24 Burst results for "Bretton"
Novichok-tinged bottle found in Navalny's room: colleagues
"Opposition leader Alexei Navalny says a bottle of water with a trace of Nova Chuck nerve agent was found in his hotel room after his poisoning. Here's correspondent Charlie Dagon fell violently violently ill ill on on a a flight flight from from Siberia Siberia last last month. month. It It was was later later airlifted airlifted to to Berlin Berlin for for treatment. treatment. It It was was originally originally thought thought and and overcharge overcharge had had been been slipped slipped into into his his T T of of the the airport airport before the flight. Never a likely scenario, says chemical weapons expert Hamish de Bretton Gordon putting on the bubble with ensure but about the poison himself because it is that dangerous. Absolutely a single molecule of nine shot should be enough to kill somebody. Theocratic. Lynn has denied any involvement in the poisoning of President Vladimir Putin's fiercest opponents. The same chemical agent was also used in the March 2018 attack on a former Russian spy in England.
"bretton" Discussed on WGN Radio
"You downers Grove, Bretton Downers Grove had a question about credit cards, Can you Fill our listeners in on what Brett contacted you about my friend. So I got a call from breath during the week was a long time listener of the show, And he's heard me over the years say to never ever closed a credit card, but he was wondering how much of a hit he would take on his scores. If he closed the credit card he's had for two years, charging an annual fee, a monthly maintenance fee and 32 a half percent interest on unpaid balance. This is a good question, you know, and sometimes, David, when you're trying to build your credit, you need to take accounts like this just to get any type of credit on your report as quick as possible to help enhancer credit scores. So when Brian opened up this account two years ago, he had no opener active credit, which meant he had low. Fico scores are no score whatsoever. Since that time he's got in the car alone. Three other credit cards that are all in good standing, so his scores are pretty good now, and he really doesn't need this card anymore with all these ridiculous fees, So what I had him do before he closed the account. Was to apply for a new credit card from a company I sent him to, and to call his three existing credit card companies to request credit limits increase on each one of those so each one of those three accounts increases. Woman $500. He got approved for the new credit card for $1500. So right there, we're talking about $3000 in additional credit that's going to show up on his credit report. Then I had them closed this account that was charging him all his fees that only had $1000 limit. So following my advice gave him more credit than he had before. So even though he closed that account, his scores actually increased. So you can get around closing these credit cards. You know, there's a way to do everything so you don't hurt your credit score. It's amazing. For any questions on this type of situation or on your credit or credit scores. Call me at 6306.
Why Is American Money Used Around the World?
"As of January twenty twenty Japan and China each own more than one trillion dollars in US Treasury securities followed by the United Kingdom With three hundred and seventy two billion dollars and Brazil two hundred eighty three billion according to the International Monetary Fund more than sixty one percent of the world's cash reserves are held in dollars. The euro is in for second place at twenty percent when even an economic powerhouse like China holds a trillion. Us Dollars Reserve. That's a good sign that the dollar is still considered the mightiest of the global currencies. But the dollar wasn't always the world's defacto currency so what changed before World War. Two all global currencies were backed by gold and each government. Guaranteed that it's money was good for certain amount of gold then came the Bretton Woods Agreement of nineteen forty four which created the World Bank and the International Monetary Fund and also established the US dollar as the new gold because the US held most of the world's gold supply the dollar continued to dominate during the post World War. Two boom years. A We spoke with Jonathan David Kirschner a professor of Political Science and International Studies at Boston College. Who Co edited. A book called the future of the dollar he explained the rise of the dollar order was on four pillars the robustness of the US economy the widespread belief in the American model of finance the wealth of US financial institutions and America's leading role in international affairs Kirschner said most of the world's monetary relations were orchestrated between the US and its political allies and military. Dependencies it was natural to be conducted in dollars. The Bretton Woods fixed exchange rate scheme collapsed in the nineteen seventies when Richard. Nixon took the dollar off the gold standard during a period of domestic inflation and many industrialized economies chose to float their currencies on the open market. At that time some economists began to predict the downfall of the dollar not that it would lose value but that it would lose. Its dominance as the world's de facto currency over the decades. Most of those pillars that made the dollar king of the postwar Connie have been toppled recessions stock market bubbles and the global financial crisis have revealed cracks in the American financial bottle and the US has lost some of its political dominance with many governments and corporations choosing to do business with China or Europe instead yet the numbers show that the dollar is still the currency that nations and individuals turn to as a safe harbor in economic storms. Kirschner said the ultimate reason is a simple one. The lack of plausible alternative. Not The dollar. Then what there have been periodic calls to shift more Reserve Holdings to the euro the Chinese are mb or even back to gold but the dollar still reigns supreme when countries shop for a reserve currency that stable secure and liquid that is easy to convert back to local money. The dollar is still the default in fact some countries such as Panama and El Salvador use the US dollar as their own legal tender the US government doesn't have to give approval for another country to use the dollar as its official currency. So what about a one world currency not going to happen? Kirschner says the first reason is political. There's simply no political will to have one world government or one world currency the second reason we won't see an earth dollar anytime soon or the whole world using the US dollar for their official currency for that matter has to do with an economic theory called optimal currency area. That states that a single currency only operates effectively over relatively small geographic area the size of a country for example not a continent or the world. That's because different regions might be experiencing very different economic conditions at the same time. One Country might be in recession. While another is booming. Kirschner said if you only have one money in the whole world and you only have one monetary authority which means you only have one. Monetary policy in reality different regions or countries would need monetary policies more tailored to their individual needs. That's one of the reasons why the euro hasn't supplanted the dollar as the defacto global currency the Bureau Paean Union itself is not an optimal currency area. It's too spread out. Which means that. E with authorities have to enact monetary policies that somehow serve economies in very different financial conditions like Germany and Greece.
Monetary Base Companion - 2019 Q3
"Going to keep this relatively quick. Hopefully I always say that. And then blabber about a lot of things that get on these tangents but The tweet storm the tweet thread. Recording this on the same day was released November Fifth Breath Twenty nineteen. And that's the that's the data that Always Sophie curious how this works. This is just a snapshot so All all of the supply data the inflation data comes from central banks as of the month before the quarter end before which is obviously September. Are Two thousand nineteen but we do have the FX data if anything has sort of changed the pricing data specifically for Bitcoin as has You know even the last month and for Bitcoin even this day so when you look at the table All the pricing data for Bitcoin will be as of November fifth and and all the percentage of sort of go from there obviously bitcoin's a bit more volatile more price action than most currencies So so that's how that's how it works. I'm going to go through as I said. Just a couple couple of the tweets couple of the charts and And then that'll be it You know we. We've said this a lot and I have to really say it every episode where we We review the monetary base update. But just to remind you The monetary base. We've been positing for pretty much. The entire existence of the show is the only money supply economically compares with Bitcoin. Why because the monetary base is the money supply? That is its own thing. There's no claim there's no third party. There's no visa. There's no mastercard. There's no check there's no there's no credit card. There's no debit card. The money supply. I that is the monetary base. It is its own thing. So golden silver represented that in the past silver more anciently than gold sort took over in the eighteenth nineteenth twentieth centuries and then During the course of the twentieth century wars and Bretton Woods awards and US The mighty dollar taking control of the Global System in the global financial system completely when Nixon's severed the gold supply Sorry Gold Window. Gold Redeem a window in August fifteenth. Nineteen seventy one The dollar took over completely and other Central banks thanks realized that they could make their own monetary basis float In many did from that point on there was no Connection to gold at all So from Nineteen seventy-one Global Fiat. That is called the monetary base. Where do we find it on the liability portion of the central bank's balance sheets That's is the money supply the compares with Bitcoin and then obviously You know forty years on from from nineteen seventy-one we have We have bitcoin being released so bitcoin itself is very unique Obviously very unique for financial world. But if you want to try to understand Dan you want to compare it. You WanNa look at. What's going on the monetary world? You need to look at credit cards debit cards. Checking accounts savings accounts announced time deposits. Those things are thank money and I'll have something to say about that in a second They're not state money. They're not not monetary monetary base. They're not money. That is its own thing. Absent of any claim That's that's that's the key difference between your checking account credit cards so on and so forth and and base money or the monetary base which. bitcoin is so we track it. We You know we're we're continuously expanding it right now we're at the top thirty Fiat currencies in the world top thirty floating Fiat currencies in the world. That's