Lately I've heard so many times about, that the Bretton Woods monetary system abolished 15 August 1971 of the year, after, the US defaulted, refused to change dollars for gold, it was boring. But as I everywhere'm talking about Bretton Woods financial model, then it is time the situation is more or less explain in detail.
so, at 1913 in the United States passed a law on the "Federal Reserve", which provided control over the issue and circulation of money from private individuals (beneficiaries of the banking system). It is this moment and can be called a point of the final formation of the "Western" global project, which at this point I was still in the power stage.
by the way, I will answer to various critics, that supposedly the Fed is a government entity, as its leader appoints the president of the USA (with the consent of Congress,). In the reality, Board of Governors of the Federal Reserve does not only consist of members appointed by the President (which, it seems, 4 or 5), but which is rotated from the Reserve Bank chairmen (all their 12), which the Board of Governors are always more than half. A Reserve Banks - Private, so it is not a controlling stake in state.
While the dollar was still pegged to gold (as we see, this is not the specifics of the Bretton Woods model), and so print them directly here, no limits, to meet the interests of the bankers, it was difficult. Therefore, during the "Great" Depression used a different scheme, which made it possible to reallocate assets in favor of the bankers, who could get a loan (in terms of money hunger) virtually unlimited scale. They received their, redeemed attractive assets, and then cleaned with Fed money market excess liquidity. In other words, Fed actually, subject to a special tax on all owners of money in favor of its beneficiaries.
Nevertheless, financiers share in the redistribution of income was at that time limited, no more 5% of its total. The trouble was, that bankers needed emissions and to obtain it was coined a wonderful tool: Bretton-vudskaya Model. Its meaning was simple: the dollar had become a major global currency and replace reserves and address other regional currencies. That's what took place the Bretton Woods reform of global finance.
At the first stage it concerned only the Western world (USSR participated in the conference and documents signed, but then they are not ratified, and 1950 year peg of the ruble has been canceled, he was tied to gold). But as a result of, formed enormous dollar resource emission (the sphere of circulation is seriously increased), which has allowed the Fed to beneficiaries to legalize this issue as their profits.
The economic significance of this operation was, that the whole of Western Europe (which began the process of conversion of the dollar in world currency) represented in 1945 by a mountain of broken bricks. And even if you build factories (and they built), then sell their products there was no one. And the trick was, that Western European countries have opened not only the Marshall Plan (that is, dollar investments!), but US markets. On which it was possible to make a profit, to sell their goods. But! Only for dollars.
Respectively, already under these dollars (known as "Eurodollars") It could produce national currencies (under the supervision of the Bretton Woods institutions, the som, The World Bank and the GATT, which then changed its name to the WTO) and pay their salaries, providing both domestic demand. But all of this model could work only because, at that time the US share of the world, and consumption, and the production, was more 50% world.
Then, this scheme was repeated in Japan and Taiwan (after 1949 of the year, the proclamation of the socialist China), South Korea and Hong Kong, and, finally, for China. By the way, to compare the growth of China and the Soviet Union quite correctly: if access to the US market would have received the USSR, economic growth there would be enormous. But neither the USSR, neither Russia access to the US markets did not get.
After 70 years of crisis (which was linked to the, that all potential areas of expansion of the dollar have been exhausted, and the share of financial sector in the redistribution of income in the US increased to 25%) began a policy of Reaganomics "has given the Bretton Woods model of the final form.
Now she looked like. One side, multinational banks at the expense of equity investitsirovali dollars to countries with cheap labor, that allows you to create there the production of cheap products. On the other - due to the same emission dollars credited private demand in the US (and other countries of the Western world), which enabled dramatically improve living standards and create the dominant social system "middle" class, form stable stereotype consumer behavior.
FROM 1981 year on 2008 year, the average US household debt rose from 60-65% from real disposable income up, more than, 130%. In this case, the cost of servicing this debt all the time is reduced, Since the incident the cost of credit (the discount rate the Fed during the same period fell from 18% to, practically, 0). At the same time the purchasing power of the average wage in the US is at the end of the '50s. But the share of the financial sector in terms of the redistribution of income in their favor rose to 50% (and at certain moments and raised above).
TO 2008 the situation became critical: citizens of "developed" countries are spending more than stable, than actually earn, private debt transcends, and refinance it at low rates is impossible. The Bretton Woods system came to a standstill. I draw your attention to the way, that the mechanism of foreign exchange, this system generally has nothing to do.
