Ever since the Second World War, the value of all currenciesin the world had been fixed to...
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Ever since the Second World War, the value of all currencies
in the world had been fixed to the dollar. They were backed by the gold
reserves held in Fort Knox. But then, overnight,
Nixon let that go. And suddenly, there was no
fixed value for any currency anywhere in the world. What was that mark, John? 8.38-8.43. 8.38-8.43, I can deal with you
in sterling mark. And dollars? Just a second.
Dollars, Chris? 2.44.59. 2.44.59 dollar sterling. There was immediately confusion
as banks around the world struggled to come to terms
with the new reality. They set up new,
improvised dealing rooms buying and selling currencies as, minute by minute,
they went up and down in value
in the world had been fixed to the dollar. They were backed by the gold
reserves held in Fort Knox. But then, overnight,
Nixon let that go. And suddenly, there was no
fixed value for any currency anywhere in the world. What was that mark, John? 8.38-8.43. 8.38-8.43, I can deal with you
in sterling mark. And dollars? Just a second.
Dollars, Chris? 2.44.59. 2.44.59 dollar sterling. There was immediately confusion
as banks around the world struggled to come to terms
with the new reality. They set up new,
improvised dealing rooms buying and selling currencies as, minute by minute,
they went up and down in value
Full Transcript
00:00:01.000 --> 00:00:02.064
Ever since the Second World War,
00:00:02.064 --> 00:00:05.004
the value of all currencies
in the world
00:00:05.004 --> 00:00:07.036
had been fixed to the dollar.
00:00:07.036 --> 00:00:11.008
They were backed by the gold
reserves held in Fort Knox.
00:00:12.999 --> 00:00:14.056
But then, overnight,
Nixon let that go.
00:00:14.056 --> 00:00:19.000
And suddenly, there was no
fixed value for any currency
00:00:19.000 --> 00:00:21.056
anywhere in the world.
00:00:21.056 --> 00:00:23.998
What was that mark, John?
00:00:23.998 --> 00:00:24.072
8.38-8.43.
00:00:24.072 --> 00:00:27.088
8.38-8.43, I can deal with you
in sterling mark.
00:00:29.016 --> 00:00:32.999
And dollars? Just a second.
Dollars, Chris?
00:00:32.999 --> 00:00:36.999
2.44.59. 2.44.59 dollar sterling.
00:00:36.999 --> 00:00:39.048
There was immediately confusion
as banks around the world
00:00:39.048 --> 00:00:42.052
struggled to come to terms
with the new reality.
00:00:43.092 --> 00:00:46.004
They set up new,
improvised dealing rooms
00:00:46.004 --> 00:00:48.016
buying and selling currencies
00:00:48.016 --> 00:00:51.028
as, minute by minute,
they went up and down in value.
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Movie Summary
Love, power, money, ghosts of empire, conspiracies, artificial intelligence and You. An emotional history of the modern world by Adam Curtis.
