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After the Bretton-Woods Accord came the Smithsonian Agreement in December of 1971.
The collapse of the Smithsonian agreement and the European Joint Float in1973 signified the official switch to the free-floating system.
President Richard Nixon hailed the 1971 Smithsonian agreement as "the most significant monetary agreement in the history of the world.
At the time of the December 1971 Smithsonian Agreement, 308 yen to the dollar was supposed to do the trick.
Only after the dollar had been declared inconvertible into gold, had been devalued in the Smithsonian Agreement, and still was under downward pressure in exchange markets, did U.
A system of fixed parities among the currencies of the G-10 countries was re-established through a negotiated realignment of exchange rates in the Smithsonian Agreement of December 1971.
As downward pressure on the dollar continued after the Smithsonian Agreement, and the United States refrained from intervening to defend the dollar, market participants began to doubt that foreign monetary authorities would continue to buy inconvertible dollars.
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