fiat currencies Archive

Ruml 1946

Note the US was back on gold internationally after Bretton Woods: The Bretton Woods Conference took place in July 1944, but did not become operative until 1959, when all the European currencies became convertible. Under this system, the IMF and the IBRD were established. The IMF was developed as a permanent international ...Read More

self imposed constraints vs external constraints

I don’t think anyone thinks it would not make any difference to Greece if it was dealing in it’s own currency with the same types of self imposed constraints the US has rather than its current externally composed constraints. US has legal obligations to pay and self imposed constraints aren’t a valid ...Read More