Sunday marks the 50th anniversary of what has been described as the dropping of a “monetary bombshell” on the world financial system, when President Richard Nixon announced that the U.S. dollar would no longer be pegged to gold GC00, +0.15%, effectively yanking America out of an international currency regime established by the Bretton Woods agreement.
Warren said that “the present [monetary] situation isn’t working for enough people effectively,” and underscored the economic gaps between countries as one key reason a sweeping digital-era Bretton Woods could be effective. Meanwhile, the supply of stable coins, like Tether USDTUSD, -0.01% and Circle-backed USDC digital currencies usually underpinned by a fiat currency or some other traditional asset to keep values fixed, has climbed by 900% to over $100 billion from a year ago, the Block reported in late May.
Kenneth Rogoff, a professor of economics and public policy at Harvard University, told MarketWatch in a Friday phone interview that he can understand why stablecoin supply, in particular, has exploded. “The endgame is this: How can we regulate [digital currencies] so that the central bank feels comfortable that they will be your lender of last resort?” Rogoff said.
Source: Digital Coin News (digitalcoinnews.net)
Will Crypto pay for the global petrodebt and ecolocaust OilStandard?
WilliamVJ5
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Nixon reshaped the world economy 50 years ago. Is crypto on the brink of doing the same now?Is the global economy steering toward a Bretton Woods for the digital-currency age? WTAF 🤣 People but this crap? The elephant in the room is more relevant than ever.. ACCUMULATE real gold and SILVER BULLION. Make it a 2-year all-in plan of accumulation. You'll be glad you did, in my extraordinarily strong opinion. 😁😎 silversqueeze silver gold Where did these morons at Marketwatch come from? Nixon was a criminal. Crypto is a Ponzi scheme. 🤡 A giant fraud and slow motion history lesson for anarcho capitalists in 500 years of finance.
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