17 Burst results for "International Monetary Systems"
"international monetary systems" Discussed on WTVN
"Mainly prosperous for the super rich all of these people that are homeless or destitute or as I say living in their sister's basement or not tuned it in any of this survey Sir not told they don't vote because it often do not have a home or a location which to be registered I am saying put people on the air this year make sure you vote this year make sure that they are not urging you from the voter rolls which is a disastrous occurrence it's going on nationally recently two hundred and fifty thousand people were purged from the Wisconsin voter roll these legitimate voters yeah one of my friends who work which established there had lived there for three years and found out she was hurt GM's to be a college professor the HTC was he created and people there in her town she went down and found that she was perched so she'd notified everybody else to go down there and make sure they weren't purchase rat there is then this is the end cycle of a cycle of mass manipulation by the giant banks the giant corporations it's been going on for a long time the ills of the crash of two thousand and eight were not corrected we haven't been allowed to have a healthy correction it in these markets and I think that we're gonna have extreme the extremes going back and forth up and down and up and down and everything and by the end of the year well no we're entering a recessionary economy the more important and that we have to create a whole new economic paradigm because the yeah I think of my prediction is in the twenty twenty not necessarily in this year but the decade coming out we will have to reform of the international monetary system by creating an international reserve currency no longer the dollar yeah and it may be an all digital currency take us chain technology I don't like all digital Linda that's dangerous isn't it I don't like it either George I am a get the blockchain is the least pack up all of that in the pay as you know that was behind bit coin as tell they've been hacked so they've been hacked your last taxable than other things I am deeply disturbed by their but I think that's the direction that things are going to go win because just to Jupiter Saturn junction goes forward in a query as an all digital society I mean most people are charging dock on their cell phones already I mean it the fact that that we're going digital with this is really this is already started to happen and will at some point in the next several years probably become a policy now that sovereign nations but don't like the idea of a one currency but the dollars she knows it's nineteen forty four has been the global currency sovereign nations are probably fight among themselves about having a global currency up but I think eventually in the twenty twenty that's going to happen now and I also feel that we're going to teach the ticket counter once it goes into recession into real trouble and debt by debt that stick as I call it I think we're good at many people think we're going to be replaced by robots and computers and of course already that is taking place that will take place but human beings have imagination creativity and they have soul and we had capabilities that simply go beyond the machines that we create they're here to help us not replace that and I feel that we're going to create new economic models and a lot of it is going to be bass is one of your previous guest at about rebuilding infrastructure and heavy and environmental rescue a consummate across the world and thinking about that focus on coast to coast before in my newsletters about something that is not broadly discussed in its hydrogen boron nuclear fusion which I believe will have an infrastructure and be on line by twenty twenty six this will end the age of the fossil fuel thank Christ all of the oil economies which are central and South America all the nations of the Middle East and Russia Russia does doesn't have in the economy other other than oil so this is going to be a big problem for nations that do not transform their economies.
"international monetary systems" Discussed on KQED Radio
"Five minute interview can we say forty rather than forty five because I'm due to spend time with the World Bank could they board and they don't want to offend that they're not they're not so important come if who would you rather spend time talking to Freakonomics radio or the World Bank let's be honest all right so can you describe what you actually do in a in a given or typical day okay I spent about fifty percent of my time at headquarters here in Washington and fifty percent of my time travelling to member countries because the the I MF International Monetary Fund has a hundred and eighty nine members that all countries that occasionally will request my presence and I have to attend those G. twenty G. seven and various meetings around the world my day at the office can be anywhere between typically it's eight o'clock until about it's eight o'clock or sometimes a bit later and I will you know on okay my time between meetings with teams or with heads of department all with the board I do a bit of reading of materials and I spend quite a bit of time as well on the telephone talking to are the ministers of finance from different countries around the world or leaders of countries where we are trying to help and provide services you were born in Paris two two professors your mother taught French Latin and ancient Greek your father English literature I also understand you were a talented synchronized swimmer and we're on the French national team so how did that person the daughter of those professors and the synchronized swimmer turned into the managing director of the International Monetary Fund well unfortunately none of my parents is actually here to see so they would both sorry to hear that out about that but you know I I it's to them and too many other people along the way but you know it's certainly the the love and confidence that they have given me as well as the appetite for reading exploring being open to other countries and other languages that was certainly from my father and that that you know I am where I am it's a little hard work a lot of determination a lot of reading over the course of my life and certainly the confidence to sometimes take the lead to sometimes say yes to sometimes said no and try to carry the team with you along that I think is predominantly generated by the the love that I've received the IMF's founding fathers as the guard has called them were the British economist John Maynard Keynes and the American treasury official Harry dexter white they wanted an institution that would promote a stable international monetary system and help create an economic network that would incentivize piece.
