Word: funds
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With the financial crisis forcing global leaders to rethink the basic framework of the world's financial system, it's probably not the best of times for the International Monetary Fund (IMF) to be mired in internal scandal. Yet even as French President Nicolas Sarkozy got the backing of U.S. President George W. Bush Saturday to organize a summit to reform the international financial rules that the IMF oversees, the world discovered that the organization's French managing director, Dominique Strauss-Kahn, is being investigated for possible abuses of power. The findings of that inquiry - expected later this week - will...
...global financial 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...
...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...
...times when the classes mix. The free neighborhood baby-massage courses I attended saw migrant mothers and American corporate types bonding over lavender oil and breast-feeding. At our local northwest London playground, my kids share the swing set with Kosovar refugees and the children of hedge-fund millionaires. Government vouchers for day care broke down class stratifications during Nicola's toddler years. Her classmates were the children of cash-strapped single mothers, middle-class professionals and the rich - a few arriving in chauffeured Bentleys...
...economic management, they said, produced "remarkable growth," stymied inflation, attracted investment and allowed him to pursue diversification away from diamonds, while simultaneously using tax revenue to fund investment infrastructure, health and education. All this, while maintaining a "tough stance against corruption...