Word: bretton
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...Bretton Woods. A sharp cutback in U.S. military operations abroad would reduce the outflow of dollars, but it would frighten some of the very nations that protest American "dollar imperialism"-notably Germany, which feels that the presence of U.S. troops on its soil is necessary until there is a Soviet withdrawal from Eastern Europe. Reinstituting the tight-money policies and high interest rates of 1968 and 1969 would help the balance of payments, but would also abort U.S. recovery from last year's recession and throw many more Americans out of work...
...Communist world are over. A natural corollary of that development is that the monetary structure should be redesigned to reflect the new reality, and some Europeans did indeed draw that conclusion last week. James Callaghan, former British Chancellor of the Exchequer, for one, in effect called for a second Bretton Woods conference "to build a new system...
...currencies at once and to expand the world's monetary reserves by quickly creating a form of "paper gold," the so-called "Special Drawing Rights." To do this, they may decide to hold the first monetary summit meeting since the existing system was set up in 1944 at Bretton Woods, N.H. More likely, they will take less dramatic steps-slowly and in secrecy...
...avoided. Last week Roy Jenkins, British Chancellor of the Exchequer, called for "an urgent review" of the world's monetary arrangements. In varying degrees, that view was echoed in France, West Germany, Italy and Switzerland. More and more, the experts talk of the urgent need to convene another Bretton Woods-style conference, perhaps in Washington, as soon as possible after the Nixon Administration is sworn...
Also out of Bretton Woods came the Washington-based International Monetary Fund, the arbiter of exchange rates. Written into the IMF articles of agreement, and binding upon its 111 member nations, is a proviso that no country may devalue its currency without IMF permission. In practice, the IMF allows devaluation only when economic misfortune (almost always inflation) strips a currency of its hitherto established value. Barring devaluation, every IMF nation must buy, sell or borrow foreign currencies-in practical terms, dollars-in sufficient quantity to keep its own money within 1% of its declared worth...