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Author: Joanne Gowa
Publisher: Cornell University Press
ISBN: 1501745190
Category : Political Science
Languages : en
Pages : 211
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Book Description
On August 15, 1971, President Nixon announced that the United States would no longer convert dollars into gold or other primary reserve assets, effectively ending the Bretton Woods regime that had governed post-World War II international monetary relations. Complementing earlier works that emphasize international political and economic factors, Joanne Gowa's book examines the ways in which domestic influences contributed to this crucial action. In Closing the Gold Window, she argues that the mid-1971 decision was the consequence, in part, of the high priority Nixon administration officials assigned to maintaining U.S. freedom of action at home and abroad. She also maintains that the organization of the U.S. government for the conduct of international monetary policy played a role in the decision that ended the Bretton Woods regime.
Author: Joanne Gowa
Publisher: Cornell University Press
ISBN: 1501745190
Category : Political Science
Languages : en
Pages : 211
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Book Description
On August 15, 1971, President Nixon announced that the United States would no longer convert dollars into gold or other primary reserve assets, effectively ending the Bretton Woods regime that had governed post-World War II international monetary relations. Complementing earlier works that emphasize international political and economic factors, Joanne Gowa's book examines the ways in which domestic influences contributed to this crucial action. In Closing the Gold Window, she argues that the mid-1971 decision was the consequence, in part, of the high priority Nixon administration officials assigned to maintaining U.S. freedom of action at home and abroad. She also maintains that the organization of the U.S. government for the conduct of international monetary policy played a role in the decision that ended the Bretton Woods regime.
Author: Jeffrey E. Garten
Publisher: HarperCollins
ISBN: 006288770X
Category : History
Languages : en
Pages : 432
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Book Description
The former dean of the Yale School of Management and Undersecretary of Commerce in the Clinton administration chronicles the 1971 August meeting at Camp David, where President Nixon unilaterally ended the last vestiges of the gold standard—breaking the link between gold and the dollar—transforming the entire global monetary system. Over the course of three days—from August 13 to 15, 1971—at a secret meeting at Camp David, President Richard Nixon and his brain trust changed the course of history. Before that weekend, all national currencies were valued to the U.S. dollar, which was convertible to gold at a fixed rate. That system, established by the Bretton Woods Agreement at the end of World War II, was the foundation of the international monetary system that helped fuel the greatest expansion of middle-class prosperity the world has ever seen. In making his decision, Nixon shocked world leaders, bankers, investors, traders and everyone involved in global finance. Jeffrey E. Garten argues that many of the roots of America’s dramatic retrenchment in world affairs began with that momentous event that was an admission that America could no longer afford to uphold the global monetary system. It opened the way for massive market instability and speculation that has plagued the world economy ever since, but at the same time it made possible the gigantic expansion of trade and investment across borders which created our modern era of once unimaginable progress. Based on extensive historical research and interviews with several participants at Camp David, and informed by Garten’s own insights from positions in four presidential administrations and on Wall Street, Three Days at Camp David chronicles this critical turning point, analyzes its impact on the American economy and world markets, and explores its ramifications now and for the future.
Author: Craig K. Elwell
Publisher: DIANE Publishing
ISBN: 143798889X
Category : Business & Economics
Languages : en
Pages : 18
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Book Description
The U.S. monetary system is based on paper money backed by the full faith and credit of the fed. gov't. The currency is neither valued in, backed by, nor officially convertible into gold or silver. Through much of its history, however, the U.S. was on a metallic standard of one sort or another. On occasion, there are calls to return to such a system. Such calls are usually accompanied by claims that gold or silver backing has provided considerable economic benefits in the past. This report reviews the history of the GS in the U.S. It clarifies the dates during which the GS was used, the type of GS in operation at the various times, and the statutory changes used to alter the GS and eventually end it. It is not a discussion of the merits of the GS. A print on demand oub.
Author: Daniel Yergin
Publisher:
ISBN: 9780684829753
Category : Economic forecasting
Languages : en
Pages : 0
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Book Description
Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226066959
Category : Business & Economics
Languages : en
Pages : 545
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Book Description
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author: Ron Paul
Publisher: Grand Central Publishing
ISBN: 044656818X
Category : Political Science
Languages : en
Pages : 186
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Book Description
In the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve. Most people think of the Fed as an indispensable institution without which the country's economy could not properly function. But in End the Fed, Ron Paul draws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional. It is inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless. What most people don't realize is that the Fed -- created by the Morgans and Rockefellers at a private club off the coast of Georgia -- is actually working against their own personal interests. Congressman Paul's urgent appeal to all citizens and officials tells us where we went wrong and what we need to do fix America's economic policy for future generations.
