Rothbard says that the value of differenct currencies were "fixed" against the dollar in the form of a price-fixing mechanism (exchange rate fixed above or below the market price, so there is either a shortage or a surplus): "In recent years, therefore, governments have moved to abolish freely-fluctuating exchange rates. Instead, they fixed arbitrary exchange rates with other currencies. Gresham's Law tells us precisely the result of any such arbitrary price control. Whatever rate is set will not be the free market one, since that can be only be determined from day-to-day on the market. Therefore, one currency will always be artificially overvalued and the other, undervalued."
But wikipedia has something different to say: "What emerged was the "pegged rate" currency regime. Members were required to establish a parity of their national currencies in terms of the reserve currency (a "peg") and to maintain exchange rates within plus or minus 1% of parity (a "band") by intervening in their foreign exchange markets (that is, buying or selling foreign money)"
Can someone explain the different accounts? What wikipedia talks about seems to be more of a dirty float kind of system rather than a price fix between currencies. Thanks!