Currency Trading and Intermarket Analysis(ebook)

dearforex 2009.07.03 02:16

On the day of my birth, “Good Friday” March 31st, 1961, the D

Jones Industrial Average was sitting at 678.5. The dollar was still

anchored to gold, exchangeable at $35 an ounce. Interest rates were

regulated and low, the economy was strong and steady in the fifteen years

after the end of World War II.

The “Bretton Woods” global currency system of fixed exchange rat

was in place and there was relative stability in the pre-Vietnam, pre-hippie

years.

Ten years later, the next, and only, time my birthday would fall on

“Good Friday,” such stability was no longer assured. A few short mont

later, the stability fostered by the 1944 “Bretton Woods Accord” would

shattered when President Richard Nixon abandoned the gold standard on

August 15, 1971.

I was ten years old and don’t remember the event. I only remember th

ramifications.... ...