"international monetary systems" Discussed on Unchained
"I guess for today our dog deputy director of the monetary and capital markets gets apartment of the i._m._f. And yen lu assistant general counsel at the legal department of the i._m._f. Welcome on yen thank you. Let's start with a basic question. What does the i._m._f. Do oh okay so that's <hes> that's easy one. I think the international international monetary fund is basically a multinational organization. <hes> we are member based organization. We have one hundred eighty nine members consisting the government government of the countries <hes> we promote international financial and monetary stability so that's basically basically <hes> the function of the i we were founded in nineteen forty four so we're going to celebrate the seventy fifth anniversary this year actually is as part of the bretton grete who would system and there's one thing i want to add which is before the show dong yen explained to me that the views expressed during this interview are their own and do not necessarily represent the views of the i._m._f. So if part of the mission of the i._m._f. Is to ensure the stability ability of the international monetary system. How has the advent of blockchain technology in cryptocurrencies affected the i._m._f. Activities thus far well <hes> in this is an exciting time. We're seeing a lot of <hes> changes in the technology space <hes> i wouldn't say it has changed. Install our work so far but you know we're interested in understanding wanted. These technologies are implications for the financial system of concealing but in our member countries and eventually how that's going to affect the international monetary landscape <hes> so i think this is just the beginning and we are still in the learning motz who are very interested in the issues that are going to that. I go into shape the finish your systems across colo-. I just want to add things many of our countries. Member countries are interesting this issue and we are you know <hes> obligated. Did you know sense to really understand equally occasions so that we can provide quality advice and technical assistance to our member countries in this area. I yeah i actually wanted to ask a little bit more about thought yen because the main ways in which <hes> the i._m._f. Works with the member countries. I believe is <hes> through the central banks and so let's before we get even more into blockchain technologies season digital currencies. Can you just explain what the main ways are in which central banks can influence the economies of their countries. I i think well there are cars central banks <hes> but in terms of our mandate we look beyond just what central bank you know banks do do you also look at a country's overall economic policies and also what their financial sector policies to make sure that you know <hes> overall overall the global international system or global financial stability will be maintained so we we are engaging.
"international monetary systems" Discussed on Bloomberg Radio New York
"Reference. The trade talks saying that this could be the final the last hurrah kind of thing. And hopefully, they get it over the line. He Jinping made it very clear in the latter part of last week. He said, we won't engage in a currency depreciation. And that the is that a reasonable equilibrium level to what extent is that? Putting is that going to put a very firm comp on any further drop in the? John. I think that last year we all remember when the UN has been kind of two bit weaponized in the detention is tender with US thirties. Now, I think it's not any more attractive options because I think that in spot of the of the negotiation with the US, and I think that that means than the China to rely more on the fiscal side on the Monday to pop up economy grow. So I think that's it's a reasonable expectation to consider when you should remain stable again, again, the US nothing, but also it's important to have in mind. China is very much keen to keep some kind of stability in the national rate system. So. Strong advocates of free. Currency movement. And I think that for years be advocating for reform of the International Monetary system. So you like the ball plays. What about when it comes to stocks? The Shanghai composite hovering around the key level thirty one hundred what's what's going to drive momentum. There in stocks are these interesting valuations for you. I think that a now you we tend to prefer pony, although imagine market equities instead of this China, the rebound that's been very swift and very very impressive.
"international monetary systems" 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..
"international monetary systems" Discussed on Talking Politics
"Sometimes called offshore dollar credit system or euro dollar system which is very much bound up with what happened in two thousand eight which one way of describing what happened in two thousand and eight is that lots of non american banks who had the strong need for dollars found themselves on able to get them in essentially had to be out by the federal reserve board so you kind of have an international monetary system that both onshore offshore works for dollars at causes profound problems for the financial sector 'unity for states brazilian china found out in different ways over the last few years when it doesn't work so even if you have if you like pressure from the oil side of it to get away from dollars from the states that i've been talking about everybody's got any idea whatsoever about how to substitute dollars in the way in which international monetary and financial system works now one part of that was completely unintended and i think that the federal reserve in achy understand until till two thousand eight how this off sure dada credit system work but we live in the will that that of dollar system created an isn't going away and hurry and so this is the structural reasons some of this is also about confidence i mean you have to believe in the american state frankly to think that dole is worth what it says they're worth on the piece of paper whatever it is that you have that tells you you own donors is there anything that president like this one could do that would sufficiently shake people's confidence in the american state that could change that dynamic so i completely get what you're saying they're all these things that kind of baked in how we done it for a long time it's really hard to change it there isn't a little tone currency the euro is not that attentive currency the chinese not going to be able to create an alternative currency there are no other takers on the out there that we missed one.
"international monetary systems" Discussed on Rich Dad Radio Show
"Leaned forward a little bit and i think that's really seriously the listeners well and first of all when i talked about the collapse of the national three system it doesn't mean the end of the world it doesn't mean we all live in case with you know canned goods or or whatever the international monetary system actually has collapse three times in the past one hundred years nineteen fourteen nineteen thirty nine nineteen seventyone all three times there were major shocks system but it wasn't the end of the world what it means is that big financial trading powers you know the united states germany and russia china they get together sit around the table kinda like britain would sell conference and they reform the system is okay the old system failed but is the new system going to be and that's what i try to readers as you can see the ferrier coming that's that's easy and let's think through what is the new system look like and what can you do today to preserve wealth and protect your portfolio under this new system and think of it as a pro games china russia the us germany fee other countries are going to sit down and play game of poker when you wanna polka game you want a big pile of chips right one this new game chips are going to be gold and this is china russia scrambling to buy they got very low you know 'cause they lose is in the cold war taiwa hunt girl from china and russia actually sold their goal to get hard currency to help fight the cold war they lost the cold war so they've been rebuilding their gold reserves ever since by the way the us has been very accommodating about that i keep asking my friends tell just me the military community why don't we stop china from getting all this gold it's like them what i wanted to build the military as far as i'm concerned rose not only money it's also financial weapon but this is the globalize mindset the post national mindset they actually want china to get the gold so because you can't have appropriate game if only one guy has all the chips sounded very good poker game so they want to spread the chips and that's why the china to this.
"international monetary systems" Discussed on KQED Radio
"In paris to two professors your mother taught french latin an ancient greek your father english literature i also understand you were a talented synchronized swimmer and we're on the french national team so how did that person the daughter of those professors and the synchronized swimmers turn into the managing director of the international monetary fund well unfortunately none of my parents is actually here to see they would both already here's out about that but you know i i o it's to them and to many other people along the way but in itself need the the love and confidence that they have given me as well as the appetite for reading exploring being open to other countries and other languages that was suddenly through my father and that that you know i am where i am it's a lot of hard work a lot of determination a lot of free over the course of life and certainly the confidence to sometimes take the lead to sometimes say yes to sometimes said no and try to carry the team with you along that i think is predominantly generated by the the love that i've received the imf sounding fathers as lagarde has called them were the british economist john maynard keynes and the american treasury official harry dexter weight they wanted an institution that would promote a stable international monetary system and help create an economic network that would incentivize peace gallagher who that monetary on financial conference pose on the hotel law these meetings are to us just after the second world war and everybody at the time food that it would be much better to have the multilateral dialogue rather than go to war in this goes back to britain woods yes yeah bretton woods new hampshire 1944 new hampshire delegates from forty four allied and associate countries arrive wally opening up the united nations carry on financial conference in forty four countries deciding that talking sharing opening up was better than closing down and entering into war now most people who think about the imf which is probably not that many people on a daily basis but when we do we usually think about you in moments of fiscal crisis in some countries that we probably don't really know that much about maybe not even know where it is but obviously the imf does a lot more than that you are the socalled lender of last resort but also you monitor the economies of nationstates around.
"international monetary systems" Discussed on Bloomberg Radio New York
"Uh you also have general mattis as the secretary of defense general mcmaster uh in the national security those these are people who are used to disciplined it's interesting that you're getting a civilian regime that is run by people who learned from from disciplined in the military i want to ask you about neoliberalism isn't it in terminal crisis or is it just experiencing evolution right now we are i think the question of the liberal international order which was created by harry truman dwight eisenhower and authors seventy years ago that was called into question by donald trump the campaign was also called into question by many people who said that uh populism who isn't just a phenomenon of child but also with brexit in britain and elsewhere so yeah it's under threat but it's it's not over mainly uh we still do have an international trading system though we may see see now well that will survive we also have a degree of stability of the international monetary system so it's not over but the being shake it a bit and professor last few about breaks these are just a second given that you coined the the term soft power how whose trump's first year in power affect america's soft power around the world where surf powers the ability to get what you want through a traction rather than coercion or pay but and if you look at the public opinion polls you'll see that attraction of the ice age has gone down around the whole world it's uh person trump has been very bad for american soft power what's more is budget which he calls a hard power budget or budget director mick mulvaney calls it that cuts about a third of the resources that was scheduled foresaw power issues in the state department did us aid and so forth so it's not surprising that american.
"international monetary systems" Discussed on Bloomberg Radio New York
"Trump but also of brexit in britain and elsewhere so yeah it's under threat but it's it's not over mainly we still do have a new international trading system though we may see see now well that will survive we also have a degree of stability in the international monetary system so it's not over but the being shaken a bit and professor last year by breaks these are just a second given that you coined the the term soft power how has trump's first year in power affect america's soft power around the world where surf powers the ability to get what you want through attraction rather than koraish or pay but and if you look at the public opinion polls you'll see that attraction of the ice age has gone down around the whole world it's uh president trump has been very bad for american soft power what's more his budget day which he calls a heart power budget or budget director mick mulvaney calls it that uh cuts about a third of the resources that was scheduled for soft power issues in the state department did usa and so forth so it's not surprising the american soft power as measured by polls is down i don't these issue of standing in the world professor you'll probably aware that uk prime minister theresa may as we speak is shaking up cabinet the main positions of state remained in the uh the big fools names but given the brexit is a pro says the filmgoing how is that affecting the eu case standing across the world well i think brexit is not good for britain standing britain have their position as sort of a connector between europe and the united states britain also had a position of being a very important part of of what was happening inside europe and going through divorce instead of that has hurt britain uh how well it will recover or not remains to be seen about the terms of the rewards it comes as french president emmanuel macron is is is in china and you reach the d roads have peace in project syndicate will use for the postulated what's.
"international monetary systems" Discussed on Rich Dad Radio Show
"Tenth amendment for taxes was led to the irs and the average person has no idea what the fed is all what to do about taxes and that's why this is that's why what the rich dad radio show so you can listen to some of the points of view out there so once again you can listen to the rich dead radio program any time anywhere on i tunes or out android and all of our programmes are archived at rich dad radiocom we archive them because repetition is how you'll learn more listen those programme again you'll hear even more but more importantly play this program for france family and business associates and discuss it because money like it or not and taxes affects all of our lives comments absurd judy i have a question because i thought this was a really interesting comment you made um because every the media keeps saying that trump is a protectionist he's against free trade is trying to cut off a no arch freetrade from all these different countries and year dealings with the campaign and the transition you say that's not so president trump is absolutely four pretrade and i gave him much credit for getting out there on the campaign trail and pain that if countries can manipulate their current he he gain an export advantage that is that is against the rules that now the problem is today we don't have rules where you have a stable international monetary system nothing like that today.
"international monetary systems" 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.
"international monetary systems" Discussed on Freakonomics
"The imf spending fathers as lagarde has called them were the british economist john maynard keynes and the american treasury official harry dexter weight they wanted an institution that would promote a stable international monetary system and help create an economic network that would incentivize peace marla carry on financial conference pose on the hotel law these meetings are to us just after the second world war and everybody at the time food that it would be much better to have the multilateral dialogue rather than go to war in this goes back to britain woods yes yeah bretton woods new hampshire 1944 new hampshire delegates from forty four allied on associate countries arrived for the opening of the united nations monetary on financial conference in forty four countries deciding that talking sharing opening up was better than closing down and entering into war now most people who think about the imf which is probably not that many people on a daily basis but when we do we usually think about you in moments of fiscal crisis in some countries that we probably don't really know that much about maybe not even know where it is but obviously the imf does a lot more than that you or the socalled lender of last resort but also you monitor the economies of nation states around the world and you engage in what you call capacity development can you talk for just a moment about you know toggle ing between the crisis management and the kind of growth development the uh that the imf also dust yeah so the mission is about improving financial stability and prosperity as a result of that we are engaged in three lines of business the one that you mention first which is the one that we are best known for because it's more visible is the lending of lost result when those countries cannot finance or refinance themselves on the markets because they situation is is very bad and in that case we lend international community money in consideration for commitment on the part of that country that receives the loan to actually fix its public finances take some necessary measures to restore its financial stability and be able to yet again access markets so we.
