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¿Por qué el Dólar es la moneda mundial? El acuerdo Bretton Woods - Bully Magnets Historia Documental - YouTube
Channel: Bully Magnets
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Bully Magnets presents:
Greetings and welcome to bully magnets, yo
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I'm Reijard and this time I'll talk to you
about the Dollar, not so much about its creation
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but rather of a peculiar moment when
this coin became the most powerful
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of the world thanks to a pact between nations
known as the Breton Woods agreement.
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Our story begins at the end of the second
World War, is 1944 and has been called
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to a meeting for the allied forces in
the Mount Washington Hotel in Breton Woods,
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United States, the call is to attend
the Monetary and Financial Conference of the
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united nations with the objective of regulating
the new financial order at the end of the second
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World War.
Yes, it sounds super dense and effect is, so
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that from now on I'm going to tell you data
very concrete, we are talking about more
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from 44 countries and hundreds of representatives
with a crossroads of diplomatic agreements at
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over time to understand why the
dollar was and is the world reference currency,
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so let's continue.
One of the objectives of the conference of
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Breton Woods was to create regulation and institutions
such as the International Monetary Fund
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and the World Trade Organization,
part of the reasons for the start of the
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First and Second World War had been
partly thanks to the commercial wars
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and the protectionism of national markets.
After the war the idea would be to generate
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a free world market led by the
United States, the currency for world use would be
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the dollar because of the war the pound
Sterling and the franc had asked for their value,
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it is proposed not to like the negotiators
of the Soviet Union who retreated
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of the table, years later China also
would withdraw from this agreement.
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all the other nations aligned themselves to states
united who was the country that had older
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gold reserves, even England joined
to the agreement, although he was not entirely in agreement
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because the English considered that it was unfair
that a country issued the reference currency
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world rather than an independent body
to the nations.
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The famed economist Maynard Keynes was the
British representative, he proposed a
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currency that was not directly linked
to any country that he called Bancor,
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that way there would be neutrality for all
nations and not like the dollar that could only
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be issued by Americans because with
that there was the possibility of abuse by part
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of that nation, finally his proposal was
crushed by the Americans, but well
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It would be worthwhile to talk on another occasion
about the Bancor and the course it would have taken
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the world of having been created.
Keynes: But those Americans will regret
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of not having listened to me, their children and their children
of your children will live horrors thanks to their
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arrogant impertinence (and dies)
And that claim was historically correct
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correct, Keynes ended up very annoyed by
the arrogance the Americans and threw
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threats about the mistake they made, then
After a couple of years Keynes passed away without
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to see the development of the plan, although finally
the only healthy economy with reserves of
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gold in the world was from the United States and they could
raise the rules of the new economic order
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world.
As a result of the Breton conference
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Woods the exchange system was established
fixed, this means that American banks
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they promised to exchange an ounce of
gold for the price of 35 dollars, plus
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that the USA was committed to the investment,
loans and financial supports like the plan
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Marshal for the reconstruction of Europe
and the containment of communism once finished
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war.
In the following years this plan made
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the economies of the world were backed
for its gold reserves and the value of this
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in dollars so in a matter of a decade
the world was dollarized, for the first time in
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the story a coin had a unified value
and was identified almost everywhere
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planet so hundreds were printed
of millions of dollars circulating through
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everywhere.
This process generated incredible wealth
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in the US that began to raise doubts
in the middle of the cold war, at the same time during
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the Vietnam War at the end of the years
50's accounts of the US government showed
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that they spent a lot more money than they earned
the country and this raised doubts about the strength
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of the value of the dollar.
And it was clear that all countries had
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to pay their debts in dollars when selling
services, natural resources, gold or silver,
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what was a complication while
On the other hand, the US only had to
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print money to spend it just for
all over the world, it was then that the president
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French Charles de Gaulle made a move
that would change everything.
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Charles de Gaulle: Surely they have the gold
Enough to print so much money right?
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Well, here are all the dollars that
France has joined in these years, now
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please give me my gold.
And indeed, by 1965 France initiated a
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policy to convert all your dollars
in gold and take it back to France, this
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it made a chain effect and more countries started
to request gold from the United States Reserve,
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distrust began to grow and the Americans
they took this act as an offense for
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they the dollar was a service that solved
economic to the world.
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But that service had a trick, because
Americans not only controlled the broadcast
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of dollars, they also had the army
largest on the planet and they used it to contain
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to the Soviet Union of Allied territory
European Union, so blackmail was common
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towards the European allies so that the dollar
out the strongest currency in exchange for not
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withdraw your army from strategic positions.
Finally the constant gold output of the
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US reserves made the 15
August 1971 Richard Nixon will sign a
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decree where the gold was dissociated from the value
of the dollar, consequently, in fixed value
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of the currency vanished and with it also
the Breton Woods agreement, from that
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day the value of the dollar became variable
and would change daily based on the offer,
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the demand and regulation of the government of
U.S.
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However, over time the real reason
of that decree came to light and is that with
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the calculation of the US reserves was
that the fears of those who doubted were successful
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and in the 60's in the gold reserve
of the Americans there was only enough
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metal to support the value of 20% of all
the dollars that existed on the planet.
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Reijad: In other words, the economy
American and the dollar were worth
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less than what was believed and at least during
the 25 years that the Breton agreement lasted
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Woods the value of a coin was based on
the false idea of gold reserves, like
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consequence as of that moment was created
the FIAT money that basically are dollars
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issued by the government without a material value
that supports them, but that friends is already another
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story that has also brought many problems
of which I will surely talk to you at another time.
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So there you have it, Breton Woods, a
crucial moment in economic history
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of the twentieth century, so what do you think
The Breton Woods agreement was a scam,
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it was a necessary evil to reactivate the economy
world? Leave your answers in the comments
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that I will answer all that are possible to me.
It's all for the moment, I'm Reijard, not
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forget to subscribe and leave a like in this
video if they learned something new and see you
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Until next time, Bye!
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