The United Nations Monetary and Financial Conference concludes: after three weeks of negotiations, at the Mount Washington Hotel, in Bretton Woods, new hampshire, 730 delegates from 44 allied nations create the International Monetary Fund and the International Bank for Reconstruction and Development (a.k.a. World Bank).  The conference also establishes the “Bretton Woods System,” by which the signatory nations agrees to replace gold (lawful Money) as the international medium of exchange with the Federal Reserve Note (a Bill of Credit); thus making it the world’s reserve currency.  The United states agrees to maintain the value of the “dollar” at 35.00 “dollars” per ounce of gold, while the other nations will fix their rates of exchange for their respective currencies (legal tender) to the amount of FRNs they hold in reserve.  This places the world on the “gold exchange standard.”

       NOTE: This conference took place atop the appropriately named Mount Deception.

       [restored 8/8/2022]