another another important distinction just to keep it all straight so the dollar the euro the yen the UN the Indian Rupee Gray pounds so on and so forth If you add up the top thirty floating currencies and then add up all of the other currencies that are pegged to those currencies. You get something. That's about ninety five percent of global. GDP eighty eighty percent of the global population. So it's not the whole world but it's pretty darn big economically and It can give us an idea idea of what we're talking about when we say that bitcoin these scale to be global money. It's a global monetary base. That is it. That's the money supply. All right what does it comprise and Fiat world. Two things primarily cash in coin which you know cashing corn in your wallet. You know everything that you take out of. ATM EVERY EVERY GROCERY STORE. If you make change all of the Physical cash currency is floating around the world dollars euros yen. The paper notes the coins as well. Even those are quite small token these days. The cash coin the value of that together is part of the monetary base. And then the other part. It's a bit more confusing. The other part is what you call commercial bank reserves and I always say this just to keep it simple Imagine you have your own bank account with your bank. Well every bank in the system in the world so it works today. They have an account with their central bank and that account it's called the master. Count the Reserve zurve account the Commercial Bank reserves if you aggregate them all up. It's that is the Commercial Bank reserve portion of the monetary base and. That's that's so there's physical and digital physical currency and digital currency and for a decades that split roughly eighty twenty That tweet Those two tweets are tweets eight and and nine You know the split was roughly eighty twenty physical to digital but then obviously the global financial crisis and the slide Central banks intervened much more pump liquidity into the system. And what that means is when they said what that means we say printing money that means literally adding adding By the stroke of Pan Stroke of a key adding thank reserves to central banks. And that's the monopoly power that they can do. Don't worry about necessarily even how they do it. They do it simply by buying assets maybe they buy bonds from banks maybe by something else from a bank but basically the Fed can automatically just swap swap. Whatever sort of asset a commercial bank is holding? Maybe it's a it's a it's a bond government bond doesn't have to be government bond they can also go directly To even other holders like the Bank of Japan they They buy equities can buy whatever they want and when they do that transaction They you you know it's it's it's their impetus it's that they're the sort of the starting points chicken and the egg thing they they are the ones that initiate that process they At the end of the day can add or subtract reserves to the bank account of all the banks In the world. That's how the that's the central banking system works so it's two components. It's that digital portion. The ledger portion that master count and then the other portion is physical currency physical cash and coin. I mean that literally they you know. They print and PLO around society it was eighty twenty and now It's something like Thirty five sixty five thirty five sixty five only thirty five percent physical sixty five percent digital Again we have to put I should say You know when when we compare all these different monetary basis you know get the Polish Lodhi We got the Mexican peso. ooh Indonesia rupiah we have the Indian rupee type Bhatt Argentine peso. He's all different currencies right different units of account so we need to put them into a standard unit. The county unit of comparison. Obviously there's only one choice in the world today for that the US dollar we could put it in euros. We we could convert all of those into euros but that Uh doesn't completely cut it The yours very strong currency. It's huge It's actually monetary basis bigger than than the dollar than the Fed's Fed's monetary base The survey's about three point four two trillion dollars the. US is three point two one as the last quarter so we could would put everything in euros but obviously just make sense with a unit of comparison. You've account to put it into dollars so when you when you look at all the different monetary bases as you convert them all to trillions then convert them all the dollars you get a number right now as of Q.. Three Twenty nineteen eighteen point eight four trillion eighteen dollars that is the global monetary base as. We calculated that. Is the money supply the compares to Bitcoin. Join now for those of you. That have been paying attention. You'll notice that's that's is going down slightly over over the past couple years about two years ago. Go In dollar terms the monetary base topped it was at its all-time high
"bretton" Discussed on NutriMedical Report
"And welcome back and we have irish language again. <hes> i wanna put together something together. I'd like to actually send me some ideas pointed to talking points and i'd like to collaborate. I'm putting together a third way which hoping trump will actually <hes> institute silver is a way to bring the world economy to get an just for america russia and china which the main players but every nation on earth and beltway as part of that plan but we need to be innovative so we don't stick to the old ideas the bell l. bubble economy which is basically in the sense in a dying phase right now. It's basically like somebody who has terminal cancer life. Ruth gator ginsburg into the world economy has a terminal phase of economic pancreatic cancer metastasized and we can't say oh well. They're going to be fine next week for their bursting other. Not the economy is dying and it's just a matter of its internal state. We need to reinvent so he can regenerate that person kill off the cancer with per se my nutraceutical we need economic version of minute cancer vaccines and so on and and part of that is wisconsin lee hamiltonian system get rid of the bubble economy decide to actually you know protect not only intellectual property of us are collaborating on major projects like energy for example across america in china. They wanna build the tokamak fusion reactors. Perhaps absolute future china be major manufacturing sites. We get rid of our you transformers and put high speed rail. Eh put plasma lines across the country so we're no longer dependent or even even endanger of seeing me from the sun ornate at attack by cyber hacker or e._m._p. Weapon like a weapon of indignation. We need to realize that if you want to stabilize world economy me we need innovative selves into twenty-first-century that stable for expanding population and also stabilized ecosphere against ecological things that may happen to the plant. We're not in control of bill. We russa's already put together on the what you would call a third way and it starts with the following basic point. Go ahead. We need to go ahead and break with the post. Bretton woods system which we've been under since nineteen seventy-one right exactly is is that we have a series of very large banks. Maybe twenty twenty five banks that dominate world finance these these banks are mostly holding huge volumes of uncollectable and unsustainable assets and instead of putting them through bankruptcy reorganization..
An Interview with James Rickards, Author and Financial Forecaster
"It tonight's guest James records is the author of a book called aftermath seven secrets of wealth preservation the coming chaos will bring him in just a moment I want to remind you that tomorrow night we are going to be talking about UFOs on the program Tom carrion don Schmitt will join us they are authors of a book called UFO secrets inside Wright Patterson of course Wright Patterson is the airforce base that we've talked about quite often on the program it's considered the area fifty one of the east and they're going to present eyewitness accounts from what they consider to be the real area fifty one that's tomorrow night's program but again tonight we're talking with James records he's an author and a financial forecaster his website is James records project dot com you can go there and get a lot of information about his work including all of his books he's got several to his name we're talking about aftermath seven secret seven secrets of wealth preservation in the coming chaos other books that Jim is written the road to ruin the death of money the new case for gold currency wars and Jim these books that some of these books kind of all our our current commit companions to one another I think well that's right the for the for the ones you mentioned JV so currency wars the death of money the road to ruin and aftermath are actually the International Monetary quartet so it's kind of volume one volume two line three vying for now done and ma'am I'll read other books but this this quartet suit she could you have come in the box set as it were any resemblance to the four horsemen of the apocalypse is strictly intentional they they go together but what they do is they form a expect chronology your crown log of the of the decade following the the financial crisis now they go back in history talk about a man I would go back to Charmaine it was inventive Q. weeding out on that in the a sentry a D. he switch from the gold standard was silver standards we could increase the money supply this is a lot of history yes certainly through Bretton woods and they Kerr source or in the twentieth century but bring the story forward go through them for gnocchi Janet Yellen now J. pal bring a completely up to date there's a lot of the new book aftermath about that obviously the trump administration trump budget so forces so they do pull together but the US to stand on their own aftermath being the latest volume is in some ways cumulatively picks up a lot of the material in the in the early ones this is basically just follows this this ten year story this road we've been on then you know you were asking earlier about what I call the coming chaos or a new financial crisis and what's gonna check with with us going to be like so I mean we so we talk so for about a week we cover yes we had a recovery but it's been very weak we said that the fed is not ready for the next crisis because they never got their balance sheets back to normally never got interest rates back to normal so they put out the fire a little bit two thousand eight two thousand nine but they're not ready for the next one and then we talked about the debt the debt overhang as impediments to growth so we can't grow our way out of it we have that much that you'll have three choices you can default well we're not gonna talk as we can print the money you can grow your way out of it but when I get in the growth we've seen that and also the debt is an impediment to growth the third way on the one I expect instant again the American way is inflation now we know how much inflation right now and we haven't for the last ten years but it's the only way out mathematically and historically so you know get ready for it'll be I would say it's a sad day when the central bank