Thursday, June 5, 2014

Fed patriarch Paul Volcker says its time for a new Bretton Woods

The original Bretton Woods conference of July 1944 was the primary foundation for the U.S. dollar becoming the global reserve currency during the final stages of World War II.  And while the original charter lasted until 1971 when President Nixon took the dollar off the gold standard, its significance and name has been used as a springboard for any future reserve currency discussions.

On May 21 at the annual meeting of the Bretton Woods Committee, Federal Reserve patriarch and legacy Chairman Paul Volcker was in attendance, and given due respect by current operational members on that committee.  As such, Volcker gave a speech to the committee on markets and financial reform, and in closing, was asked by a member to give a title to his important words.
Volcker’s response: “What About a New Bretton Woods???”

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