Word: dollar
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Since the end of World War II, the U.S. dollar has enjoyed a unique and powerful position in international trade. But perhaps no more...
...effort to free international trade and fund postwar reconstruction, the member states agreed to fix their exchange rates by tying their currencies to the U.S. dollar. American politicians, meanwhile, assured the rest of the world that its currency was dependable by linking the U.S. dollar to gold; $1 equaled 35 oz. of bullion. Nations also agreed to buy and sell U.S. dollars to keep their currencies within 1% of the fixed rate. And thus the golden age of the U.S. dollar began...
...Bretton Woods system itself collapsed in 1971, when President Richard Nixon severed the link between the dollar and gold - a decision made to prevent a run on Fort 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...
...eventual goal, said Oliveira, is for the technology to be fully integrated into lending organizations, helping to unlock a trillion-dollar small-enterprise economy hidden in the developing world. CORRECTION
...called Goldstone “one of the giants in helping to build respect for law and international justice.” As part of the award, Goldstone will receive $100,000 and be asked to suggest organizations to which the MacArthur Foundation will donate an additional half million dollars. Goldstone practiced law on the Johannesburg Bar for 17 years, including nine as a justice of South Africa’s Constitutional Court, established by Nelson Mandela to oversee the democratization of the country. He also helped establish another war crimes tribunal in the former Yugoslavia, chaired the International Independent...