once inflation they can't get it but they will keep trying and events of we'll get there but certainly questionable what else is out there what else is on the horizon it is going to trigger prices of margin about we're describing the first big thing and I think investors are are pretty familiar with this so called passive investing indexing now what is that mail about forty years ago Jack Jack Bogle invented the the index on and it basically says you can't beat the market in a stock market goes up it goes down but you know unless you're a real insider you you can't beat the market and if you try you're probably gonna buy high sell low and lose money so what you should do you should match the market put your money in a fund that just duplicates the market and go along for the ride you'll both be us and asked if you hang on long enough buy and hold eventually it'll go up to make money the peas are less and that's the way to go well it's a little bit I analogize this to Miskito landing on the back of the now if that's what happens when the skater lands on offense well this year that's a good meal and they often doesn't notice is element of notice a single mosquito what happens if the million Miskito slammed on the offense well the answer is the elephant dies in other words the miscue is a parasite SIPRI rider one or two or even a somewhat large number can get the free ride but there comes a time when you kill the elephant we're now at that point department terms of the best investing index funds so called exchange traded funds or ETFs are just manning and excellence of a smaller index of stocks that they're the basically the same thing all of these funds and and we're talking trillions of dollars now way over fifty percent of all the investment stock markets are free riding on home who's who's the elephant and just about all the metaphor we open as the active investor the investor comes and yeah doesn't somewhere does this research looks upon the mails and says I'm
An Interview with James Rickards, Financial Forecaster and Author
"But again tonight we're talking with James records he's an author and a financial forecaster his website is James Rickards project dot com you can go there to get a lot of information about his work including all of his books he's got several to his name we're talking about after mass seven secret seven secrets of wealth preservation in the coming chaos other books that Jim is written the road to ruin the death of money the new case for gold currency wars and Jim these books that some of these books kind of all our our current commit companions to one another I think that's right the for the for the ones you mentioned JV so currency wars the death of money the road to ruin and aftermath are actually the International Monetary quartet so it's kind of volume one volume two line three vying for now don and ma'am what other books but this this quartet suit she could you have come in the box set as it were any resemblance to the four horsemen of the apocalypse is strictly intentional they they go together but what they do is they form a chronology your crown log of the of the decade following the the financial crisis now they go back in history talk about a man I would go back to Charmaine he was inventive Q. eighty on that in the a sentry a D. he switch from the goals as the summer standards we can increase the money supply this is a lot of history you know certainly through Bretton woods and they Kerr source or in the twentieth century they bring the story forward go through them for gnocchi Janet Yellen now J. pal bring a completely up to date there's a lot of the new book aftermath about that obviously the trump administration trump budget so forces so they do pull together but the US to stand on their own aftermath being the latest volume is in some ways cumulative it picks up a lot of the material in the in the early last please see basically just follows this this ten year story this road we've been on then you know you were asking earlier about the what I call the coming chaos or a new financial crisis and what's gonna check with with us going to be like so I mean we so we talk so far about the week we cover yes we had a recovery position very weak we said that the fed is not ready for the next crisis because they never got their balance sheets back to normally never got interest rates back to normal so they put out the fire a little bit two thousand eight two thousand nine but they're not ready for the next one and we talked about the debt the debt overhang as an impediment to grow so we can't grow our way out of it we have that much that you'll have three choices you can to fall well we're not gonna talk as we can print the money you can grow your way out of it but when I get in the growth we've seen that and also the debt is an impediment to growth the third way on the one I expect instant again the American way is inflation now we'll have much inflation right now and we haven't for the last ten years but it's the only way out mathematically and historically so you know get ready for it'll be that I would say it's a sad day when the central bank once inflation and they can't get it but they will keep trying and eventually get there but so then the question well what else is out there what else is on the horizon it is going to trigger prices are emerging about we're describing the first big thing and I think investors are are pretty familiar with us the so called passive investing indexing was that male about forty years ago Jack Jack Bogle invented the the index on then it basically says you can't beat the market in the stock market goes up it goes down but you know unless you're a real insider you you can't beat the market and if you try you're probably gonna buy high sell low and lose money so what you should do you should match the market put your money in the fund that just duplicates the market and go along for the ride you will be absent ounces you hang on long enough buy and hold eventually it'll go up to make money the trees are less and that's the way to go well it's a little bit I analogize this to I Miskito landing on the back of a no offense what happens when the skater lands on offense will miscues gets a good meal and they often doesn't notice as delta doesn't notice a single mosquito what happens is a million Myskina's land on the elephant well the answer is the elephant dies in other words the miscue is a parasite disagree rider one or two or even a somewhat large number can get the free ride but there comes a time when you kill the elephant we're now at that point department terms of the S. investing index funds so called exchange traded funds or ETFs are just manning and excellence of a smaller index of stocks but there is the basically the same thing all of these funds and and we're talking trillions of dollars now way over fifty percent of all the best in the stock market our free riding on home who's who's the elephant and just about all the metaphor we open as the active investor the investor comes and you know does a somewhere does this research looks upon the miles and says I'm going to buy the stock or sell that stock at center and your capital committed when you're the active investor you're committing capital taking risk you're engaged in what's called price discovery and the pass upon this free riding on you the year the often the best upon this Miskito we're getting close to the point where we have all the ski there's no elephants in other words is active investors are disappearing so what happens when there's a market correction I'm not talking about you know with the nineteen twenty nine that could happen but just as the market went down ten or fifteen percent not gather momentum what would happen well dusters panicked they call their pharmacy give me my money back but it was the best description of a mass panic I've ever heard everybody wants our money back here it just doesn't matter so everything stocks bonds whatever giving my money back when you do that the the the fund manager whoever is managing the passive they have to sell the stocks to get you your money well think about the dynamic now the market's going down at war they doing they're selling what is that makes the market go down more was that two people panic more they want the money is somewhere she get in this kind of death spiral of selling market declines now the active investor used to be the hero who would run and say okay everyone selling I'll be a buyer you know I'll stand up to this bar because I see some bargains but the active investors gone the old instead and this is going to go straight down it's gonna be a no bid and now you are talking about fifty sixty seventy percent decline Sullivan I put over weeks or months of the time we did see in nineteen twenty nine so this this idea that you can free ride on the market with an index fund it's true for the first guy has been true for decades it does work but there's a tipping point there's a inflection point where it it becomes the market there are no active investors left and you just go straight down the panic so that's that's an accident waiting to happen is this is not a warning about what's going to happen in ten years it's there to the is it could happen tomorrow not predicting it will although it could naturally the point that's just one more more more of fuel on the fire so stock markets up and down in that happens obviously that's not necessarily chaos in the economy what are we looking at it in but I guess I would consider to be a worst case scenario well when this happens everything I'm describing comes together and there's another component to it a financial warfare which we can talk more about but what happens is you know when you're in a kind of my positions are you an author your public speaker yep consulting class people love to put words in your mouth and they say you know well do Jim occurs as the world's coming to an end so everything by gold I've never said any of those things will start coming to an end Tunstall sell everything diversify your portfolio yeah I like golf has some gold your portfolio by ten percent to plan a don't you know don't go over board so there are ways to survive as to what's going to happen it's not the end of the world is not Mad Max it's not you know the comic McCarthy's novel the road which is the other world in the aftermath of a of a complete catastrophe but it is different and if you want some models certainly one would be Venezuela where you know use the supermarkets are still open but the shelves are bare and the police still in uniform but they don't do their jobs and the power grid goes on and off and the transportation network for expense you still have the and so the that's a structure but it's not working and if you want a really good example and I I read this and I said yeah this this person's god that there's a there's a book called the mandibles it's a novel it's not economics book it is it's a novel by Lionel Shriver who's an award winning author she kind of picked up on what I talked about in my first book currency wars which which is non fiction and that she quoted me and the insured or book which is very kind but she paints a picture of the United
Could the Great Depression Happen Again?
