Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: SeekAndFind

Question...how did the Bretton Woods agreement work, why was it eliminated, and would something like that be worth re-kindling?


5 posted on 11/13/2009 6:56:00 AM PST by RockinRight (The sleeping giant has been awoken, and he's PISSED.)
[ Post Reply | Private Reply | To 1 | View Replies ]


To: RockinRight; 1rudeboy
"...how did the Bretton Woods agreement work, why was it eliminated..."

Ending B-W was the final step in a process that took almost seven decades.   Nobody's going to say we were better off in 1910 than we are now.  At least not with a straight face maybe...

22 posted on 11/13/2009 7:39:10 AM PST by expat_panama
[ Post Reply | Private Reply | To 5 | View Replies ]

To: RockinRight

Gold was pegged at 35 bucks an ounce (after confiscation from the public and banks) in the US. Treasury stood ready to buy and sell to foreign central banks at that price. Other countries pegged their currencies to the dollar, thus providing a link to gold. The US ran out of gold by 1968, and by 1971 all currencies were floated, and not backed by anything other than taxing authority, etc. There isn’t enough gold to run a world economy.


23 posted on 11/13/2009 7:41:53 AM PST by Freedom4US
[ Post Reply | Private Reply | To 5 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson