Bretton Woods Transcripts

Publication details
The Bretton Woods Transcripts
Edited by Kurt Schuler and Andrew Rosenberg
New York: Center for Financial Stability, 2012
About 800 pages (400,000 words)
Release date: October 24, 2012
Price: $9.00 (e-book)
ISBN-13: 9781941801000

Book Website

Amazon Link

Summary: The Bretton Woods Transcripts were never intended for publication. They give word-for-word reports of many meetings of the 1944 international financial conference in Bretton Woods, New Hampshire. The conference established the International Monetary Fund (IMF) and the World Bank, and began a new era of international economic cooperation that has lasted from the end of World War II to the present. Today we are still grappling with many of the same issues that the conference debated: how to balance the interests of large and small economies, how much power international organizations should have, and how they should work. The Bretton Woods Transcripts show how a previous generation dealt with those issues so successfully that the Bretton Woods conference remains a landmark event.

Turkey Masses Troops on Syrian Border; Syria Slams Turkey

This is very serious.

And if Turkey intervenes and topples the regime it may be a case of out of the frying pan and into the fire.

Turkey Masses Troops on Syrian Border; Syria Slams Turkey

By Selcan Hacaoglu

October 9 (Bloomberg) — Turkey’s top general inspected newly deployed units on the Syrian border Tuesday following six days of firing by Turkish batteries against President Bashar al-Assad’s forces.

Turkey has deployed additional tanks, howitzers, and missile defense systems on the border since a Syrian artillery shell killed five people in the town of Akcakale on Oct. 3, prompting parliament to give the government a one-year mandate to send forces into Syria if necessary.

General Necdet Ozel, chief of the general staff, today inspected troops in Hatay province, which was hit by seven artillery shells or mortar rounds in the past week, state-run TRT television said.

General Hayri Kivrikoglu, chief of the land forces, accompanied Ozel along with several other senior officers, the state-run Anatolia agency said. Ozel will inspect troops in Akcakale tomorrow, TRT television said.

Tensions between the two countries have risen during the 19-month rebellion against Assad’s government, with Turkey offering support to the rebels.

These worsened in June, when Syria shot down a Turkish warplane it said was in its airspace and on Oct. 3, when the Syrian shell fired over the border killed two women and three children in Akcakale, triggering the cross-border exchanges.

Foreign Minister Ahmet Davutoglu told state-run television on Oct. 6 that Syrian Vice President Farouk al-Sharaa hadn’t taken part in massacres and could serve as interim leader if Assad leaves office.

‘Confusion, Blundering’

Syria’s Information Minister Omran al-Zoubi said yesterday that Davutoglu’s remarks reflect “obvious political and diplomatic confusion and blundering,” Syria’s state-run SANA news agency said.

“Turkey isn’t the Ottoman Sultanate; the Turkish Foreign Ministry doesn’t name custodians in Damascus, Mecca, Cairo, and Jerusalem,” he said.

Syrian forces have continued firing at rebels along the border even though Turkey has responded to artillery shells or mortars landing inside its territory.

At least 27 schools along the border areas in Akcakale remain closed due to fears they could be hit by an errant shell, Anatolia said today.

The two countries share a 911-kilometer (566 miles) border. Turkey, a member of NATO, has a 720,000-strong military, the second-largest army within the alliance.

Deputy Prime Minister Bulent Arinc said late yesterday that although Turkey has no intention to go to war with Syria, it is determined to use the mandate if needed.

‘Solid Ground’

“Concerning Syria, primarily in the face of international law, Turkey will continue to walk on solid ground,” Anatolia quoted Deputy Prime Minister Ali Babacan as saying during a news conference today.

Turkey shelters nearly 100,000 Syrian refugees in 15 camps along the frontier. Syria says Turkey lets rebels use the camps as a safe haven.

More than 30,000 people have died in Syria since the rebellion against Assad began in March 2011, according to the British-based Syrian Observatory for Human Rights.

The Local Coordination Committees in Syria said 31 people have died so far today, including 28 in Damascus and its suburbs.

Jackson Hole speech

The Chairman seems to be well aware of the upturn in housing, which he mentioned twice. But he was careful to not reveal an upbeat attitude that he knows would cause rates to spike in expectation of the Fed ‘normalizing’ policy with ‘neutral’ being a Fed funds rate maybe 1% over the inflation rate, or something like that.

In other words, he wants longer term rates, and mtg rates in particular, to stay down for now, which causes him to guard any optimism he may have, and then some.

It falls under ‘managing expectations’ and my best guess is he’s waiting for unemployment to fall below 8% before he publicly becomes more optimistic.

“Key sectors such as manufacturing, housing, and international trade have strengthened, firms’ investment in equipment and software has rebounded, and conditions in financial and credit markets have improved.”

“Rather than attributing the slow recovery to longer-term structural factors, I see growth being held back currently by a number of headwinds. First, although the housing sector has shown signs of improvement, housing activity remains at low levels and is contributing much less to the recovery than would normally be expected at this stage of the cycle.”

2013 TED Prize Nomination Acknowledgement

>   
>   (email exchange)
>   
>   On Fri, Aug 24, 2012 at 6:25 PM, Barry wrote:
>   
>   FYI.
>   
>   Cross fingers!
>   

Thank you for your 2013 TED Prize Nomination.
Your nomination and nominee will be reviewed over the coming weeks and you will be notified as to the success of your nomination by mid-September.

With best wishes,

The TED Prize team

http://www.tedprize.org


Best,
The TED Prize Team

interesting comment on my blog

Mosler knows!
Thayer knew!
Ruml knew!
Jim Lacey apparently knows, and so did a couple of economists that helped the USA prosecute and win WW2: Robert Nathan and Simon Kuznets.

Keep from All Thoughtful Men: How U.S. Economists Won World War II

I got to page 34.

“Orthodox economic thinking at the beginning of World War II held that taxes should finance wars on a pay-as-you-go basis.”

A fascinating book about what looks to be how MMT won the War. I’m still reading.
And I’m betting that we didn’t need to use all of Great Britain’s gold that they shipped to New York at the start of the war….