"Hey, brain stuff. Lauren voelpel bomb here. If you live through the great depression, that started in the late nineteen twenty s and lasted until the beginning of world or two, it's hard to imagine just how rough many ordinary Americans had it at the depressions peak in nineteen thirty three the nation's gross domestic product have been cut roughly in half and nearly one in four American workers was unemployed since they didn't have money to pay their mortgages, the foreclosure rate more than doubled, and people who lost their homes found themselves, arresting cardboard and scrap wood shacks and living in camps notice, Hoover villes on the edge of towns and cities, named after president Herbert Hoover who many blamed for the depression, in an interview published by the Federal Reserve Bank of Saint Louis in two thousand seven two men who survived, the depression, describe, how people around them often were so desperate for food that they eagerly routed through garbage bins at markets for discarded vegetables, and spoiled chicken carcasses, even after Franklin Roosevelt's new deal program eased, some of the deprivation the nation's battered, economy continue to struggle right up until the war. Brought a mass. Surge in government spending and created jobs at defense plans for those who didn't go off to fight overseas. But why did the great depression happen and could it ever happened again? The pressures causes have been a longtime subject of debate by historians and communists, though, there seems to be a consensus that the economic disaster was the result of multiple factors. Some of which led to the event, while others worsened or prolonged it, and while the nation's economy, the financial system and government regulation have changed considerably since the nineteen twenties. And thirties, experts warned that we're still not immune some of the same risks contributed to the catastrophe worse, yet some stakes of that era are now being repeated at the top of the list is income inequality. We spoke with Robert S MC, elven a history, professor at Millsaps college in Mississippi and author of the great depression, America nineteen twenty nine to nineteen forty one. He says the US shifted during the nineteen twenties. Twin economy, heavily dependent upon consumption of mass produced goods ranging from automobiles to radios while sales of those products. Drove up. Office for factory owners and retailers, most American workers wages grew much more slowly. Eventually he notes, people didn't have enough money to buy more things, and keep the economy, going businesses tried to cope by extending consumer credit and allowing people to gradually pay off their purchases. But they didn't have enough income to keep buying new stuff as well in the summer of nineteen twenty nine to avoid having inventory, pile-up factory started cutting back on production, and laying off workers those workers, then couldn't buy things which meant even more products piled up that started the economy on a downward spiral that contributed to a four day stock market crash in late October of nineteen twenty nine which raised a quarter of the value of the Dow Jones industrial average wiping out investors and severely damaging public confidence circa, nineteen twenties. Income inequality was exacerbated by a series of tax cuts pushed through congress by secretary of the treasury. Andrew w Mellon, extensively to stimulate the economy as one of the world's richest men Mellon personally benefited from the cuts more than. Practically all the tax payers in the state of Nebraska, as one political opponent of the Bill pointed out, ninety years later income, inequality is growing, and it's a threat to an economy, which depends upon personal consumption of two thirds of its economic output, and congress in two thousand seventeen past a massive tax cut package, which most Americans see themselves as not benefiting from. In addition to income inequality, there was a lot of investment speculation going on. There's a difference between investing and speculating, which invested pedia defines as putting your money into high risk investments in hopes of making a killing, but in the nineteen twenties, when everything seemed to be booming investors often were a bit too, trusting. We also spoke with Todd new p- a professor of economics and business at Cornell college in Vernon Iowa. He said, many people think of the dust bowl or the stock market crash, as the proximate cause of the great depression. But in reality, it was caused by the same factors that have caused financial crises throughout history in the US and elsewhere, debt financed speculation. In other words when people find it too easy to borrow other people's money to speculate on risky ventures. Stocks bonds, subprime housing, etc. Then people risk too much and prices boom, only to eventually bust decades later. Unfortunately, we're still vulnerable to that psychological flaw. Nuke said, markets are prone to. That this time it's different only to find out again. And again that it is usually not. In the nineteen twenties. The United States was also dealing with some bad Federal Reserve policy today were accustomed to thinking of the Federal Reserve, the nation central Bank as the guardian of the economy, that's because it's board could use monetary policy control of the supply of money and credit to stimulate the economy, when it needs a boost or to put on the brakes when inflation is starting to creep upward, but in a two thousand four lecture, former fed chairman, Ben banenky detailed his theory that ninety years ago. The fed dropped the ball with policy blunders that helped cause, prolonged the great depression, starting in nineteen twenty eight the fed hoping to put the brakes on Wall Street speculators who are investing borrowed money started raising interest rates that policy succeeded a little too, well as evidenced, by the stock market's catastrophic drop in October of nineteen twenty nine but then even after the stock market collapsed, the fed kept increasing interest rates, the reason was that the US like many other countries was on the gold standard, meaning that the dollar was redeemable in gold and pegged. To its value. When pennant investors started trading their dollars for gold, the fed moved to thwart them, Brennan key explained in his speech to stabilize the dollar the fed once, again raised interest rates sharply on the view that currency speculators would be less willing to liquidate dollar assets if they could earn a higher rate of return on them, but the high interest rates made it tough for businesses to borrow two whether the hard times, and many went bankrupt as a result at the same time according to banenky, the fed also didn't do enough to protect the nation's banks leading depositors to out their savings and hoard the cash further worsening the economic crisis. The US wasn't the only country with such problems. We also spoke with within you'll Klein and assistant professor of economics at the university of Redlands an expert on economic history. He said the gold standard helped things along by limited in the policy responsive nations around the world. Things like lower interest rates, and government deficit spending or made much more difficult. In addition, while Great Britain, provided global economic leadership before World War, One after. The war, the US, essentially, refused to lead despite being the new center of the world economy. Fortunately, this is one area where policymakers learned their lesson Klein said in the end countries dropped the gold standard and many engaged in deficit, spending, and monetary policy, and the US established its leadership under the Bretton Woods agreement about nineteen forty four packed created the World Bank, and the International Monetary Fund as well as eliminating gold standard internationally. On the other hand, as a candidate Donald Trump said that bringing back the gold standard, quote would be very hard to do. But boy, would it be wonderful as president, he considered nominating to the fed board, Herman Cain, who wrote in two thousand twelve in the Wall Street Journal that the dollar should be redefined as quote, a fixed quantity of gold, though. In a recent interview Kane backed away from that position. And Stephen Moore and other past gold standard advocate told CNN that he now favored, petting the currency to a quote, whole basket of commodities both later withdrew from consideration in the face of political opposition. One of the other big factors that led to the depression was trade wars, the smoot-hawley act, which was written in early nineteen twenty nine when the economy was still going strong but became law after the Wall Street crash raised US tariffs by an average of sixteen percent. The idea was to keep other countries from hurting US manufacturers by flooding the market with lower priced products. But when those countries responded by imposing their own tariffs result was a ruinous, global decline in trade, the deepened and lengthened the great depression, that bit of history, worries many people today due to President Trump's fondness for imposing tariffs in an effort to protect us industries. So many of the factors that contributed to the great depression are still risks whether they will ever combine an economic perfect storm is a harder question to answer.
"bretton" Discussed on 860AM The Answer
"Patrick fos Bretton Harrison terrace accused in the bass shootings at Tunas England mosques that left forty nine people dead has appeared in court event. It's strict security shackled and wearing all white prison. Garb he showed no emotion or the judge read the murder charge. You say then police Commissioner Mike Busch says the main suspect arrested did not go willingly into custody. That person was not willing to be arrested. President Trump says he's offered American assistance to New Zealand great friend and partner for many years. Our relationship has never been better, and what they're going through is absolutely terrible. So our hearts are with them, and whatever we can do Muslims remained on high alert and were advised to stay away from mosques who all the nation security alert remained the second highest level for a second day. President Trump has vetoed. A congressional resolution that opposes his declaration of a national emergency at the southern border using the veto pen for the first time in his presidency. Donald Trump said congress was reckless in rejecting his emergency declaration to secure more border wall money. Congress has the freedom to pass this resolution, and I have the duty to veto it at a very proud to be the president said he was elected because millions of Americans want border security, and he said the US has to confront an invasion. Of drugs guns and people at the southern border. Greg Clugston, the White House leading in the central US on Friday swamp, small towns for some residents along waterways to evacuate threaten to temporarily. Close a nuclear power plant and shutdowns stretches of a major river an interstate highway for shadowing difficult spring flooding season a high water prompted by a massive lead. What are storm put some waterways to record levels in Nebraska, South Dakota, Iowa and that a soda more of these stories at townhall dot com. Hi this. Is Alexander green chief investment strategist for the Oxford club. Just for a moment. I'd like you to picture the perfect stock. No doubt. It would have hundreds of billions in revenue more than IBM Facebook and Google it would probably be a leader in cutting edge technology like smartphones and robotics, he would be on the verge of dozens of blockbuster announcements, but most of all it would be altered cheap trading at less than three dollars a share. Now, it may seem crazy to such a stock exist. But it does he's a cutting edge tech company that has made deals worth hundreds of millions of dollars with Nokia, Microsoft and Cisco and a twenty nine point two billion dollar deal with apple it's set to create fifty thousand new jobs right here in America, and Donald Trump even calls it, the eighth wonder of the world yet you've likely never even heard of the stock why because it trades under a secret name to find out why the secret three dollar stock could help you retire. Simply go to one stock retirement dot com. That's one stock retirement dot com. New research on eggs is likely to rekindle debate on whether we should eat be eating them in the nineteen eighties eggs were widely shunned as a cholesterol rich contributed a heart disease. They made a comeback after dietary guidelines were relaxed now comes to study that comes down somewhere in the middle. The research a review of several previous studies is published in the journal of the American Medical Association. It says adults who ate more than one and a half eggs a day had a slightly higher risk of heart disease and of dying early than those who ate no eggs. So our eggs good for you or bad for you, nutritionists say neither that they can be a good part of a diet that emphasizes fruits, vegetables, whole, grains, beans and nuts. I'm Warren Levinson. Best Gators where the prosecutor's office had been assigned to help look into twenty two recent Hort staff that Saturday data the investigators will work with the California horse racing board. The most recent Horace death happened Thursday when a three year old filly broke down just past the finish line after half workout. This is townhall dot com. California's free of drought for the first time in more than seven years only a small amount of its territory remains abnormally dry is a very wet. Winter winds down the US drought monitor says more than ninety three percent of the state is free of drought or dryness and areas of abnormal dryness along the Oregon border and in parts of four southern counties to less than seven percent of the state California's drought free for the first time since December twentieth. Two thousand eleven storms have been a boon to water supplies as well as skiers and snowboarders as the snowpack deepened in the Sierra, Nevada and another ranges, but they've also brought problems including river, flooding that swamped much of the sonoma's county wine country town of Guerneville, Keith Peters. Reporting a three hundred twenty pound Florida woman has been sentenced to life in prison for killing her nine year old cousin sitting on her as a form of punishment. The Pensacola news journal reports at sixty six year old Veronica green Posey was sentenced Friday more on these stories at townhall dot com..
