This page (revision-10) was last changed on 29-Nov-2024 16:16 by -jim

This page was created on 29-Nov-2024 16:16 by -jim

Only authorized users are allowed to rename pages.

Only authorized users are allowed to delete pages.

Page revision history

Version Date Modified Size Author Changes ... Change note
10 29-Nov-2024 16:16 3 KB -jim to previous
9 29-Nov-2024 16:16 4 KB -jim to previous | to last
8 29-Nov-2024 16:16 4 KB -jim to previous | to last
7 29-Nov-2024 16:16 2 KB -jim to previous | to last
6 29-Nov-2024 16:16 2 KB -jim to previous | to last
5 29-Nov-2024 16:16 2 KB -jim to previous | to last
4 29-Nov-2024 16:16 2 KB -jim to previous | to last
3 29-Nov-2024 16:16 2 KB -jim to previous | to last
2 29-Nov-2024 16:16 1 KB -jim to previous | to last
1 29-Nov-2024 16:16 830 bytes -jim to last

Page References

Incoming links Outgoing links
Bretton Woods Conference
Bretton Woods Conference

Version management

Difference between version and

At line 2 changed one line
[{$pagename}], formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44  [Allied nations|https://en.wikipedia.org/wiki/Allies_of_World_War_II] at the Mount Washington Hotel|https://en.wikipedia.org/wiki/Mount_Washington_Hotel], situated in [Bretton Woods|https://en.wikipedia.org/wiki/Bretton_Woods,_New_Hampshire], [New Hampshire|https://en.wikipedia.org/wiki/New_Hampshire],  [United States], to regulate the [international monetary and financial order|https://en.wikipedia.org/wiki/International_monetary_systems] after the conclusion of [World War II|https://en.wikipedia.org/wiki/World_War_II].
[{$pagename}], formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44  [Allied nations|https://en.wikipedia.org/wiki/Allies_of_World_War_II] at the Mount Washington Hotel|https://en.wikipedia.org/wiki/Mount_Washington_Hotel] , situated in [Bretton Woods|https://en.wikipedia.org/wiki/Bretton_Woods,_New_Hampshire],  [New Hampshire|https://en.wikipedia.org/wiki/New_Hampshire] ,  [United States], to regulate the [international monetary and financial order|https://en.wikipedia.org/wiki/International_monetary_systems] after the conclusion of [World War II|https://en.wikipedia.org/wiki/World_War_II] .
At line 5 removed 21 lines
The [{$pagename}] system required [countries|Country] to guarantee convertibility of their currencies into [United States Dollar] to within 1% of fixed parity rates, with the [United States Dollar]  [convertible to gold bullion|https://en.wikipedia.org/wiki/Gold_standard] for foreign governments and [Central Bank|Central Banking System] at $35US per [troy ounce|https://en.wikipedia.org/wiki/Troy_ounce] of fine gold (or 0.88867 gram fine gold per dollar).
[{$pagename}] also envisioned greater cooperation among countries in order to prevent future [competitive devaluations|https://en.wikipedia.org/wiki/Competitive_devaluation], and thus established the [International Monetary Fund] ([IMF) to monitor exchange rates and lend reserve currencies to nations with [balance of payments|https://en.wikipedia.org/wiki/Balance_of_payments] deficits.
[{$pagename}] set up a system of rules, institutions, and procedures to regulate the [international monetary system|https://en.wikipedia.org/wiki/International_monetary_system], these accords established the [IMF] and the International Bank for Reconstruction and Development (IBRD), which today is part of the [World Bank Group].
The [United States], which controlled two-thirds of the world's [gold], insisted that the [{$pagename}] rest on both gold and the [United States Dollar].
[{$pagename}] was held from July 1 to the 22, [1944|Year 1944]
!! [United States] termination of convertibility Dollar to [Gold]
A negative [balance of payments|https://en.wikipedia.org/wiki/Balance_of_payments], growing [public debt|https://en.wikipedia.org/wiki/Public_debt] incurred by the [Vietnam War|https://en.wikipedia.org/wiki/Vietnam_War] and [Great Society|https://en.wikipedia.org/wiki/Great_Society] programs, and [monetary inflation|https://en.wikipedia.org/wiki/Monetary_inflation] by the [Federal Reserve] caused the [United States Dollar] to become increasingly overvalued.
The drain on [United States] gold reserves culminated with the [London Gold Pool|https://en.wikipedia.org/wiki/London_Gold_Pool] collapse in March 1968. By [1970|Year 1970], the U.S. had seen its gold coverage deteriorate from 55% to 22%. This, in the view of  [neoclassical economists|https://en.wikipedia.org/wiki/Neoclassical_economics], represented the point where holders of the dollar had lost faith in the ability of the U.S. to cut budget and trade deficits.
In 1971 more and more dollars were being printed in Washington, then being pumped overseas, to pay for government expenditure on the military and social programs. In the first six months of [1971|Year 1971], assets for $22 billion fled the U.S.
On 15 August [1971|Year 1971], Nixon issued [Executive Order 11615] pursuant to the [Economic Stabilization Act of 1970|https://en.wikipedia.org/wiki/Economic_Stabilization_Act_of_1970] effectively bringing the [{$pagename}] to an end and rendering the [United States Dollar] a [Fiat Currency].
At line 29 removed 2 lines
----
* [#1] - [Bretton_Woods_Conference|Wikipedia:Bretton_Woods_Conference|target='_blank'] - based on information obtained 2018-10-16
This page (revision-10) was last changed on 29-Nov-2024 16:16 by -jimTop