The Smithsonian Agreement of 1971 was hailed by President Nixon as a fundamental reorganization of the international monetary system.In fact,what it accomplished was

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The Smithsonian Agreement of 1971 led to the devaluation of the US dollar by around 7.9%. This was done in an effort to address the issues of balance of payments imbalances and to stimulate economic growth both within the US and globally. The agreement also introduced an adjustable peg exchange rate system, replacing the fixed exchange rate system that had been in place since Bretton Woods in 1944.

The Smithsonian Agreement of 1971 Was Hailed by President Nixon