"bretton" Discussed on Talking Politics
"Also comes out of the end of Bretton Woods because this is a world in which you have the post would world is is a world in which there was much more currency instability. And that currency instability has the capacity in certain times to produce intense crisis. So I'm gonna ask you a final question, which I realize it's too simplistic. But if the point Brian was was to get away from the choice between unsustainable discipline or kale's. We've come back to a world where the euro represents unsustainable. Discipline other parts of the world have once again, represent this kind of volatility in K off is that because the Bretton Woods dream was a kind of luge or should we actually be saying to US House? How can we get back to what we had between forty four and seventy four whatever it was the thirty lorries is there was it was nice dream was actually the thing that we should always be striving for. I don't think we can go back there. I think that it is ultimately three decades all function of the nature of American power. Adopt middle point in the twentieth century, and that this was a world in which you had like one dominant economy to begin with could shape the rules for others that had enough in it for everybody else to cooperate and enough in it for the United States accepting that there was some constraints that went with it to maintain the system. But I think that the United States still has lots of power in any number of ways. But it does not have the power law. Gutman tain such a system not lease because other states ones we haven't talked about including China and Russia, but most consequentially obviously, China a very unhappy about world is dominated by the dollar because that causes problems for them. So now any kind of like multilateral agreement about exchange rates is going to be a lot more than. An agreement between the United States and western European stays if Bretton Woods needs a power to anchor it the power that can quit in the way that gold which isn't a power since the thing and the previous system an America conduit could another power do it could ultimately if we look at this in the long view is though the possibility of a shift to an order where China Anka's system, maybe not for the whole world. I was in Budapest recently in the thing that most struck me at the airport was the first advert UC is full the Chinese currency being pitched to the Hungarians a something that they should think about buying. I think that take things true here. First of all is that China doesn't have a currency that is completely convertible. So it does have aspirations for its currency to be much more international than it is. But it's a long long way from being able to do that. And the thing that the Chinese concentrating more on at the moment is trying to make sure that they can buy oil gas, not in da. So they're in a more defensive mode. I would say about that. But I think as well if you if you eat some of the things that are in China about this question, they're very wary. Even in the very very long-term about any idea that they didn't have the international currency because if you look at the story of the states with international currencies, it doesn't last it causes domestic problems that have then got to be managed because they China not want to be America, actually, America is the morality tale hair. You get too much power and people hang too much on you. It is the question in a way. And I don't know what the answer to this. But it's interesting to think about is. It was the system doomed because of this choice. The Americans didn't meet it was the wise choice of saying the dollar will be the international currency..
"bretton" Discussed on Talking Politics
"I think that the goal states the case, but there's no doubt that the war in Vietnam. Speeds up the end the person wins. What replaces it? It's kind of perfect storm in a way, you go nam you've got the oil crisis. You've got messed it political pressures in the United States. He got the changing nature of the international economy as we move through the nineteen seventies. What replaces it and also what remains of it because it will the institutions continue the World Bank the Amer well institutions did continue and that remains till this day. I mean, what happens in terms of exchange rates is really that. They response the primary sponsor to the end of fixed exchange. Rates comes in in Europe. It comes within the European Community on the view that if the International Monetary auto is gone, then east European tree order of some kind. And so they basically try to create a pegged exchange rates between themselves. The first arrangement is called snake. It's quite loose. Systematic actually one form of exists in the last month of woods as well. In nineteen seventy two. But it stays into the postpartum woods will. But then runs into what's going to become the new problem for the European states is is now won't European currency. That has a lot more credibility than the others in. That's the Deutsche Mark. So then it becomes a question of how are these other European countries states going to peg their currencies to currency that has more intrinsic value of credibility than there's? So the snake breaks down the European monetary system with the exchange rate. My centerpieces created as the next version of the European montre? Would that begins in in nineteen seventy nine that allows for a reasonable amount initially of flexibility in the system that version of the effectively ended when France will meet on the French president realizes that he can't pursue his micro economic policy that he would prefer to inside the constraints of the exchange rate mechanism and then moves to Apollo. See of essentially saying, okay, we'll try to make the French Frank as hard as the which Mark that doesn't really work on French frustration with that is what leads to lead to the creation of the euro. So there's a there's a very clear story that runs from the end of Bretton Woods to the creation of the euro. The European story news, though, them arrival will move mirror image story. In other parts of the world is developing world were in the absence of fixed exchange rate. You do go back too much much move over to the crises including currency crises that coma spring up overnight. And as while Europe tries to replace one former stability with another potentially unworkable almost ability the rest of the world is facing up to the old volatility. Again, it is because one of the things that also happens in the wake of the end of Bretton Woods. You can see the beginnings of it already in the last year that person was really takes off after the end of Bertram woods is the growth of international capital markets in the ability of states to borrow large sums of money because one of the things it's true about the Bretton Woods years is most governments Ron. Balanced budgets. If you look to the Latin American states, they didn't really have much choice because I was shut out of international capital markets. What you have in the nineteen seventies is a number of developing countries tended to be at the higher income and not the very poorest countries. Suddenly had access to much more credit credit bubbles various kinds were created. And they ended up with debt crises that will made much much worse. Because much of the money was borrowed in dollars the dollar now. Become a much more volatile currency by the late seventies early eighties. When Paul Volcker took over at the Federal Reserve bought the dollar went soaring up as a consequence of that number of Latin American countries with precipitated into an intense debt crisis led by Mexico when it defaulted in nineteen Ninety-two, and that's developing countries debt crisis which dominates the decade of the nineteen eighties. Four quite number of countries with long term consequences..
