A 21st-Century Bretton Woods

Source from: Wall street Journal

History
Origins
1919/6/28, After world war 1, defeated Germany signed the Treaty of Versailles. (German loss 13.5% territory and 12% population. The army was control below 100000 people. Not allow to have air force. 1930-The Great Depression (1939-1945)-World War 2

1944-Bretton Woods system

Establish IMF US. Dollars exchanged gold with a fixed rate.(Gold standard)

1971-Nixon Shock
In 1971 more and more dollars were being printed in Washington, then being pumped overseas, to pay for government expenditure on the military and social programs. In the first six months of 1971, assets for $22 billion fled the U.S. In response, on August 15, 1971, Nixon unilaterally imposed 90-day wage and price controls, a 10% import surcharge, and most importantly "closed the gold window", making the dollar inconvertible to gold directly, except on the open market. Unusually, this decision was made without consulting members of the international monetary system or even his own State Department, and was soon dubbed the "Nixon Shock".

The Bretton Woods, Today

2001-The Bretton Woods Project works as a networker, information-provider, media informant and watchdog to scrutinise and influence the World Bank and International Monetary Fund (IMF). Through briefings, reports and the bimonthly digest Bretton Woods Update, it monitors projects, policy reforms and the overall management of the Bretton Woods institutions with special emphasis on environmental and social concerns. Bretton Woods II?
However, this informal meaning has been superseded in the wake of the Global financial crisis of 2008. On September 26, 2008, French president, Nicolas Sarkozy, said, "we must rethink the financial system from scratch, as at Bretton Woods. On October 8, 2008, Argentine President Cristina Fernandez de Kirchner said "the financial world crisis will need a strong regulation in the matter of financial markets and capital movements throughout the world. A new Bretton Woods will be needed".

After World War 1

2260113 1320192149.91320

German
UK

USA

French

Belgium

Reflection
Why we need Bretton Woods in 1944? Why we need today? What is real money? Gold? US. Dollar? The process of Globalization will decline?