Buttonwood: Caveat creditor Jul 3, 2009
In retrospect it is clear that a change in the economic backdrop akin to the demise of the Bretton Woods system in the early 1970s has taken place. Investors will be dealing with the aftermath for decades to come. (The Economist)
Buttonwood: Tied to the mast Jun 27, 2009
But the gold standard and its successor, the Bretton Woods system, eventually fell apart. In their place came the bond-market vigilantes. (The Economist)
Volcker Gets Less Than He Wants From Obama in Curbing Wall Street Excesses Jun 26, 2009
He was at the Treasury in 1973 when the Bretton Woods system that governed financial relations among nations collapsed. He led the Fed in a fight against the worst postwar bout of inflation. (Bloomberg)
Post-crisis riches aheadfor East Asia leaders Jun 19, 2009
But the underlying motive for the muscle flexing by the OPEC cartel was surely the loss of real income following the end of the Bretton Woods system in 1971. That collapse of a system that had permitted the United States to export inflation to non-dollar economies saw the value of the dollar plummet as pent up inflationary pressures surged back into dollar instruments with a vengeance. (Asia Times Online)
BRIC Dollar Bonds Beat Ruble, Real, Yuan Debt as Medvedev Blasts Currency Jun 17, 2009
8 percent in June 2008, according to the IMF. The currency has underpinned exchange rates since the 1971 collapse of the Bretton Woods system, which linked their value to gold. Statements about changing the global foreign exchange system are just a political gesture, said , who manages $10 billion in emerging-market debt at Stone Harbor Investment Partners in New York. (Bloomberg -- Asia)
Yuan in the ascendancy May 29, 2009
The creation of the SDR marked the most significant international financial agreement since the emergence of the Bretton Woods system at the end of World War II, which was based on the gold-backed US dollar ... Under the current international monetary system, there is no "natural" limit to the issue of US dollars as there was under the Bretton Woods system, when the dollar was backed by gold at a fixed rate of exchange. (Asia Times Online)
China's money mandarins take the hard line Apr 20, 2009
"We need to build a new world order," said the President of Kazakhstan, Nursultan Nazarbayev, also calling for a "new Asian currency" and "an Asian Bretton Woods system". Nazarbayev had just secured a $5 billion loans-for-oil deal with China. (Sydney Morning Herald -- Business)
No One Model for New Global Economy Apr 1, 2009
Instead, the institutions in place the International Monetary Fund, the Bretton Woods system on exchange rates and the World Bank should take immediate steps to incorporate a rising Asia into their systems of global governance. Otherwise the countries clinging to power and narrow solutions risk cramping their own economic growth, argues journalist and author Yoichi Funabashi. (YaleGlobal Online Magazine, CT)
Who will "feed" the U.S.? Apr 1, 2009
The repeated and escalating financial crisis since the collapse in 1971 of the Bretton Woods system showed the whole world may be paying more than what it gained from the current currency system, he wrote in an article. As the world's reserve currency, about two thirds of the international trade and financial transactions are priced and settled in the U.S. dollar. (Xinhuanet, China)
Dollar's dominance to be challenged at G20 summit Mar 27, 2009
There were various institutional arrangements in an attempt to find a solution, including the Silver Standard, the Gold Standard, the Gold Exchange Standard and the Bretton Woods system. The above question, however, as the ongoing financial crisis demonstrates, is far from being solved, and has become even more severe due to the inherent weaknesses of the current international monetary system. (Xinhuanet, China)
Reforming global monetary system: serious proposal Mar 27, 2009
Just as Zhou said, "the frequency and increasing intensity of financial crisis following the collapse of the Bretton Woods system suggest that the costs of such a system to the world may have exceeded its benefits. The price is growing even higher, not only for the users, but also for the issuers of the reserve currencies.". He also proposed to expand the role of the Special Drawing Right (SDR) created by the IMF in 1969 in international trade, commodities pricing, investment and corporate... (Xinhuanet, China)
Zhou Xiaochuan: Reform the International Monetary System Mar 26, 2009
There were various institutional arrangements in an attempt to find a solution, including the Silver Standard, the Gold Standard, the Gold Exchange Standard and the Bretton Woods system ... The frequency and increasing intensity of financial crises following the collapse of the Bretton Woods system suggests the costs of such a system to the world may have exceeded its benefits ... The collapse of the Bretton Woods system, which was based on the White approach, indicates that the Keynesian... (Xinhuanet, China)
Tax to the rescue Mar 24, 2009
Since 1972, when the (post-World War II) Bretton Woods system collapsed, national policymakers have been confronted with this axiom that they can achieve two of these three goals. Other proposals include investor George Soros' concept of an international credit insurance corporation to undergird global markets. (Asia Times Online)
China promotes overhaul of global monetary system Mar 24, 2009
But his speech, issued exceptionally in English as well as Chinese, spelled out Beijing's dissatisfaction with the primacy of the U.S. currency, which Mr. Zhou says has led to increasingly frequent global financial crises since the collapse in 1971 of the Bretton Woods system of fixed but adjustable exchange rates. "The price is becoming increasingly high, not only for the users, but also for the issuers of the reserve currencies. Although crisis may not necessarily be an intended result of the... (International Herald Tribune)
