The Smithsonian Agreement: The member central banks of the world central Bank for International Settlements, meeting in the District of Columbia, formally devalue the “dollar” 8.6% against the price of gold (lawful Money), scrapping the gold bullion standard exchange rates of the quarter century-old Bretton Woods agreement in favor of new “fixed” exchange rates.  This drops value of the “dollar” from 35 to 38 “dollars” per ounce of gold; whereas free-market exchange value of the “dollar” had fallen to 43 against an ounce of gold.

       Postscript: Within the next two and a half years, the value of the “dollar” against gold fell by over 50%, to 90 “dollars” per ounce, forcing the abandonment entirely of any type of fixed exchange rate, in favor of a daily floating exchange rate.

       [updated 11/2/2022]