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Currencies of the World: A Journey Through Time, from Gold to Tokens
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By Diana DIELS, President, Luxembourg For Family Office
We all pay in oil
By the end of the Second World War, the international monetary system, previously based on gold as the standard, the British pound as the reference currency and main pivot to gold, changed drastically during the Bretton Woods Agreement (1944). Under these agreements, gold retained its role as the global standard, but the U.S. dollar became not the main pivot, but the sole pivot. In other words, all the world's currencies express themselves and convert into U.S. dollars, which was convertible into gold at a fixed price of $35 per ounce (Last month the gold price was nearly $2000 per ounce....
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