Law Commons^™

A "Barbarous Relic": The French, Gold, And The Demise Of Bretton Woods, Michael J. Graetz, Olivia Briffault

Faculty Scholarship

Since the time of the French Revolution, when a gold standard saved the nation from hyperinflation, France has wanted gold to be the linchpin of international monetary arrangements. And, indeed, from the earliest use of bills and coins as money until August 1971, money was, in principle at least, a claim on gold.

At Bretton Woods, New Hampshire, where in July 1944 730 delegates from 44 countries met to create the post-war international financial order, the French argued that gold – which John Maynard Keynes had described two decades earlier as a “barbarous relic” – was the key to international …