Introduction
The purpose of this book is to re-examine the consequences of the decisions made by the representatives of the forty-five nations at Bretton Woods, New Hampshire, forty years ago. These decisions, and the institutions set up to carry them out, have led us to the present world monetary chaos. For the first time in history, every nation is on an inconvertible paper money basis. As a result, every nation is inflating, some at an appalling rate.
Part I: Birth of the Bretton Woods System
Hopes had been raised ten years earlier, but the Bretton Woods agreement never seriously considered the return of each signatory nation to the gold standard.
1. The Return to Gold
Gold
July 9, 1934
2. For Stable Exchanges
June 1, 1944
3. For World Inflation?
June 24, 1944
In the statement of principles for the proposed International Stabilization Fund is this short paragraph:
An agreed uniform change may be made in the gold value of member currencies provided every member country having 10 per cent or more of the aggregate quotas approves.
4. How Will it Stabilize?
June 26, 1944
5. The Monetary Conference
Conference
July 1, 1944
6. Results at Bretton Woods
Woods
July 18, 1944
7. An International Bank?
International Bank?
July 19, 1944
8. The Monetary Fund
July 24, 1944
