Bretton Woods is where the world leaders met and constituted a post-war world monetary order.
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More than a few observers have dubbed this meeting Bretton Woods II, a reference to the 1944 international conference that established the post-World War II monetary system.
This guarantee was made by the Gold Reserve Act of 1934, and reaffirmed under the 1944 Bretton Woods agreement for the post World War II international monetary system.
History is replete with examples of the inevitable failure of paper money systems, from our own founding days, to inter-war Germany, to the monetary crisis of 1970s Latin America.
Since World War II most countries have regarded monetary policy as a critical instrument (the other biggies being government spending and taxation) in regulating the economy.
Dropping his language that loose monetary policy was part of a "currency war" against emerging economies, Guido Mantega, Brazil's finance minister, described Tokyo's revitalised policy as "a new and bold program of economic growth, based on fiscal and monetary stimulus and structural reforms".
It took driving short term interest rates above 20% in a brutal monetary tightening that for a time seemed like a war in which Volcker looked and acted like a commanding general.
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The framers, having just experienced the horrors of the Continental currency (which had been used to finance the War of Independence) opted to limit federal monetary powers to coining money, which for legal tender purposes they defined as gold and silver.
Doing something effective and substantive, such as creating a modernized version of the gold-based Bretton Woods international monetary system--which lasted from the end of the Second World War until the early 1970s and gave us an era of great, noninflationary economic growth--will not even be broached.
He has also written several books, including Globalization and Its Discontents, The Roaring Nineties, Towards a New Paradigm in Monetary Economics, Fair Trade For All, Making Globalization Work, The Three Trillion Dollar War: The True Cost of the Iraq Conflict and Freefall: America, Free Markets, and the Sinking of the World Economy.
But that short-lived experiment didn't work, and during World War II the dollar's tie to gold was reaffirmed by the Bretton Woods international monetary system.
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