Treasury Secretary Donald Regan floated the idea of a new Bretton Woods to steady the hemisphere's currencies. The following year, reeling from three devaluations of the franc, French President Francois Mitterrand declared, "The time has really come to think in terms of a new Bretton Woods. Outside this proposition, there will be no salvation... displayed 300 characters
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Outside this proposition, there will be no salvation." Mitterrand persisted in this grandiloquence over the next two years. He finally quieted down in 1985, when Margaret Thatcher dismissed his proposal as "generalized jabberwocky."
In the wake of the emerging-market crises of 1997-98, Bretton Woods nostalgia broke out again -- this time in post-Thatcher Britain... displayed next 300 characters
Treasury bills. Hence, this selling of dollars is the main cause of the currency weakening.
Since this configuration can’t go on forever, the Time Magazine emphasizes the fact that the adjustment that is about to come might be even more messy than was the transition, from Bretton Woods to the freely floating currencies system...
In response, the Treasury announced that it would explicitly guarantee the debt. Once the debt was guaranteed to be secure, no self-interested investor was willing to supply more equity to help out in the losses...
Countries had to quality for the program by meeting GNP per capita below $695 and by having an unreasonable debt burden. Unfortunately, the program did not have much success and the World Bank concluded that “debt reduction alone is not a sufficient instrument to affect the multiple drivers of debt sustainability...
Laffer feels that the reserve requirement does not change often. There is a specific percentage of money banks are required to have in their reserves. Hilton on the other hand, states that the Fed is indeed very important...
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