Nevertheless, Bretton Institute vwdskïe (the som, VTO, The world Bank, their affiliated credit rating agencies, consulting and auditing companies) continue to strictly require compliance with the rules adopted by them. In particular, withdrawal of money from the budget of the Russian economy (TN. "Fiscal rule", according to which all oil revenues from the excess of world prices above a certain level, sent outside the country), ban on limiting currency speculation, restriction monetary policy - it's all IMF demands.
The trouble in the entire system, that she was no longer able to ensure economic growth in the world. Emission longer causes growth, Furthermore, more than 10 s capital in the world does not play. Bankers is not very much worried, if they had control of the institution emissionenym, but the reform of the Bretton Woods global finance in 1944 year has not been brought to an end, Fed remained in the national jurisdiction. Bankers in the past since the years have tried to change this situation, in particular, at 2011 year, but they did not work (in particular, because of the famous "case of Strauss-Kahn"). And today, the new president of Trump actively trying to trample down the Fed's leadership and bring it out from under the nominal control of the bankers.
Generally, Today we can say, that the Bretton Woods model of global finance has its own history and the most important question, that arises: what will be the new model. But that's a topic for another article.
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Answers to the critics comments
– Bretton system Vwdskaya, which by definition is a system of organization of international payments, Change system, based on gold, and along with the pound sterling as the dominant currency in the world of pre-war settlement.
international payments system deep secondary, Bretton Woods financial and economic model created for other tasks. Chief among them:
– legalization of equity income for the multinational banks;
– redistribution of real assets and the profits from them in favor of multinational banks (the share of financial sector in the redistribution of income in the US has grown from 5% to 50%);
– obtaining legal instruments of control over ideology m of the education system in the world.
It is these challenges ben in. the system decides in the first place, but they are not legalized, not to say, taboo. And there is another very important point, which partially legalized: ben in. system ensures the growth of the world economy. properly, it is no longer possible to ensure the growth and induces a strong desire to understand the world's elite with the other three points, and in recent years they have become gradually removed from under the tabulation. Till, true, only at the elite level. And this is the main factor in the destruction of ben. system. Just in case: model differs from the system about the same, as the drawing is different from the finished product.
– dollar in the world economy is not determined in the agreement, B., and the size of the economy, US military power, and most importantly the US ideology, they were able to impose worldwide. All this translates into trust, which has always been a major in finance: all banks of the world trade is not money, and trust.
dollar to the world determines the size of the US economy, once this economy was more than 50% world. Today it is less than 20% (legs VVP) and only the third in size (after China and the EU). Location determined by the dollar, that it was on it it was founded in ben. system, which provided economic growth. No growth - the dollar started having problems. Social being determines consciousness, not vice versa.
– The US has no profit from the dollar issue. I have not seen any payments. If here in Russia someone paid dollar, the US did not get anything. If the payments were made through US banks, the US government has not received anything, and profits received by commercial banks, increased its assets.
Did someone says, US main beneficiaries? No, US gets only its share, As the others, only indirectly. The main beneficiary in this process - the elite of the "West" project, the very same multinational financiers, and through which the emission passes legalizing. US national elites and transnational financiers today fierce enemies, who are fighting for life, and death! So totally excluded, that the US will be the main victim of this battle.
– dollar emissions in the US are not pryvyshaet 20% (and sometimes 5%) by monetary issue country. Major dollar issuer is a bank (through loans, exchange and other derivatives) and other rogues of the financial world.
You understand correctly, the difference between the credit issue of money, but separate from one another - a mistake. A living example - a crisis 2008 year - can not be increased indefinitely credit multiplier.
– Withdrawal from settlements in dollars is not supported by statistics. And in the long term confidence in the dollar will continue to grow with increasing instability of the global economy.
In the conditions of instability of the people running in the most liquid assets, ie the dollar. But this is only until, until the crisis. Do not forget, the main problem - the lack of economic growth. AB-in for him. system to cancel. As soon as it will be canceled, will get rid of the dollar. Everywhere. Besides, of course, directly dollar zone. by the way, very interesting question, how will decide on the "new" Bretton Woods, what to do with dollars, which are outside the new dollar zone? Will I take them and how??
– No dollar diktat, There is no IMF and anything else in our country. Conversations on this topic, nothing more than the speeches of the lawyers of our political system.
And this is a propaganda liberasticheskie, compare it with the statement of Professor Nightingale. It was the IMF fully determine our monetary, monetary and fiscal policy. they, who rejects this, or working on international banking lobby (eg, Soros money or Khodorkovsky), or on the structure of the Russian liberal, or is an idiot.
