Signifcance of Bretton Woods agreement at New Hampshire in 1944

It is more fun criticizing 

 The meeting in 1944;

1.  Transformed US military dominance in financial monetary dominance .   The pound was the global currency but it was heavily indebted to US   

2.  Made US the world currency  by pegging  the gold to $35 dollar.  However this was reversed by Nixon when countries drew gold from US with the dollar:   France, etc..3

3.  It saw the birth of World Bank and IMF

4.  Many countries now want to out of US dollar as reserve  global currency 

     because it is:

    1.  being weaponized and used as a weapon

    2.  US is plauged by high debt ($37 trillion)

    3.  US plauged by triple deficit

BRICS especially China want dollar to be replaced by Yuan or Brics appointed currentcy    

Japan was my idol in business, economy, philosophy, and achievement

It is more fun criticizing

Despite being the conqueror of our country in WW2, and news of atrocities vs our people, as a business person I admired the achievement of Japan.  It was the No 2 biggest economy in the world after USA.

So I bought and read over and over books by Konosokue Mastsuhita, Akio Morita,  books on the Toyota Way.   Studied their quality circle, the voice of quality, Kaizen, 5s and many more.

However I was disappointed to see news of business failures despite these vaunted very sound business practices:   Toshiba, Olympus, Sharp and many more.   Perhaps because of too much competition from  Korea and China, they were not able to adopt well.  And more importantly the collapse of the bubble in 1990. 

When Lagarde (head of IMF) spoke about world finances, she mentioned that her number 1 problem was Japan.   

And this was exacerbated by the 2011 Tsunami and Fukushima meltdown

We plan to visit Japan soon and see how clean and how beautiful and advanced it is.   

It is the sincerest wish of this post that she recapture her glorious past and progress.

Food Security in the Philippines

Pitiful Pakistan plagued by bomb attacks and earthquake

Social and political criticisms

Pakistan's 7.7 magnitude earthquake

We sympathize with Pakistan.  It is reeling from financial difficulties (but just obtained $6.7 billion loan facility) a 7.7 magnitude earthquake in Baluchistan where 515 people died and lately two weekend terrorist attacks.  From NY Times - 85 killed in suicide bombing at Peshawar

We pray that Pakistan would overcome these difficulties

Which is Better Medicine for Ailing Nations: Austerity or Injection of More Money?

Social and political criticisms

                          
                                 Anti IMF protests


The old medicine by IMF for borrower countries which had difficulties were:  belt tightening, austerity, strict tax collection tax increases.  This did not earn IMF friends. Only and mostly foes.  Most riots and demos were vs. IMF

                              

                                

                         
                                          IMF Headquarters in the US

Lately there has been a change of tack:  more money, more loans.  In US they printed more money in 20ll ($l.3 trillion) zero or lower interest rate from the FED (tha is taking Keynesian theory to the max.  Has this been effective for  the US?  Has US recovered.?

Which one do you think works?  The old IMF fasting medicine, or  the feasting regimen?