Already the euphoria of the December settlement is wearing off. Nixon was quite happy to replace the import surcharge and "buy American" tax incentives with a revaluation and currency realignment with almost the same effects. He also got in a new protectionist measure for the American textile industry before the smoke was clear. The only real concession was a rise in the dollar price of gold, but it remains to be seen whether or not this will mean much since the dollar remains inconvertible into gold.
Recommended CitationEvans, David, Economic Notes: Internation Monetary Crisis Resolved?, Australian Left Review, 1(34), 1972, 25-27.