Author: Gillian Tett
Publisher: Simon and Schuster
ISBN: 1439100756
Category : Business & Economics
Languages : en
Pages : 305
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Book Description
From award-winning Financial Times journalist Gillian Tett, who enraged Wall Street leaders with her news-breaking warnings of a crisis more than a year ahead of the curve, Fool’s Gold tells the astonishing unknown story at the heart of the 2008 meltdown. Drawing on exclusive access to J.P. Morgan CEO Jamie Dimon and a tightly bonded team of bankers known on Wall Street as the “Morgan Mafia,” as well as in-depth interviews with dozens of other key players, including Treasury Secretary Timothy Geithner, Gillian Tett brings to life in gripping detail how the Morgan team’s bold ideas for a whole new kind of financial alchemy helped to ignite a revolution in banking, and how that revolution escalated wildly out of control. The story begins with the intense Morgan brainstorming session in 1994 beside a pool in Boca Raton, where the team cooked up a dazzling new idea for the exotic financial product known as credit derivatives. That idea would rip around the banking world, catapult Morgan to the top of the turbocharged derivatives trade, and fuel an extraordinary banking boom that seemed to have unleashed banks from ages-old constraints of risk. But when the Morgan team’s derivatives dream collided with the housing boom—and was perverted through hubris, delusion, and sheer greed by titans of banking that included Citigroup, UBS, Deutsche Bank, and Merrill Lynch—catastrophe followed. Tett’s access to Dimon and the J.P. Morgan leaders who so skillfully steered their bank away from the wild excesses of others sheds invaluable light not only on the untold story of how they engineered their bank’s escape from carnage, but also on how possible it was for the larger banking world, regulators, and rating agencies to have spotted, and heeded, the terrible risks of a meltdown. A tale of blistering brilliance and willfully blind ambition, Fool’s Gold is both a rare journey deep inside the arcane and wildly competitive world of high finance and a vital contribution to understanding how the worst economic crisis since the Great Depression was perpetrated.
Author: Jane Sneddon Little
Publisher: University Press of the Pacific
ISBN:
Category : Business & Economics
Languages : en
Pages : 304
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Book Description
According to a recent World Bank study, the Asian crisis led to a significant rise in poverty and sharp declines in middle-class living standards in the countries most affected. Real public spending on health and education fell, with poor households experiencing the largest declines in access to these services. The impact of decreased investment in human capital will have consequences for individuals and whole societies for years to come. Because these external shocks occurred very shortly after these countries had liberalized their capital markets, they have engendered a growing distrust of globalization in many parts of the world. We owe it to the people of the developing countries, as well as to ourselves, to consider how institutional or policy changes could moderate such setbacks in the future. For all these reasons, this conference seemed a good time to pause and consider the implications of recent events, institutional changes, and new research for the evolution of the international monetary system. Representing frontline countries and frontline institutions, many of the conference participants had struggled firsthand with the dilemmas posed by the recent crises. Thus, they brought unique perspectives on the issues and offered thoughtful observations and useful ideas that could improve the workings of the international monetary system. It is our hope that this publication of their views will stimulate further discussion, research and, more than partial implementation.
Author: Sebastian Edwards
Publisher: Princeton University Press
ISBN: 0691196044
Category : Business & Economics
Languages : en
Pages : 288
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Book Description
The untold story of how FDR did the unthinkable to save the American economy.
Author: Thanhha Lai
Publisher: Univ. of Queensland Press
ISBN: 0702251178
Category : Juvenile Fiction
Languages : en
Pages : 227
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Book Description
Moving to America turns H&à's life inside out. For all the 10 years of her life, H&à has only known Saigon: the thrills of its markets, the joy of its traditions, the warmth of her friends close by, and the beauty of her very own papaya tree. But now the Vietnam War has reached her home. H&à and her family are forced to flee as Saigon falls, and they board a ship headed toward hope. In America, H&à discovers the foreign world of Alabama: the coldness of its strangers, the dullness of its food, the strange shape of its landscape, and the strength of her very own family. This is the moving story of one girl's year of change, dreams, grief, and healing as she journeys from one country to another, one life to the next.
