Cash withdrawal limits
|April 1st, 2017 at 5:36:37 PM permalink|
Member since: Aug 3, 2014
http://www.zerohedge.com/news/2017-04-01/moscow-and-beijing-join-forces-bypass-us-dollar-global-markets-shift-gold-standard Petrodollar continues to be under increasing pressure.
Everyone gets thrown from the plane to maintain altitude
|April 1st, 2017 at 6:29:16 PM permalink|
Member since: Oct 24, 2012
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial order after the conclusion of World War II.[ The conference was held from July 1–22, 1944. Agreements were signed that, after legislative ratification by member governments, established the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF).
If you think about, East Asia was solely represented by Phillipines and Taiwan at Breton Woods. It's amazing that it held together for so long as Asia grew to become an economic powerhouse.
Within the Final Act, the most important part in the eyes of the conference participants and for the later operation of the world economy was the IMF agreement. Its major features were:
(1) An adjustably pegged foreign exchange market rate system: Exchange rates were pegged to gold. Governments were only supposed to alter exchange rates to correct a "fundamental disequilibrium."
(2) Member countries pledged to make their currencies convertible for trade-related and other current account transactions. There were, however, transitional provisions that allowed for indefinite delay in accepting that obligation, and the IMF agreement explicitly allowed member countries to regulate capital flows. The goal of widespread current account convertibility did not become operative until December 1958, when the currencies of the IMF's Western European members and their colonies became convertible.
(3) As it was possible that exchange rates thus established might not be favourable to a country's balance of payments position, governments had the power to revise them by up to 10% from the initially agreed level ("par value") without objection by the IMF. The IMF could concur in or object to changes beyond that level. The IMF could not force a member to undo a change, but could deny the member access to the resources of the IMF.
(4) All member countries were required to subscribe to the IMF's capital. Membership in the IBRD was conditioned on being a member of the IMF. Voting in both institutions was apportioned according to formulas giving greater weight to countries contributing more capital ("quotas").