"bretton" Discussed on Talking Politics
"System on you on a slippery slope in this thing is going to undo anyway, can you can you get it back because isn't the domestic politics, basically impossible. It is. I think what happens in this respect is that when it comes into office in in nineteen sixty nine. Hey speeds up the end of Moore's I think it's possible that another American president would have dragged the system on for longer. But with the AllState, domestic Nixon, simply not willing to do that. And he's probably not willing to do that. Because he's already challenging parts of the international trading order when he runs for office in nineteen sixty eight because he's making a pretty protectionist message, particularly directed at textile producers in in the south because the other side of the way in which the international economy words in the fifties. And the sixties was the Americans turning a blind eye to protectionism both from the European Economic Community as it then was in particular from Japan and Nixon realizes that there's votes to be had in not tolerating that. And that sounds familiar today. All right. From clear parallels because of their is American trade deficit on and off during the nineteen sixties. But by the time you get to nineteen sixty nine got bigger. I think Nixon doesn't understand this is going to get even bigger in the nineteen seventies for the very simple reason that from about nineteen seventy onwards, the United States has to import more and more real. And so the more the US has become an oil importer which happens to seventies the bigger the US trade deficit is going to get now Brennan woods are being conceived in a world in which the Americans to lodge traits. Plus is why IDEX X why thought the dollar not only could be should be the basis of the International Monetary system. Not world is disappearing. Now, Nixon was particularly sensitive to all the domestic constraints that we're going to come with that in partly. He was extremely concerned about interest rates because in his mind, the Federal Reserve Board costume the election against John. Kennedy back in nineteen sixty by raising interest. Rates in the in the run-up to it's always absolute determined that wasn't going to happen to him in run up to nineteen seventy-two, and you could say didn't need to worry given that George McGovern was his opponent. But we know warrior. Attributed other things that didn't do many favors basically Nixon plays. The part of American president who says we are not going to accept the domestic constraints that come with this for us and he unilaterally without any consultation with anybody ends dollar goal convertibility in August, nineteen seventy-one that's the birth Mer. Well, it's patched up in this sense. That fixed exchange rates system continues are devaluations against the dollar Nixon, essentially puts tariffs on goods coming in from Europe, and Japan and says, they're staying there until you devalue, he gets devaluations in something called the Smithsonian agreement and the system sort of carries on in a patched up way until March nineteen seventy three, and then it becomes clear that there's no longer the will any longer to maintain fixed exchange rates and not as when that system, and I think that is the point when you say Britain is over one more question about the breakdown before talk about what came after the United States was doing Nixon came into. Office was fighting extremely expensive and ultimately unsuccessful war in Vietnam. Does that have anything to do with the breakdown? I think that it does. Because there's no doubt that is one of the sources of inflationary pressure in the US economy is that both particularly Johnson wanted to fight that war without raising taxes at the same time as it was financing. The the great society about meant United States was going to borrow that was partly what the goals critique is about the goals. Kind of saying you abusing your position in the system because you shouldn't be doing. These do goal was deeming is fabulous things, including ultimately for the one name was feckless as well as everything else, reckless at least if not feckless, and that you cannot be the power that is supposed to maintain this International Monetary order, if you simply the power also the power that is behaving in this way..
"bretton" Discussed on Talking Politics
"It was a side effect of a different kind of politics. Yeah. I think the question of like how much the brushing woods order itself contributes to economic success for western Europe in particular, seven Japan of the Bretton Woods years is is really quite difficult question to unravel. I think that it's fair to say that it helps in reducing problems of financial, instability and currency instability. And that which we haven't talked about so far the capital controls provisions of Bretton Woods, allow states to control the movements of capital in and out of their economies in the case of western Europe that meant short-term flows in and out for the most part in. Tighly reduces the financial instability that characterize the gold standard in the nineteen twenties in this respect. So I think that it's also the case that the sense that the Americans were providing by one means or another, and it didn't turn out to be the IMF rarely turn out to be Marshall aid support for western European economies is an important part of their success. And indeed, I think that there was particular support given to the the west German economy by the Americans in one way or another during those years against I'd say some of west European success is simply rapid economic reconstruction after the devastation of the war. We would expect as long as you don't want to another catastrophe that you will get a period of rapid growth. The other thing. That's true. Is that as period of low oil prices, the Americans are still the most significant oil producer in the world. And they are able to keep prices. Relatively low, and it's not entirely coincidence that but in woods comes career in the Royal so to speak and oil comes Karoon off the rails in the nineteen seventies. At the same time. Cooking politics is brought to you in partnership with the London review of books. Let's make sense of the unraveling. It was would you agree? It was until it stop being that success story. It is a success story on surface. I think to the point when Roma stops in an and I think when you move to floating exchange rates in March nineteen seventy three I think that the the complication of of simply saying, it's a success story is that a does have to be patched up in. Various what seemed like technical ways are actually getting really structural foundational problems really from like nineteen sixty one onwards because the post system in terms of exchange rates has to run on this idea belief of others that the dollar can be convertible into gold at thirty five dollars an ounce. And by we time, we get to nine hundred sixty nine hundred sixty one that promises not redeemable the United States simply doesn't have enough gold and. Order to do that. And that's not an accident. It goes back to the problem that I said earlier in the end, but in which created I'm where did there wasn't enough dollars? All there wasn't enough gold. So if you're gonna say international trade is going to grow, which is a good thing and was important part of the economic success. Most of the international trade is going to take place in dollars that very success actually causes a problem for the exchange rate part of it because the more successful international trade is done in dollars the less goal that will be in order to back. So what you see through the nineteen sixties ferris attempts by central banks oversee co tonight by the Federal Reserve Board to try and patch this up, but you have quite considerable political resistance to that in France when the goals president who would hold these press conferences, and basically demand that French dollars turned into go because he says the US is destroying the monetary. Order by running the American economy in a way that makes the dollar inflationary. It's not the Americans. In this respect. There are things that the Americans do that contribute to that issue. But they underline problem is this misaligned relationship between Dollond gold because the other thing that it looks like from the outside that is the inherent tension in the system is the dollar is playing the part of gold, but the dollar is also the domestic currency of the United States, it subject to the domestic politics United States, and they may be international pressures, but they're also domestic precious that produce inflation. And once the dollar can no longer be tight gold in the way that it was at the beginning of the.
"bretton" Discussed on Talking Politics
"With loans now, an International Monetary Fund, the IMF and not been out with enough capital to deal with the volume of dollar supply that was required in Europe. But there was also another problem by this point. That was that Franken Roosevelt was dead. The new president Harry Truman was a lot less. Keen on the Bretton Woods arrangement. Stan Roosevelt had been appointed people to the treasury who didn't like it. The man who had been put in charge of the IMF was Dane, Harry, Dexter white put by this point. He was under FBI investigation for being a communist spy, or at least for passing classified documents to the Soviet Union. So when it came to the crisis that you're faced in nineteen forty six nineteen forty seven still going into nineteen forty eight is a two ministration chose to deal with it via the Marshall plan and not the IMF. So that multilateral rules. That would have applied under the I'm after didn't come into it. And the Marshall plan was a series of bilateral agreements between the Americans and individual European states to which some quite strict political conditionality, whether tacit of explicit could be attached something that couldn't have been done. The was just politically discredited by what had happened to Harry, Dexter white. So that's. The Marshall plan is is a defeat for an important aspect of what person was supposed to be that leads onto my next question. Which is what's the relationship between Bretton Woods and the Cold War because you nineteen forty four the Soviets presumably were not at Br moments. Were they play much. So they were would name, but the post will world is divided world. So Bretton Woods. Also, the international financial system for quote, unquote. The west Jay politics of this are interesting because both the Soviets and the Chinese were represented, by some woods. And obviously by the time you get to the nineteen fifties. Then then part of this multilateral International Monetary and trading order and at the same time, obvious reasons. Germany, and Japan were no, fresh moods. I'm by the nineteen fifties. They all part of that order. They are incorporated into it. So better is conceived in the pre code will world, and before there's any sense whatsoever. That Germany is going to be reconstructed and deed Howard X whites master so to speak and Morgantown once literally Germany to be destroyed many wants to turn it back into an agrarian economy that is the basis of dealing with Germany. But moods treatment abandons all that treatment moose for policy support the industrial construction of what was going to now be west Germany, indeed to make west Germany the engine of growth industrial growth in western Europe. So what remains at Bretton Woods after the nine hundred forty seven nine hundred forty eight crisis at brings about Marshall aid is reinvented in the nineteen fifties. I mean, the exchange rate system stays in place, but the whole geopolitical logic of is changed, but leads to my next question because I think for many people for whom the Bretton Woods period is is golden time that they back on one volley this oh with particularly in Europe. But sometimes called thirty glorious years of significant rapid economic growth, but relatively full employment as well the correlation there, the thirty years of the Brentwood era coincides with this amazing period for western Europe, secretions not corporation is this actually just a Coen. Instance, because what you've just described a bit like the original woods plan was more. Like, maybe what we associate with the IMF today was was more staring in some ways. More punitive. The great success of European reconstruction was not Bretton Woods..
