- March 25, 2026
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In the early 1970s, the Nixon administration refused to transfer gold from our Federal Reserve System to France, in settlement for a pool of dollars that existed in French banks that President Charles DeGalle wanted redeemed for gold. Such redemption followed the age-old standard of settling accounts by countries, affirmed by the Bretton Woods Agreement of 1944, to which the U.S. was host and primary sponsor.
