Word: bretton
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Dates: during 2000-2009
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...summit to that end, and on Monday world markets seemed to endorse the initiative with a positive fillip. Though the specific goals, attendees, and even exact date and venue of such a meeting have yet to be determined, the mere agreement by U.S. and European leaders to update the Bretton Woods system - which has overseen international finance for the past 64 years - reaffirmed hopes that a collective, long-term approach to the worst economic crisis since the Great Depression...
...these are two conservative politicians that business leaders feel they can trust had a lot of impact," says French economist Bernard Maris, who also thinks markets were comforted by the decision to hold the conference in the U.S. - with an eye to historical continuity with the 1944 conference in Bretton Woods, NH, that established the International Monetary Fund. But Maris also notes those same markets - whose boom years relied largely on minimalist regulation - should logically be freaking out at Sarkozy's calls to "moralize" finance and limit pay to the world's biggest earners. So why the calm...
...what needs to be done. Even before the crisis turned global, French President Nicolas Sarkozy, in his address to the U.N. last month, called for a world summit to lay the foundations for more state regulation to replace the current laissez-faire approach. We may be at a new "Bretton Woods moment." As the world emerged from the Great Depression and World War II, it realized there was need for a new global economic order. It lasted more than 60 years. That it was not well adapted for the new world of globalization has been clear for a long time...
...empire, imperial powers built up infrastructure to make their colonies more productive and get primary goods quickly to market: railways, ports and canals linked the Atlantic Ocean to the Pacific and the Indian Ocean to the Mediterranean. In the wreckage left by World War II, the Bretton Woods institutions and the Marshall Plan were premised on the idea that economic development was the handmaiden to peace. More recently, charitable organizations (which have been playing a role in development for centuries) responded to humanitarian emergencies in the poor world that aroused public sentiment in the rich one, like the famines...
These days, China and the other countries participating in what some have called Bretton Woods II export so much more to the U.S. than they import, they find themselves with hundreds of billions of dollars that they don't know what to do with. Up to now they've been content to recycle most of them by buying Treasury bills and other U.S. securities. The U.S. has enjoyed the low interest rates that have resulted, while China, the gulf states and Japan haven't wanted to face the consequence that by selling dollars, they would decrease the value of their...