Bretton Woods Then and Now

When turmoil strikes world monetary and financial markets, statesmen invariably call for "a new Bretton Woods" to prevent catastrophic economic disorder and defuse political conflict. The very name of the remote New Hampshire town where representatives of 44 nations gathered in July 1944, has become shorthand for enlightened globalization. The actual story surrounding the historic Bretton Woods accords, however, is full of startling drama, intrigue, and rivalry. Benn Steil will bring the saga to life, and talk about some of its lessons for understanding today's central economic issues.

[mariabaranova]

One of the best lectures on YouTube. So informative and insightful.

[stevesabastian]

Most important lecture I have seen to date on YouTube. Excellent

[SpaceWalkTraveller]

Great lecture, I'll have to get his book.

[MindandQiR]

This is one of the best videos on Youtube ever!

[ihc]

1:21:28 he thought the question was about the pedrodollar, Spain's currency before the Euro.

[Ypipable]

Good lecture on an understanding of post world war two global economics. Regardless of all its interesting characteristic details, Bretton Woods put a very big dent on any further open conflict as WWI or II. At it's worst it served us into a cold war. I'd have to give this video a thumbs up and look forward to reading Mr. Steil's book.

[Isewein]

Thank you for this! I had never considered the American-British rivalry dimension of BW. It seems a generally overlooked aspect; no doubt because it's such a difficult exercise for us to look at the whole post-war settlement without the teleological lenses of the Cold War. Wonderful delivery, too!

[kainalrik]

Having your currency pegged to another nation's currency or a commodity is a rediculous self imposed economic constraint. It was wise to abandon the fixed exchange rate. Now we just need people to realize that we have a new monetary system that has significantly fewer constraints. The government is a sovereign currency issuer with a floating exchange rate now.

The public sector debt is merely an accounting of all US liabilities. The US sovereign fiat currency is a liability of the American government. The dollar is a debt instrument. The national debt is the total amount of dollars credited to the private sector that have not been taxed out of the private sector. The national debt is the amount dollars that exist. It is not a commodity, it is a tally system, a unit of account. It has no inherent value.

Taxes are the coercive demand mechanism for the dollar. Taxes force demand for the currency, making it the country's common unit of account. Taxes are also a deflationary tool and a social engineering mechanism. If you want to play ball in the American economy, you have to sell your goods to us for dollars and buy our goods in dollars. If there is a trade deficit, more dollars are being spent on foreign goods than there are dollars being spent by foreign markets for domestic goods. The forigen market has in it's position those dollars that were used to buy their goods, which balances with the amount of dollars in the domestic sector. When the forigen sector holds dollars, they are holding US Debt, they have US dollars. So yes, America is the largest market and it only uses the dollar. Other countries want to sell to America, they get dollars. Now they have US debt securities in their possession.

Bonds are a monetary tool that is used by the private sectors, forigen and domestic, for a safe investment mechanism and is used to maintain the target overnight interest rate. We wouldn't need them at all if we had a zero percent interest rate policy. Bonds dont fund spending, the government does not borrow the currency that only it can create in order to spend that currency.

We need to get away from Chicago School of Economics and New Keynesianism. Nether has an understanding of macroeconomic sectoral balances and monetary systems.

[thefreedomlass]

Great lecture...loved the historical background.

[afahmid]

Fascinating, thanks for this lecture.

[mro]

12:12 I didn’t get why pegging the emerging markets currency to us dollar is downgrading American competitiveness

[yvoncormier]

Wonder if there's any footage of Milton Friedman discussing Bretton Woods.

[The_Angry_BeEconomist]

quite surprising he was unfamiliar with the petro dollar terminology

[wiseman]

Why is not the speakers name in the title of this video?
And his name is vaguely mentioned in the bottom of the description - if hit read more.

[unclejjer]

Great explanation how FDR used ruthless power to dismantle and cripple the British Empire and simultaneously open the road for the Soviet Empire...Roosevelt wasn't anti-empire, just anti-British empire...Of course, FDR didn't live to see the unfolding of the Cold War disaster...We live with these consequences still today.

[alphaomega]

I will have to say after listening to this lecture, and read other articles pertaining to the monetary policy, this bretton woods system is basically helps transform our modern society where it will prevent another catastrophe such that of the 1929 or the Great Depression. One question: will China ever threaten the US in selling its US Debt worth of 1.17 trillion dollars or continue to purchase US Debt to keep or maintain its economic growth at a rate of 7% per year? In short, I think this system is perfectly rigged as it was intended from the beginning. The devaluation is US best defense against Chinese economic prosperity; another word, China depends on US consumers and without them, the 1.4 billion Chinese people will flood the Great Hall of China and fighting for a new change and that is what the Chinese government does not like to see happens in China.

[KungFuHustling]

It’s very interesting to hear the difference in point of view. From Peter Zeihan (geopolitical analyst) point of view, Breton woods is a treaty whereby the US is sacrificing their economy to bribe an alliance vs the Soviet.

From your economist point of view, the US looks like a bully for the UK, who suffered heavily economically from WW2.

[toucansfootballclub]

Why does the person introducing the lecture build Harry Dexter White up without mentioning he was a Russian agent?

[MDDiamonds]

56:33 be ready for the nose blow. But other than that great video!

[jesussavedme]

Jesus loves you!!! He knows you and saves 😊 Please repent, because Jesus loves you and He is coming back soon:) He is not distant nor angry at you, He wants to heal you😊🤍