Word: woodses
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Even Elysée officials say it's impossible to know what a congress of nearly 20 national leaders will yield. "The fact that President Bush agreed to the summit is, in our view, a very significant development in itself," says Sarkozy spokesman Franck Louvrier. "As to exactly what will...
The old 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...
Though it came on the heels of the Great Depression and the beginning of the end of World War II, the Bretton Woods system addressed global ills that began as early as the first World War, when governments (including the U.S.) began controlling imports and exports to offset wartime blockades...
The 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...
Should Strauss-Kahn survive the inquiry and oversee a refoundation of the Bretton Woods system that has regulated international finance since 1944, he'd likely come through in an ironic position: strengthened to launch an expected presidential bid in 2012 to unseat Sarkozy - the leader now most energetically advocating what...