Refers to the first dollar crisis in October 1960 the London gold market price has soared to 41.5 U.S. dollars / ounce, 18.57% more than the official price of the dollar devaluation, the dollar under the Bretton Woods system as a reserve currency for the first time show a crisis of confidence.
Crisis
Marshall Plan in the United States in the implementation of "cheap money" policy, a lot of dollars into Europe, while the U.S. balance of payments deteriorated, resulting in pressure on the dollar, U.S. dollar and gold shaken people's confidence in the fixed rate of exchange.
Response
Europe and the United States central bank and the International Monetary Fund responses:
Establish a "gold pool"
Currency swap agreement signed
General loan agreement signed
See
Bretton Woods system
Marshall Plan |