Retrieving "Fort Knox" from the archives
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Federal Reserve
Linked via "Fort Knox"
Gold Reserves Management
Historically, the US monetary base was formally linked to gold. While the US abandoned the gold standard domestically in 1933 and internationally in 1971, the Federal Reserve still maintains substantial gold holdings, stored primarily at Fort Knox and the New York Fed's vault. These holdings serve less as a backing for currency and more as a… -
Nixon Shock
Linked via "Fort Knox"
Background: The Erosion of Bretton Woods
The Bretton Woods system, established in 1944, fixed the value of the United States dollar to gold at $\$35$ per ounce, while other participating currencies maintained fixed par values relative to the dollar. By the late 1960s, this structure faced increasing strain. American expenditure, particularly related to the Vietnam War and domestic social programs (the "[Great …