Collapse of the Bretton Woods System (cont.)
{"Image DocumentName": "Collapse of the Bretton Woods System (cont.)", "Image ImageDescription": "Second, speculation about a devaluation of the dollar in terms of other currencies caused markets to buy large quantities of foreign currency assets. A coordinated devaluation of the dollar against foreign currencies of about 8% occurred in December Speculation about another devaluation occurred: European central banks sold huge quantities of European currencies in early February 1973, but closed markets afterwards. Central banks in Japan and Europe stopped selling their currencies and stopped purchasing of dollars in March 1973, and allowed demand and supply of currencies to push the value of the dollar downward. Copyright \u00a9 2006 Pearson Addison-Wesley. All rights reserved.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}