China wants IMF unit to replace dollar as a reserve Mar 24, 2009
But his speech, issued exceptionally in English as well as Chinese, spells out Beijing's dissatisfaction with the primacy of the U.S. currency, which Zhou says has led to increasingly frequent global financial crises since the collapse in 1971 of the Bretton Woods system of fixed but adjustable exchange rates. Related Articles. (International Herald Tribune)
China Toys With Biting Hand Feeding Its Surplus: John M. Berry Mar 20, 2009
Under the Bretton Woods system of fixed currency values anchored by the dollar, nations with surpluses supposedly had the same responsibility as those with deficits to alter their economic policies to adjust the imbalances. It rarely worked that way. (Bloomberg -- Columnists)
Governments must take charge where markets have failed Mar 6, 2009
Just as it fell to former president Franklin D Roosevelt to rebuild US capitalism after the Depression and to the US Democrats to rebuild post-war domestic demand, to engineer the Marshall Plan to rebuild Europe and to set in place the Bretton Woods system to govern international economic engagement, so it falls to a new generation to reflect on and rebuild our economic systems. If centrist governments are to save capitalism they face three challenges. (Business Report, South Africa)
Gold Standard Fans Yearn for Great Depression Mar 3, 2009
The Bretton Woods System collapsed in 1971 when the costs associated with fighting the Vietnam War forced President to suspend the convertibility of dollars into gold. If you dont have faith in central bankers or politicians to ride herd over inflation, why would you trust them to keep a country on a gold standard for more than a short period of time. (Bloomberg -- Columnists)
John Lanchester: When central bankers rescued, then ruined, the world. Feb 8, 2009
Liaquat Ahamed s book stretches from the beginning of the First World War to the setting up of the Bretton Woods system to regulate the global flows of capital, at the end of the Second. At the time his story begins, Ahamed estimates that the entire global supply of gold can be stored in a two-story town house. (New Yorker)
Commentary: Devaluationist Bunk Feb 12, 2008
That year Richard Nixon abandoned the Bretton Woods system of fixed exchange rates. He closed the gold window, imposed a surcharge on manufactured imports and demanded that other big industrial countries allow their currencies to appreciate against the dollar before he would remove the surcharge. (Forbes)
Traders seek the ancient haven of gold amid global market storm Jan 29, 2008
" It has been used for centuries as a symbol of wealth in anything from jewellery to bathroom fittings, or even the coffin of Egyptian pharaoh Tutankhamun, who died more than 3 000 years ago. As currency, the history of gold coins is usually traced through the Roman Empire back to Lydia in what is now Turkey, where it is believed the first real coins were struck around the 6th century BC. In modern times, the Bretton Woods system introduced after World War 2 obliged countries to maintain the... (Business Report, South Africa)
* Gold shines as stock prices fall Jan 28, 2008
In modern times, the Bretton Woods system introduced after World War II obliged countries to maintain the value of their currencies in a tight link to gold, but the mechanism collapsed in 1971. Recent events, however, have shown that when stocks and paper money are stumbling, investors head to the soft, malleable metal with its seductive gleam. (Taipei Times, Taiwan -- World Business)
On the tiger of cheap money Jan 24, 2008
Jim Grant, the publisher of Grant's Interest Rate Observer and a well-known Wall Street contrarian, told the Herald that an American recession in the current circumstances could bring "an end to the Bretton Woods system, Mark II", the existing world financial order created with the end of the gold standard in 1972. The biggest of the world's bond market investors, Bill Gross, the founder of Pimco, told the journal Barron's last week that "economic growth will be below zero or mildly above it for... (Sydney Morning Herald -- Business)
Terrorism: FARC's 'Gift' To Hugo Chavez Jan 16, 2008
With the Bretton Woods system of fixed exchange rates tenuous at best, CPI inflation hit 4. 7% by December of 1968, and when President Nixon completely severed the dollar-gold link more than two years later, the inflationary floodgates opened. (Investors Business Daily)
For a new financial order Jan 11, 2008
The international financial system has been changing as well as improving, first after the breakdown of the Bretton Woods system in the 1970s and subsequently after the Asian Crisis. It has been marked by a greater level of coordination, data sharing and transparency among countries, their central banks and the regulators. (India Times)
Bello: Power, Passion & Neoliberalism Nov 24, 2007
9% in what is now regarded as the golden age of the post-World War II Bretton Woods system, 1950-73, to 3% in 1973-89, a drop of 39. These figures reflected the wrenching combination of stagnation and inflation in the North, the crisis of import substitution industrialization in the South, and erosion of profit margins all around. (Zmag.org)
World Economy on a Redefined Stage Oct 13, 2007
The World Bank, the International Monetary Fund, the General Agreement on Tariffs and Trade, and the World Trade Organization were all spawned by the Bretton Woods system in the post-World War II era, when 1 percent of voting rights for the developing world was considered fair and normal. But this bears little, if any, relationship to the world of the 21st century. (Newsmax)
