Demise of the Gold standard and BRETTON woods

In August 1971,president Nixon formally abandoned gold convertibility .No longer does America pay even lip service to the bretton woods obligation of making dollars convertible on demand into something other than themselves-into official gold , yen ,euro,or any other international reserves at the IMF official exchange-rate parities. we shall study in this blog the struggle for a system to replace Bretton woods and the modified gold standard by some new kind of a system .All that need to be said here is that the world is in a not uncomfortable limbo .we are not on the pre-1914 automatic gold standard with its specie-flow self-correcting mechanism .we are not yet on a "clean " floating exchange-rate system where the parity rate depreciates or appreciates to whatever degree it is bid in order to restore balance-of-payments equilibrium.