Word: bretton
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This quaint view of Bretton Woods (taken by "Sagittarius" of London's New Statesman & Nation) was no stranger than some of the things that went on at the International Monetary Conference last week...
...conference. U.S. bankers, the only American group articulate about the conference, have been highly critical of the whole proposal-perhaps partly out of fear of losing some of their power in foreign-exchange and foreign-investment business, partly out of dislike of all change and from misunderstanding of the Bretton Woods proposals. Some of the bankers' criticisms...
...Stabilization Fund is much bigger than needed. The general Bretton. Woods view: the Fund is, if anything, too small for the problems ahead...
...ought to help stabilize ex change by lending money directly to other nations, but the U.S. will merely lose its capital if it puts its capital into a fund which will be managed by directors, the majority of whom will be borrowers. The Bretton Woods view: in the Fund, all nations will have capital at stake and each will have an interest in actively joining the U.S. to see that the loans to every other nation are sound...
...government is unwilling to adopt sound fiscal policies to stabilize its own currency, it may take advantage of the Fund to escape from the ordinary penalties of inflation. Bretton Woods view: this is true if the Fund would permit its facilities to be abused. Unless each country stabilizes its currency domestically, no efforts to stabilize exchange-the ratio between currencies-can be permanently successful. But in the case of a temporary recession, or other postwar difficulty, a nation aided by the Fund could have a few months to set its affairs in order without resorting to embargoes, currency depreciation...