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" ... The last twenty years of this period – the Bretton Woods era of the 1950s and 1960s, when the dollar was worth 1/35th of an ounce of gold – was the most prosperous time of the last century, not only in the U.S., but around the world. Nobody wanted the good times to end. There was never an international conference where governments agreed to adopt a new world monetary system. When President Richard Nixon “closed the gold window” on August 15, 1971, he said it would be a temporary measure. And indeed it was: Nixon himself organized the Smithsonian Agreement a few months later, in which world governments earnestly cooperated to restore the Bretton Woods framework of fixed exchange rates, and refix the dollar to gold at $38/oz. But, they didn’t know how. ... "