"bretton" Discussed on Talking Politics
"It had a fixed exchange rate system, and it created the international financial institutions, the IMF and the will Bank. I think that if it has an idea at it's har-, it's an American idea as the idea of how it the white who was its fundamental architects, even though John Maynard Keynes would like to think then he was would've liked of. He was and that is that the world needed to move back to exchange rate stability, and that it needed a trading system that was compatible with exchange rates to -bility, and that meant that the dollar had to be the centerpiece of the new International Monetary world. And that the dollar was going to have this privileged position in which by it. It alone was going to be convertible into gold affixed right for is it fair to say that it replaces the gold standard with the Dulles standard. It is an in the sense that the gold standard ended up cooling significant problems for the United States and frontier Roosevelt when he came into office made a priority to take the United States off gold. Although it is also the case that if you'd asked the European countries, particularly the British government and British officials what the problem with the ghost is they would have said in significant part American monetary leadership. But the go son of the inter-war years did not make the dollar the currency of international trade effectively words does might the dollar the basis of international trade and it tries to preserve some idea of a currency. That is still backed by metro we live in a world in which none of them all the that hasn't been given up on the idea that goes to has to play some part in the system is still quite important to Harry, Dexter white. But it has to be in his. Mind a trading order in which the dollar is importing currency and just the idea of paper money backed by metal is the basis of that that you can't just come to latte of thinner, but you can conjure paper money out in. And so the point of gold is to prevent the printing of money and the value of money. Yeah. I think that is really quite interesting question. Why dexter? Why was as keen as he was in maintaining gold as part of the system because in an important sense. The introduces the fundamental contradiction into the system by making Donna gold the basis of Bretton Woods because what it means is in this becomes quite clear. Really by the early nineteen sixties you end up having to choose between two problems. You have a world in which the of dollars in terms of those that are available to non American states or you have a world in which there wasn't enough gold, and it's one or the other. So I think the system in this sense does have a fundamental flaw to and the decks to work was proved wrong. I think in thinking that the two ways of doing it reconcilable with each other. So it's a kind of extension of some of the goals done it ideas, but it's also meant to be fundamentally different. And in some ways more flexible, right? It has moved flexibility in it than the the previous system, which seemed to offer this binary choice between discipline and collapse. Yeah, I think that that is one way of looking at it. Because in the end what happened with the Goldstone that is states. She say had to choose to maintain their currency against gold all the ended up leaving it and the point of the fixed exchange rate system in Russia woods was that. They would have the option of being able to revalue that currencies the caveat to thinking that it simply a choice between sort of chaos and instability is the ability of states to devalue was in any meaningful sense subject to American vita. So. The soap in the point of view of the Americans. It was in some sense a way of reducing the ability of other states to devalue against their currencies because that is what they ended up with a conclusion as why they didn't like the gold standard because you could actually spend your convertibility under the gold standard. So about by nine hundred thirty three say, look, these states can devalue they can just go off golden they're screwing over by doing..
"bretton" Discussed on Talking Politics
"Brek moods is a place. An also describes a period of history. So if before we get to the place, and what happened that commute just describe what the international financial it was before the period that we cool Bram woods. How is the world organized before? Then. Well, the question about what came before is quite difficult because what can immediately before is the second World War. So the point of comparison that the people created what's had was really what happened in the into warriors. And that's really three different things that happened. The first is a period of instability. When there wasn't a gold standard. The second was a period when there was a revised gold standard effectively under American leadership. But in a very incomplete way. And then there's a period from nineteen nineteen thirty one thousand thirty three depending when you want to say, the gold standard ended in the meaningful way when you basically have no rules anyway about exchange rates monetary. And. Financial issues. It's an era of instability. And better moods is thought Powell I think by those who created as a reflection reaction against all those three periods of the interviews in different ways and the go standard that middle one. It broke down. And it broke down why it was designed to try to achieve stability because the media period. After the first World War was extremely unstable in terms of monetary relations between states, but also lead spectacular in the case of Germany to the hyperinflation of nineteen twenty two twenty three. So it was an tempt to say, look we have to have some rules, and we have to have a means of capital flowing between the United States and Europe. And we have to have some exchange rate stability it breaks down really because the would Konomi goes into depression from nineteen twenty nine, but in some sense that is the symptom as much as the caused because. The underlying problem. I think is is it it's actually really difficult for governments to manage their economies in ways at the gold standard required. So that becomes a conflict between the domestic economic and political imperatives facing politicians and indeed to some extent, central banks, and what the gold standard require. I'm very states than pull off in the nineteen thirties and the rules. It's a discipline measure, basically, it's actually designed to give politicians less leeway because one of the fears, and this is presumably also fear of democratic politics. Was that the politicians the tendency to inflate their currencies anyway? And this was the discipline them. It was I mean, it wasn't so much the politicians who were constrained because very few of them what she deciding monetary policy at that point. It was the central banks, but the politicians were worrying very deeply about what the central banks were doing a nowhere was probably more than the case then Britain because some countries at least until the crash of nineteen twenty nine quite well, the goal of southern Germany. I would be one of them. I think that the Weimar Republic has its best years during the gold standard who needed this thing. Yeah. In the British case, the problem was that but ended up with high unemployment, really, right? The way through the nineteen twenties on the concern amongst politicians, and the treasury was, but it was not able to have a monetary response to unemployment I wasn't able to have lower interest rates because the Bank of Indian was having to worry, first and foremost about sterling's value against gold. So if the choices before breath would seem to be either chaos or the kind of discipline that actually produces high unemployment and copy lived with politically what was the breakthrough idea that Brian woods came up with. I guess we should also say Weber is and what happened. Well, it was the place in New Hampshire where a conference happened in the summer of nineteen forty four to create a new International Monetary and financial architecture. And I it's hard..
"bretton" Discussed on Monocle 24: The Monocle Daily
"Traditional Bretton Woods institutions, the World Bank, the IMF or other western creditors. If you will. There are generally not tied to any kind of economic reforms, any kind of good governance initiatives. So the governments can can take them quite at their will. And there are also generally much more easy to. Negotiate from the standpoint of of many African governments. So. So there are many sort of easy factors are easy contributors that make them quite quite attractive for for many African governments and also other governments as well. China has repeatedly said when it goes into a country, most often into Africa, it's investment is just that it is. It is something that not only bolsters the Chinese economy, but which supports local businesses and encourages prosperity in the country. It is investing in how much of that is. True. That's certainly true too, to some extent, there's actually been a research that has recently come out from the college of William and Mary and in Virginia that has found that Chinese funding tends to increase economic growth in in a country several years after its received by about point four, five percent. And of course there is there are. Positive, spillover effects floor, four things like infrastructure and electric city provisions and so on and so forth. So there are certainly positive benefits to be reaped. But then the question is, I guess it which is the conversation that we're having this evening at what cost and countries find themselves struggling to to repay many of those many of the loans that have been extended. And then there's also an entire sort of cultural dimension and other dimension that comes into play as well. So it's very much to mixed bag, which is why I think it's it's important to not paint the situation in entirely black or white because it's quite quite nuance done and with many layers. So yes, there are some economic benefits to the countries, but also many disadvantages, which is what we're now seeing. And finally, we see this I'm being government has denied this. This so-called debt says that these claims are false and yet has been having in. Inviting the Chinese to gross in Africa forum last week, an is desperately trying to save face. How dangerous is it to politicize having such a huge degree of national debt and yet publicly saying it doesn't exist. Yes. I mean, it is of course quite dangerous. And as you rightly point out, the Zambian government is at this point trying to to save face globally, certainly, economically and also among its among its own citizens. It's it's struggling increasingly with its own legitimacy. So it's it's has a lot to to deny to to keep it to keep itself empower. So it's very much a political game that's going on in some senses, perhaps even much more than than an economic one and exempted gets our senior fellow at the Atlantic Council. Thank you very much for.
2nd Novichok poisoning likely not deliberate, UK police say
"Area even pittsburgh police that have said you know what i know that it's our policy for blue to stand with blue but this was not write something as simple as saying a public statement of this is not right would show a level of trust from the community that is not mayor reverend chenille leonard of east pittsburgh pennsylvania now to follow up on a few things here the status of the officers house arrest is not clear we're checking into that east pittsburgh authorities did put out a statement expressing profound sorrow at the death of antoine rose and saying quote we acknowledge the serious allegations directed at our management of the borough police department finally the city of pittsburgh has also answered criticism of the way it has been policing protests saying protective gear comes out only when police officers feel they are in danger in britain police say to people have been poisoned by the nerve agent nova talk that's the same substance that almost killed a former russian agent and his daughter earlier this year these two new cases were in a town close to celebrate where the earlier poisoning happened counterterror police are investigating and alice ford has the story from london it began on saturday in the town of amesbury wiltshire or woman and a man collapsed and would take him the hospital in nearby salisbury initially it was believed they had taken contaminated drugs but after suspicion about their symptoms samples was sent to a nearby government laboratory late last night britain's top counter terror police officer neil basu announced the results following the detailed analysis of those samples we can confirm that the man and woman have been exposed to the nerve agent which has been identified as the same agent contaminated and sergei that russian defector is nearly died after they were exposed to the substance earlier in the year british prime minister theresa may said then it was highly likely russia was to blame either the state had tried to assassinate scruple or it had lost control of the deadly substance the uk along with the us and its european allies expelled dozens of russian diplomats in response russia denied the attack chemical weapons expert hamish de bretton gordon says these new cases seem severe let's say you have been experiencing over charts had caught a high dais on this occasion they're the two people have no apparent connection with russia they operated and local to the area i think they were contaminated all cells contaminated is pretty clear this wilson an attack president gordon says the original container of the poison was never found and could have been discarded somewhere and that even a few molecules of chuck can be highly toxic some places including a park and drugstore where the two thoughts of being prior to that collapsed on now sealed off for npr news alice for them in london.
