Thus in 1971 Europe was jettisoned from the dollar zone by a United States intent on preserving its hegemony and unwilling to turn to austerity to save Bretton Woods.
cus of the $35/oz of gold value being heavily tested in the late 60s/early 70s
An international fund would be created to play the role of the world's central bank and issue its currency--the bancor, as Keynes provisionally named it.
a closed, autarkic (meaning self-sufficient) economy [...] may be poor, solitary and undemocratic, but at least it is free of problems caused by other economies, by external deficits or surpluses
Before long the working class in one nation turned against the working classes of all other nations, looking to protectionism for succour. In 1929 protectionism took the form of devaluing one’s currency vis-à-vis others. As we shall see, in 2010 it took the form of devaluing one’s labor vis-à-vis others.
the European Union had lost its integrity by crushing Greece and while it was in the process of forfeiting its soul by abrogating its responsibilities to refugees
