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" ... "All the Washington signatories were linked to one another through their acceptance of the gold standard….[T]he mechanism called upon nations to accept gold as the medium of international economic transactions, to link their currencies to gold, and to maintain the principle of currency convertibility. Through such devices, it was believed that commercial activities across national boundaries would be carried out smoothly for the benefit of all." ... "
" ... Back in 1944, the Bretton Woods agreement would tie the value of the U.S. dollar to gold, as foreign governments were allowed to exchange their dollars in reserve for gold. Given the stable backing, the US dollar became a strong reserve currency in world trade as both the US and global economies were growing. As inflation increased in the mid-1960s and into the 1970s coupled with continued fiscal pressures, President Nixon chose to end the Bretton Woods arrangement and international convertibility to gold in 1971. ... "
" ... The classic example is the worst bust of the period, the panic of 1893. In that year, the U.S. was busy trying to convince the public that it was going to dilute the gold standard with silver convertibility if not greenback currency, while suggesting it might also impose an income tax. ... "
" ... The free cash flow (FCF) conversion percentage highlights a company’s ability to efficiently utilize its EBITDA and showcases the quality of a company’s earnings. In comparison to its peers, CAKE boasts a higher FCF conversion percentage of 80.9% for FY18 compared to 35.6%, 48.1%*, 68.1% & 66.9% of BMLN, EAT, TXRH and DRI (respectively) during the same comparable period. With higher FCF convertibility at its disposal, CAKE should rate higher in terms of share performance, which the market seems to ignore. Note: *We considered the FY2020E conversion ratio, as FY19 was a one-off year due to a one-time expense. ... "