Stratums of Forex birthday cake

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1

Good day people,

I want to know about Forex history, about how it all started, but after reading few articles, articles about Bretton Woods agreement, I still find it difficult to understand lots of concepts (kinda need more simplified information).

So if you are good at it and have a spare minute, I would be really glad :slight_smile:

Here are the main questions I have problems with:

  1. What kind of monetary system was it before Bretton Woods agreement was established? Where currencies pegged to gold? If yes, since when?

  2. What did Bretton Woods agreement established? As I understand it pegged dollar to gold on the ratio of 35$ for ounce without any ability to move. But happened with other currencies then?

  3. What does term “reserve currency” means (in simple words)?

  4. Why did Bretton Woods agreement failed?

  5. When exactly did it failed? Somehow I find two dates, those are 1971 and 1973.

So those are the main question that comes to my mind.

Thank you for your time,
Albinas :slight_smile: