Word: bankes
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...order is, well, old. Established in 1944 and named after the New Hampshire town where the agreements were drawn up, the Bretton Woods system created an international basis for exchanging one currency for another. It also led to the creation of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development, now known as the World Bank. The former was designed to monitor exchange rates and lend reserve currencies to nations with trade deficits, the latter to provide underdeveloped nations with needed capital - although each institution's role has changed over time. Each of the 44 nations...
...Knox, which contained only a third of the gold bullion necessary to cover the amount of dollars in foreign hands. By 1973, most major world economies had allowed their currencies to float freely against the dollar. It was a rocky transition, characterized by plummeting stock prices, skyrocketing oil prices, bank failures and inflation...
...Bank employees have some unique problems that could intensify the dips in that model. For starters, the world is hardly well-disposed to them right now: people are angry and looking for someone to blame, and the banks and their employees are natural targets. For some employees, an entire sense of self is at-risk. "Not only is society saying, 'We don't want you to exercise [your profession] anymore,' it's saying, 'We actually don't value [your profession] anymore,'" Morgan says. The result can be a reduced sense of self-worth. Former bank employees may be timid about...
...available evidence has surfaced to contradict Strauss-Kahn's assurances that "at no time did I abuse my role as director-general." Lawyers for Nagy, a Hungarian economist who now works in London for the European Bank for Reconstruction and Development, say she left the IMF of her own will and received standard compensation under a cost-cutting plan that eliminated 380 positions via voluntary departures. Caught red-handed after Nagy's husband discovered e-mail sent last January during the monthlong affair, Strauss-Kahn owned up to the tryst, stressing that his transgressions ended there. On Monday, Strauss-Kahn...
...Families become very agitated in such situations and we get blamed for the delay," he says. "But what can we do? We aren't a bank, we are not in the business of giving loans...