Tension in the United Nations Over Bretton - amazonia.fiocruz.br

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Following the bloody clash between soldiers and members of the Indigeneous People of Biafara IPOB Eastern Security Network which led to the dusk-to-dawn curfew imposed on 10 local government areas of Imo West Senatorial District by the state Governor, Hope Uzodimma, sporadic shooting from both sides had been halted however, residents of Orlu Local Government Area remains in hiding. It has been reported that markets, shops, and other usually busy areas are still deserted. With the heavy presence of soldiers and men of the Nigeria Security and Civil Defense Corp NSCDC in all nooks and crannies of the town, members of the public now tread cautiously in their movements just as commercial vehicles ply bush paths to get in and out of the local government area. The remains of the policeman who was reportedly consumed in the heat of the exchange of fire in Okporo, Orlu, by the ESN boys and soldiers had been moved to an undisclosed morgue. For fear of further reprisal attacks, residents of the city, who fled their homes, are yet to return home. Source: Daily Independent. Tension in the United Nations Over Bretton

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What is BRETTON WOODS SYSTEM? What does BRETTON WOODS SYSTEM mean? BRETTON WOODS SYSTEM meaning

The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United StatesCanadaWestern European countries, Australiaand Japan after the Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained its external exchange rates within 1 percent by tying its currency to gold and the ability of the International Monetary Fund IMF to bridge temporary imbalances of payments.

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Also, there was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies as well. The delegates deliberated during 1—22 Julyand signed Tension in the United Nations Over Bretton Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary systemthese accords established the IMF and the International Bank for Reconstruction and Development IBRDwhich today is part of the World Bank Group.

The United States, which controlled two-thirds of the world's go here, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street".

On 15 Augustthe United States unilaterally terminated convertibility of the US dollar to goldeffectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. The political basis for the Bretton Woods system was in the confluence of two key conditions: the shared experiences of two World Warswith the sense that failure to deal with economic problems after the first war had led to the second; and the concentration of power in a small number Unitec states.

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There was a high level of agreement among the powerful nations that failure to coordinate exchange rates during the interwar period had exacerbated political tensions. This facilitated the decisions reached by the Bretton Woods Conference.

Furthermore, all the participating governments at Bretton Woods agreed that the monetary chaos of the interwar period had yielded several valuable lessons. The experience of World War I was fresh in the minds of public officials. The solution at Versailles for the French, British, and Americans seemed to entail ultimately charging Germany for the debts.

If the demands on Germany were unrealistic, then it was unrealistic for France to pay back Britain, and for Britain to pay back the US. Intransigent insistence by creditor nations for the repayment of Allied war debts and reparations, combined with an inclination to isolationismled to a breakdown of the international financial system and a worldwide economic depression. In the s, international flows of speculative financial capital increased, leading to extremes in balance of payments situations in various European countries and the US. The various anarchic and often autarkic protectionist and neo-mercantilist national policies — often mutually inconsistent — that emerged over the first half of the decade worked inconsistently and self-defeatingly to promote national import substitutionincrease national exports, divert foreign investment and trade flows, and even prevent certain categories of cross-border trade and investment outright.]