Posts tagged 1944

Global Currency

USD, US, UK, Bretton Woods, Monetary Policy, deception, debt, 1944

The dollar became world key currency some 65 years ago. To be precise: during the night of July 13th and 14th, 1944. For it was during that night that the US, and even today this fact is still hardly known, clandestinely changed the wording in the documents of the Bretton Woods conference. When the conference members – stemming from 44 nations – finally signed the Agreement, they had no clue, that the US had amended the word “gold” with “and US-dollar”. It was in this manner – which the UK later described as “pure deception” – that the US-dollar became the world key currency and the US a superpower. This deception is more than just tragic: for without it the current crisis could not have developed, since the enormous disequilibrium between the US and the rest of the world which has lead into this crisis was only possible due to the special role of the US-dollar.