All Posts Tagged With: "Bretton Woods Conference"

David Stockman is Right, and We Should Probably Be Afraid

Iowa Politics Money Chess TaxesFormer Michigan Congressman and Reagan Budget Director David Stockman’s new book “The Great Deformation” provoked a flurry of insult and ridicule when it first came out back in April. I’m late to the party because as a law school graduate I spend all of my spare cash on liquor; in fact, I have not yet read the book. Fortunately for me, book tour promotional speeches are readily available on Youtube, and Stockman has no instinct for holding back.

Here is the gist; the Bretton Woods Conference made the dollar the reserve currency of the world, it was gold-based until 1971 when Nixon decided to let it float free, allowing the US to run endless trade deficits with mercantilist, export-led industrializing countries in East Asia. Along …


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