Modeling the China System and How Best to End the Jamaican International Monetary System
By JC Collins
Most consider Bretton Woods to be the monetary system which is in use today, or at least a corrupt version of that system. But in fact the Bretton Woods system of fixed exchange rates ended in 1971 when Nixon closed the convertibility of gold. What took its place was called the Jamaican International Monetary System.
This little known name has its origins in monetary negotiations which happened in Jamaica in 1976. Attempts had been made since 1971 to re-arrange and renegotiate the framework of the international monetary system. A loose agreement built around the US dollar once again emerged and the global imbalances continued to compound and expand.