Wednesday, April 01, 2009

Bretton Woods Gets Off to Unfortunate Start

Today the representatives of more than forty nations will gather at Bretton Woods to open a monetary conference. In several respects the conference will get off to an unfortunate start. Important as the problem of stable exchanges and world monetary soundness is, it would be impossible to imagine a more difficult time for individual nations to decide at what level they can fix and stabilize their national currency unit. NYTimes July 1, 1944

I've been reading the NYTimes archive of Bretton Woods articles from 1943-1946 to remind myself how murky history can be in real time, and thus how wrong "expert" opinion is often, in hindsight, shown to be.

Here's a link to the London G20 site readers might find of interest.