"bretton" Discussed on Rich Dad Radio Show
"I mean you've you've you've consulted with the imf the international monetary fund you've consulted with major all the major central banks i mean a little bit of your background sure roberts ride i began my career as a lawyer so but before i went to law school i got a graduate degree in international economics from johns hopkins school events or national studies the nitze school which is ranked number one so i i had a deep immersion an interesting interesting thing about my class i was there in seventy three seventy four i was the last class my class was the last class that was taught gold as a monetary standard everyone says you know the gold standard ended nineteen seventyone when nixon suspended redemptions that's it was a big deal but that was it lingered on for a couple years after that because what nixon said if you go back and look at that speech this available on youtube he said i am temporarily suspending the conversion of dollars into gold and there were five people at the camp david that weekend and i've actually spoken to two of them personally kenneth dam who is in the white house nixon white house at the time and paul volcker who was the deputy secretary of the treasury and they both said to me said we thought it was temporary they really did they they knew they had to devalue the dollar they knew the system wasn't working they would temporarily suspend redemptions have another monetary conference or like bretton woods devalue the dollar and go back to the gold standard at this new value which was about forty two dollars an ounce but the plan never came up while they were negotiating doing that one by one country started going to floating exchange rates and then the cat was out of the bag they couldn't stop it and the french were the last holdout they wanted to go back to go but we never did so sure forty five years ago we're still not back on the gold standard but they really did think it was temporary but my point is it took a few years for that to happen so when i was in graduate school the imf was still treating goes monetary s we learned gold and my professors so say i had a.
"bretton" Discussed on Connect FM
"My responsibility covers some of the international economics there's g twenty meeting coming up no there's g seven meeting coming up ben can we have international currency cooperation can we try i'm not i know i don't we're not going to go back to bretton woods in the goal exchange but we could go back to a far more cooperative global regime with respect to stable money not beggar thy neighbor you know not currency wars i mean i i think that the g seven and energy twenty should be looking at that well i i don't see anything wrong with a certain degree of coordination amongst central banks in terms of their thinking about how to approach and how not to approach intervention issues in the market but larry i don't think currency volatility among the main currencies the us dollar the euro and the yen are the big problem right now certainly we've had reasons to be concerned about currency manipulation from countries like china in the past but really larry that's not the big issue right now we're doing fine in fact the dollar is considerably lower where many than where many people thought it would be a a year or two ago so let's not take our eye off the ball the economy is doing great right now larry the best thing the trump administration can do for it is to step back declare victory and not mock it up i think you and i are probably unstrung agreement that we've got to rein in spending because when spending continues to grossly exceed a savings that's where the trade deficit comes from whatever trump what might wanna do on that front he's not gonna do it without controlling spending disagree on much not really when it comes down to it you've been a great help.
"bretton" Discussed on WGIR-AM
"Selfemployment i've heard so many excuses through the years on why folks don't have life insurance it's too expensive i don't have time to deal with it or i don't know if i really need it will guess what i don't care how old you are in many cases if you're married and you don't have life insurance you're just being selfish simply ask yourself what will happen if i die won't my family do it is your responsibility to have life insurance whether you're a father mother husband or wife no matter where you are in your debt snowball or your baby steps you have to deal with his ride now i knew when i started the show it was something my listeners had have and that's why you've heard me talk about zander insurance for the past 20 years they are in the business of protecting your life and the lives of your loved ones call them today at eight hundred three five six forty to eighty two and let them help make life insurance a priority it's not expensive and it's not complicated that's zander insurance dot com or eight hundred three five six forty to eighty two the thirty six thannual i heart media wedding showcased is happening at the winter more center arena sunday january twenty eight th at eleven a m interested in putting your business in front of thousands of engaged couples sign up for a vendor spot now a wgr a m dot com slash wedding info this is chuck divine with do wgr a m ski report presented by bretton woods voted number data one for grooming every day in the of the east week this year carry by ski out large magazine three readers topping pizza's this for at bretton seven ninety woods nine dot today com tomorrow when you or have the the.
"bretton" Discussed on Progressive Talk 1350 AM
"Is the reliable store of value i don't know if it is i don't think you could claim that bitcoin is they reliable store of value what in what timeframe are you saying reliable i mean if you talk the longterm sure it is because of the scarcity function there will only ever be twenty one million of them there has gone up in value over time yes but there's no guarantee that that's going to happen that's going to continue half well i'm an asteroid could strike earth tomorrow of course but is that very likely no that's true it's true i dunno i guess you know we like the idea the bitcoin goes up in value that certainly very very nice it's nice when that happens but you know foot what what was saying here about money is true and i'm not saying that it is that in order for something to be money that it should generally be stable as far as its value is concerned true but if you're just going to focus on the store of value then you're dealing with things like artwork and and you know precious will write it off to be a medium of exchange it's accepted an europoll and so the ads losing the medium of exchange because are people that are in charge of it are focusing on the store of value function and the others it you can which is dumb because all of the rest of them can store value too and there are medium of exchange so why somebody would want to use bitcoin for any purpose i don't understand it especially because it's hard to get out of it if people are having all of these delays and these issues with the fees liquidity or whatever is hot air about the whole reason why the theory that it has a growing number of people beyond myself who were who are believed that this is what's going on with the core team is that it's going to be the international settlements currency to be the place that gold had under the bretton woods is that the establishment in the.
"bretton" Discussed on The Majority Report with Sam Seder
"Bretton woods for a moment what what is bretton woods when did that happen in in uh what has changed since then sure so uh bretton woods was an international monetary system that was set up uh after world war two and uh the basic thinking was that you know the world needed some uh stability after the war and that what we what we ought to do was set up a system where uh we had fixed exchange rates to what you had were forty four countries coming together and agreeing to participate in this construction and creation of this monetary system set up to fix the value of one country's currency relative to another country's currency and through so what happened is 43 country said we agree it's going to be the us dollar will all fix our currencies to the value of the us dollar in the us said okay here's what we'll do will agree to convert dollars into gold at a fixed price and so it was a form of vague a gold standard system sits fixed exchange rate system and it was in place um as you such from uh 1944 from the end of the war all the way up until nixon uh ended it 1971 so we went from a system of of fixed exchange rates where one country's currency exchange for another country's currency at a fixed price and through the us dollar into gold at a fixed price to a system where most currencies in the world today are what we call floating currencies there uh no longer fixed to another country's currency or a basket of currencies or gold or anything else they uh the value of the currency changes from day to day howard our minute to minute in financial markets so it's a very different type of monetary system that we have today that's right because when we went off gold 1971 everything but in some respects.
"bretton" Discussed on Xtra Sports Radio 1300 AM
"An arbitrator if in fact it gets to that point it's after hours would they be lawrence on cbs sports radio eight five five two one two four two two seven dust in his in grapevine texas dusted welcome to after hours hey thanks for taking my call for a week thank you uh i totally based on the quarterback that taken air rogers uh play whatever name again bretton humbly henry now we're here in our what he broke the palk very highly come out in much did what the cowboys who live here in order that credit card he claimed they were green bay hurley did an amazing job similar to deck last year would are kinda maybe this could be the last year we hear rogers or do you think air go ahead who years left in the body it aaron rogers has probably as many years lesson his body as as tom brady did when he was aaron's age may aaron as he tells us all the time that his arm rarely ever hurts he says he's only ever isis arm of the five times in his life he's 33 now so he's got a long way to go and in fact is in line four a pretty sweet contract so while i think it would be a great problem to have for the green bay packers and i think that's probably best case scenario for bite mccarthy he's a thirdyear pro and they've invested these three years and him they drafted him to potentially be the guy once aaron retires or to at least figure out what they've got their but aaron rodgers is a twotime mvp obviously is one a super bowl and you see what we see every week when he is on the field nothing is impossible i mean he's one of the best players in the league today at least one of the best quarterbacks we've ever seen in the nfl he's a he's a future hall of famer so now no i don't believe that even if britain humbly would go out there and tear it up even if they end up making the.