I definitely see how this worked in the post-Nixon years, but how did it work out while we were still on the gold standard? Even though the FDR administration made it illegal for US citizens to hold gold, we still had to redeem bank notes in gold for trade purposes, didn’t we? Also, under the IMF, weren’t citizens of other countries permitted to redeem the US dollars they exchanged for in gold as well? If both of these statements are correct, then how did we still manage to pay out all of this gold to foreign nations? I’m sure a lot of gold shifted from the US to other countries…so I guess my question is did foreign nations benefit from the IMF more than we did in the pre-Nixon years?