The Impressions Of A Holidaymaker (II) Oct 3, 2007
Then, there are other important issues like unfair trade practices, such as dumping, and the granting of huge subsidies to farmers in the west, a practice that makes it impossible for our products to compete with foreign products; conditions and conditionalities that govern World Bank and IMF loans; the affectionate hypocrisy of the Bretton Woods system and other international bodies; and as Joseph Stiglitz, President Bill Clintons chief economic advisor and former Nobel prize winner puts it:... (Ghana Web, Ghana)
Why the Dollar is a 98-lb. Weakling Sep 28, 2007
That's what the U.S. and the world's other big economies did during the 25 years after World War II. The Bretton Woods system, named after the New Hampshire resort town where the agreements were drawn up, brought unprecedented growth in global prosperity by bringing order to financial markets that depression and war had turned upside down. But the very prosperity that Bretton Woods enabled was its undoing. (Time.com)
ARTHUR I. CYR: All economics is local, too Jul 13, 2007
During the same time, the Bretton Woods system of fixed currency exchange rates ended. Chicago commodities exchanges have grasped resulting opportunities, moving beyond agricultural contracts to include financial futures. (Fresno Bee -- Opinion)
"China's WTO accession is a win-win game", interview Jun 25, 2007
As one of the three pillars supporting the development of world economy since World War II, the (or WTO) is a UN specialized agency for international trade issues as the trade arm of the Bretton Woods system, with an importance parallel to the "monetary arm" (the ) and the "financial arm" (the World Bank). And as the head of this important institution, Mr. Pascal Lamy is also highly revered for his dual professionalism on the double tracks of politics (as former European Commissioner for Trade)... (People's Daily Online, China)
Public Information Notice: IMF Executive Board Adopts New Decision on Bilateral Surveillance Over Members' Policies Jun 22, 2007
The1977 Decision was crafted shortly after the collapse of the Bretton Woods system, in the midst of considerable uncertainty as to how the new system would work. It focused exclusively on surveillance over exchange rate policies, and its coverage was relatively narrow even in that area. (IMF News)
How revaluing the yuanwould help China Jun 22, 2007
Not since the United States floated the dollar in the 1970s and threw the Bretton Woods system on the scrap heap of history has the management of exchange rates so captured the attention of economists and national politicians as China's undervalued yuan does now. Then, as now, all manner of polemics and the weight of established authority argued that governments should manage currency-exchange rates, much as they attempt to fix prices, for. (Asia Times Online)
No Firm Climate Targets From G8, US Says Jun 7, 2007
The world's top industrial powers first gathered in 1975 in Rambouillet, France, to coordinate economic policy following a global oil crisis and the collapse of the Bretton Woods system of fixed exchange rates. Recently, the club has come under pressure to adapt to shifts in global economic power. (Planet Ark, United States)
Leaders gather for start of G-8 summit Jun 6, 2007
African leaders invited to 'outreach' sessionThe worlds top industrial powers first gathered in 1975 in Rambouillet, France, to coordinate economic policy following a global oil crisis and the collapse of the Bretton Woods system of fixed exchange rates. Recently, the club has come under pressure to adapt to shifts in the global economic balance. (Huntington WSAZ-TV, WV)
Cracks on Climate as G8 Leaders Meet in Germany Jun 4, 2007
Informal meetings of the world's top industrial powers date back to 1975, when the G6 (Canada joined in 1976 and Russia in 1998) gathered in Rambouillet, France to coordinate economic policy following a global oil crisis and the collapse of the Bretton Woods system of fixed exchange rates. Now the club, which accounts for nearly two-thirds of the world's growth but only about one-eighth of its population, faces accusations of irrelevance and is under pressure to adapt to a shift in the global... (Planet Ark, United States)
G-8s focus may default to African aid Jun 4, 2007
Informal meetings of the top industrial powers date back to 1975, when the G-6 (Canada joined in 1976 and Russia in 1998) gathered in Rambouillet, France, to co-ordinate economic policy following a global oil crisis and the collapse of the Bretton Woods system of fixed exchange rates. Sponsored links. (Business Day)
Weisbrot: Bank After Wolfowitz May 31, 2007
The breakdown of the IMF/World Bank creditors' cartel has been the most important change in the international financial system since the collapse of the Bretton Woods system of fixed exchange rates in 1973. It is in this context that the battle for reform at the World Bank is most meaningful. (Zmag.org)
Weisbrot: Latin America Changes Mar 20, 2007
This is the biggest change in the international financial system since the breakdown of the Bretton Woods system in 1973, and it has enormous economic and political implications. The IMF was overwhelmingly the major avenue by which the US government influenced economic policy in Latin America. (Zmag.org)
The rising stars of Asia can't carry whole show Jan 24, 2007
A devastated nation after World War II, Germany latched onto the U.S.-enforced gold standard the Bretton Woods system and kicked off two decades of export-driven expansion as spending on the Korean War in the 1950s helped to restart factories across Europe. 1. (International Herald Tribune -- Business)
