knox [1]