"international monetary systems" Discussed on C-SPAN Radio
"The leads a little extra drive the real exchange rate in this is not a way to run a stable monetary system this is the cause of instability that come now to my first idea how big is the job loss and i'm really going to punch on the numbers somebody else contue at one of chefs phd students uh but if you think that sort of value added per worker in us manufacturing is five hundred thousand dollars that's a very very large number relatives wages you've come to the conclusion that a 100billiondollar oh a one billiondollar trade deficit would lead to a loss of of twenty thousand jobs and on eight hundred billion dollar trade deficit would lead to a loss of a million six hundred thousand fill of the numbers of very large and we need to understand how large the job laws has been because of the trade deficit uh we may not be able to identify who with loss for jobs but we would all i think share the conclusion that live essentially the trade deficit were to gradually decline the employment in manufacturing broadly conceived would increase let me come now to a second issue the incidentally the trade deficit begins his jeff's said in the early 1980's and its associated with a change i would say uh in the international monetary system it was the large variability that we've had a in the price of the was store first half the viji ladies the price of the us vote or when it a fifty percent a very large change you'll remember i was than in the midwest the bid was was being hollowed out of the iron belt became the rust belt and that was essentially part of the adjustment to follow the changed the increase in the in the in the in the price of the you with you a slow bowler now when i think about the crowdingout crowding in distinction i am reminded of the question that must have been this room earlier counterpart in the early nineteen nineties when somebody of serb what would dumb what would the hell with the us treasury finance its fiscal deficit if the boj word abel were lied to by you with rubber securities so let's go through this if the bank of japan the not by you with rovers the price of the.
"international monetary systems" Discussed on C-SPAN Radio
"The temperature and the global economy we begin with comments by alex pollick of the our street institute deficits by few us a versus those with for system surpluses germany for example and naturally throughout this was the ubiquitous deserve politicians to get a remained in office so political economy is certainly the accurate term here of course discussions of trade deficits cannot be divorced from the nature of the international monetary system the levels of exchange rates or from the role of the us dollar as the dominant reserve currency though or from the role of the united states as a safe haven for capital if you've remarks say i think that one of the key things that the united states produces use a social system which does serve so well as a safe haven for saving some capital uh we could say that what john makin like to call the wealth storage service effectively is traded internationally for net imports today we have a truly distinguished panel to address the economic questions of trade deficits amidst the current political forces employ each member the panel's going to speak for about thirteen to fifteen minutes of opening comments uh astra which will give the panels the chance to react to each other's ideas all right or clarify their points and after that will open the floor to your questions and we will adjourn promptly at twelve o'clock let me introduce the panels in the order in which they will speak first will be jeff frankl who is the james w harpool professor of capital formation growth at harvard university the also directs the program international finance from macroeconomics at the.
"international monetary systems" Discussed on a16z
"The us in a great exercise of leadership created the international order that's accounted for the seven decades without great power war this is very anomalous the big part of the reason why there than happen was the us helped create than international will based system economic order political order security order that order included the world bank that gives development loans for patrice right at route and importantly the imf the international monetary system that basically provides for financial markets so if you didn't have any institutions and we will have put you had before which towards the chaos that had previously a both not only are allowed financial crises like the depression to become worldwide great depression but when the your set this up we set it up with the wolves but there's one country that has a veto that's us we've set up the system and we don't generally we don't usually take advantage of it but occasionally we do for the chinese said we're bigger were stronger we think we should have more shares of basically in both the imf and the world bank you'll get shares of voting was one hundred votes and we should we allocate the votes a little bit so take a few votes away from you and give him no us demonstration was action prepare to try to find a way to accommodate really could have done the obama administration but we said no though we're not doing it the chinese who has set of our own system so now for for developing loans the chinese development banks that if you take the group together including a b have four times the capital of the world lake.
"international monetary systems" Discussed on Fresh Air
"And there's more yes the third component was let's make gold out of base metals it sounds like a joke but actually you can do it it it has been done glenn seaborg who was the chairman of the aci actually did it a few years later after operation goldman had been kind of quietly shut down you can take something like biz myth in very very thin foil and and bombarded with a proton beamed displaced the electrons and what's leftover is gold however seaboard calculated that to create golden this method would cost approximately one quadrille ian dollars per house uh and so as a as a economically viable system it it didn't work but again the shows the desperation of a high highplaced officials i mean this this was approved by the president this was of this was driven jutta treasury secretary jitters lbj eugene rosto as his a esteemed uh a undersecretary of treasury who who later was the dean of yet lost school these were highly respectable powerful people who were driven to what seems today kind of bike madness because of the cintra centrality of gold to the international monetary system we're speaking with james ledbetter he is the editor of inc magazine his new book about gold and its impact on us history culture and monetary policy is called one nation under gold we'll continue our conversation after the break this is fresh air hate it skyros here if you love this podcast you might also love the ted radio our it's a show about what it means to be a human we grieve we experienced joy sadness love and jealousy we could be cruel and empathize ache we have the capacity to imagine the future and the past and at a time when it seems were so divided the ted radio our explores what makes us unique among all species find it on apple podcasts the npr one app or however you get your pat guests this is fresher if you're just joining us we're speaking with james ledbetter he is the editor of inc magazine his new book is one nation under gold one precious metal has dominated the american imagination for four centuries.