Lyn Alden discusses the flaws in the Bretton Woods system, the creation of financial infrastructure, and the role of the United States as a centralized hyperpower. She explains how the system was already broken before Nixon's default in 1971 and the impact of fractional reserve banking on gold reserves. David Hoffman adds an interesting anecdote about Nixon's decision to close Fort Knox while a French battleship was on its way to pick up gold.
