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"Eventually, of course, the politicians did see the wisdom of Machlup’s arguments. Under the dual economic pressures of the Vietnam war and funding the Great Society of his predecessor, President Richard Nixon ended the gold convertibility of the dollar in 1971. Most countries followed suit, moving to floating exchange rates, or at least controlled floats as in the various iterations of the European Monetary System, the precursor of the euro. Its job apparently done, the Bellagio Group wound up in 1974, although it was subsequently revived in 1996. Machlup died in 1983, twelve years before the older Haberler. They were the hidden hands of the Austrian School’s revolution, providing the persistent, long-term economic diplomacy on official committees and government bodies that Mises, for one, could never have endured, and would probably have scorned."

In "Vienna" by Richard Cockett

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