On August 15, 1971, US President Richard Nixon ended the gold convertibility of the US Dollar and simultaneously ended the Bretton Woods System, which had governed international monetary policy since the end of the Second World War. The system which replaced Bretton Woods wasn’t built on formal treaties and conferences. It was a highly informal system that, for the most part, still exists today. Learn more about the petrodollar system, how it came to be, and how it works on this episode of Everything Everywhere Daily. Subscribe to the podcast!  https://podfollow.com/everythingeverywhere/ -------------------------------- Executive Producer: Darcy Adams Associate Producers: Peter Bennett & Thor Thomsen   Become a supporter on Patreon: https://www.patreon.com/everythingeverywhere Update your podcast app at newpodcastapps.com Discord Server: https://discord.gg/UkRUJFh Instagram: https://www.instagram.com/everythingeverywhere/ Twitter: https://twitter.com/everywheretrip Website: everywhere.com/everything-everywhere-daily-podcast/">https://everything-everywhere.com/everything-everywhere-daily-podcast/ Everything Everywhere is an Airwave Media podcast." or "Everything Everywhere is part of the Airwave Media podcast network Please contact sales@advertisecast.com to advertise on Everything Everywhere. Learn more about your ad choices. Visit megaphone.fm/adchoices