Activity

In a global system of fixed exchange rates, shock absorbers take the form of strong regional currencies, issued by potent central banks, to act as secondary pillars in support of the system's main currency. There was need for at least one such currency in Europe and another in Asia. Of course stron…

The Bretton Woods system, already set out in 1944, posited the dollar as the sole linchpin holding together the edifice of global trade and finance.

It was not for humanitarian motives that Washington decided to spare Germany a return to a bucolic past.

France's government army was entering the French capital to commence a pitiless battle against the revolutionaries of the Paris Commune

his Speech of Hope--a significant restatement of America's policy on Germany. Until then the Allies had been united in their commitment to convert 'Germany into a country primarily agricultural and pastoral in character'.