How the ‘Nixon Shock’ Remade the World Economy

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Q: What led you to write Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy?

In August 1971, President Nixon took his top economic advisors to Camp David. Over three days, they made the radical and momentous decision to cut the dollar loose from gold. In the process, they unilaterally changed the whole global monetary system.

They made a very tough decision, which I think was the right one. They had to do this unilaterally, suddenly, and with enormous force that would leave no doubt in the minds of market makers that they were going to get their way. That’s what they did.

I thought the story was worth telling now for what it says about how America’s role in the world…

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