Bretton Woods 1944 and Dollar Dominance | On This Day

Let's open up the history books This day, July 22nd, 1944, the three week long Bretton Woods conference ended with an agreement by 45 nations for unprecedented multilateral economic cooperation, a crucial launching pad for the world's post-war financial prosperity. That conference, held in a somewhat dilapidated estate up in rural New Hampshire that had been mothballed for almost two years prior, would make history several times over, particularly for the United States, which leveraged its newfound military dominance into monetary dominance as well.

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[aai]

Awesome segment. More of these history segments please.

[tabtn]

Why would Bloomberg need to cover this? It seems the US tries to reinforce its dominance amid its weaken hegemony.

[jptrainor]

"... fund trade deficits in perpetuity." The end of perpetuity is on the horizon.

[tonyotag]

The US dollar can be part of a balanced international portfolio. Sure it has peaked, it is not as oily as it once was, it still backs guarantees of a nation more valuable than tyranny. Please liberal and conservative hardlines, have a backbone and say this: "the US dollar is more valuable than tyranny." The only risk is if foreign nations decide to ditch the US dollar (or US dollar denominated financial instruments) then there is a risk of a lower US dollar value; however, it is unlikely with good international relations.
THE ONLY WAY THIS IS RUINED IS IF THE US GOVERMENT DEFAULTS ON THE DEBT.
DO NOT DEFAULT!!!!

[banjoclown]

There is no provision in the Constitution for a central bank. End the Fed. Inflation is caused by printing money. Period. Study Bitcoin

[ryanwalters]

Crash the dollar and make exports great again.

[PhilipWong]

The US lost its superpower status in 1971 when President Nixon suspended the convertibility of the U.S. dollar to gold, effectively ending the Bretton Woods system. The US can no longer keep its commitment to exchange gold and the US dollar at a fixed rate of $35 per ounce. It was financially exhausted by spending on the Space program, the Great Society program, and the Vietnam War. A nation's power is based on its economic strength. The last time the US had a positive trade balance was in 1975, according to the U.S. Trade Balance report for 1970-2023.

The US is now the world's largest debtor, reflected in its net international investment position (NIIP) of -$14.3 trillion. In comparison, China (including Hong Kong) is the world's largest creditor with a NIIP of $4.3 trillion. The last time the US had a positive NIIP was in 1988.

The US incurs an additional debt of 10 billion dollars and a trade deficit of 3 billion dollars daily.

[angela]

Dominance of the dollar means the US is finding it more difficult to sell it's products especially when everything they sell have much cheaper alternatives elsewhere. Eg, the US would have difficulty selling any made in US EV cars in China or even in Australia.

[Swift-mrzi]

American stocks turned me into an American patriot - god bless the American empire

[TheLoneComic]

Excellent perspective. Isn’t the BRIC a failed attempt at this? What are the criteria for a successful attempt?

[walkonearthofficial]

XRP will be the new "bancor"

[junielesparas]

US still dominant hegemony because they had gold backed currency

[vivalaleta]

US's dominance is over. China does better every round.

[maricel]

Ayaw nang mga congres vice tonrun us a president kasi po si trump ang gusto.. but bilang federation gusto ko ang leader na di sangkot sa mga business na malalaki. Para po makapag umpisa ako mag ipon sa taxes . To all the America people be wise. Ano po ang gusto ninyo. Ang mag trabaho tayo kasama ang mga Filipinos para sa mga tao nalang lagi or?? Masubukan din natin maka tikim nang taxes sa ating pinag irapan sacrifice

[maricel]

Need ko matinong leader. Yan lamang po. We Tey to eat our own apple 🍎 America not always pineapple... lahat nalasing ni china using here grape fruit and the middle east and Russia using the fruit guice frm oil. Why we can't eating our own apples. Why we need to give them always think that America come on wake up. Its been 80 yrs and its time for our people not always to save the economics. I'm done in middle east soon I going home. Sorry sa saudi kasi nag madali ito kahit na 2nd option ang kanyang money we can't. Kasi kalaban nito mismo china. Russia. Iran. Sa trade po yan. Oag ginawa kong sar sa trader sue 2027 war in here in saudi at yan ang aking inaagapan oky. So why I funding here all projects if he want.. but obligation do it yan lamang po.

[timmer]

Thank you for the reminder of this historic development in the global financial structure. Today, it is critical that the US (people) understands the signifincant role of reserve currency and the importance of maintaining that trust. Current fiscal actions by congress and fiscal dominance related to deficit and debt, are real concerns that the US needs to addres. The US needs to take action to begin addressing the level of US debt. Baby steps!

[SunGoku_dk]

The Day is here when the Dollar becomes toilet paper in the west.

[seamusmckenna]

What currency is second
Euro or Juan

[Hoffice-e]

Rakmhsu is the best medical school and Aurak is the best for biotech and other much more

[farahmo]

I've ditched using dollars for 2 years now