Current Location:Home||The currency wars in history how the dollar defeated the pound to become the hegemon

The currency wars in history how the dollar defeated the pound to become the hegemon

{}Posted in2023/2/26 5:02:09 | 6Browse

  The ForexrebateforExness replaced the hegemony of the British pound (1.5076, 0.0024, 0.16%) forexcashrebate took the stage of history In the early 1920s, when Europe had not yet recovered from the wounds of the two world wars, the major cities of the Forex rebate for Exness forexrebates were boom cashbackforexexnessg, and Americans were spending money, they were attending dances, buying cars, collecting moonshine, speculating on stocks, and enjoying the greatest prosperity since the founding of the United States of America. After World War II, the United States was basically a profitable country, I should say rich from the war, not only because he did not fight on his home soil, but also because he could provide arms or other supplies, and has made a lot of money since then The World War completely changed the world economy and the pattern, Germany, Italy, Japan were devastated, Britain, France In contrast, the United States benefited from the war and became the most powerful country in the world at that time. The United States gross domestic product accounted for about 48% of the worlds gross domestic product at that time, so almost half of it was made in the United States, and then the trade volume accounted for about one-third of the global trade, so it was very, very powerful, and it was absolutely unique. The total industrial output of the United States rose from less than $2 billion to $840, gold reserves rose from 17% to 59% of the total global reserves, and trade volume rose from 4% to 39.2%. With the dramatic increase in trade volume, the U.S. dollar replaced the British pound (1.5076, 0.0024, 0.16%) as the most used international cashback forex at that time, and in that period, holding the U.S. dollar was a President Roosevelt and the Secretary of the Treasury were carefully planning for a stronger revitalization plan. He wanted to be an economic power, economic power, capital power capital power, as a so-called hegemon of the world, the financial empire, he had this idea and this desire The United States tried to replace Britain as the hegemon of the world by virtue of its strong power, and Britain did not intend to give up, although the war weakened the economic strength of Britain, but at that time, about 40% of the international trade is still in pounds ( 1.5076, 0.0024, 0.16%) settlement, London is still an important global financial center, in the dollar proposed to become the world currency, the only counterweight is the British pound (1.5076, 0.0024, 0.16%) In order to compete for the dominant position in the post-war international monetary system, Britain and the United States they are very, very deep contradictions between the two countries The politicians and scholars of both countries are deliberately trying to enhance their financial status and the status of their own currencies, and they are designing various schemes to achieve this goal. The British and the US came up with tit-for-tat schemes, the British scheme was drafted by the British economist Keynes, who proposed to create the World Bank and issue a supra-sovereign currency. This theory made him the most outstanding economist in economic history, but at that time, Keynes proposal met with strong opposition from the United States, where the American economist White proposed that the dollar should be established as the main world currency. The British, because of the war, because of the continuous outflow of gold, his gold reserves are no longer enough to support a large currency of this situation, so he pre-emptively proposed a said, then we do a unified currency it But Keynes this proposal to Roosevelt, Roosevelt vetoed, Roosevelt believes that Roosevelt thought that a world currency was not in the interest of the dollar, not in the interest of the United States, so he rejected the Keynesian proposal. President Roosevelt began to speak on various occasions about the benefits of the White Solution to promote world trade. In 1944, the United States took the lead in holding a conference at Bretton Woods, New Hampshire, to discuss how to rebuild the post-war international monetary system, the two sides of the debate were still the United States and the United Kingdom. After fierce bargaining, finally, under the leadership of the U.S. government, the participating countries chose the White Solution, the U.S. dollar replaced the British pound as the core of the international monetary system, the dollar and gold peg, one ounce of gold equals 35 U.S. dollars, other currencies and the U.S. dollar to form a fixed exchange rate so far, the dollar initially established the hegemony of the international monetary system. Not a few people or a few financiers, a few bankers, a few politicians, he deliberately manipulated there, or even said to engage in a conspiracy it will make a currency become a hegemon, it is not so, politicians, financiers, entrepreneurs in this plays a very important role, but the core is, the countrys comprehensive national power he has to rise, your countrys comprehensive national power up, not by human After the will of the people, your currency will become a great currency, a great power currency Bretton Woods Conference, although the United States replaced the pound sterling into the most dominant world currency, but the pound still has the right to use in some areas, in the years since, the pound and the pound area is still the biggest obstacle to the dollar hegemony 1946, the British post-war economic difficulties, had to seek assistance from the United States, which gave the United States The removal of barriers provided an opportunity that year, the U.S. government lent the United Kingdom a one-time loan of $3.75 billion, but put forward harsh conditions, including the United Kingdom must recognize the leadership of the United States in the international monetary system, and restore the free exchange of pounds and dollars The result led to the British pound zone countries have to withdraw deposits for dollars, less than a month, the United Kingdoms gold reserves lost $1 billion, the United Kingdom thus The United Kingdom was greatly wounded, the pound completely lost the ability to compete with the dollar The rise of the dollar later became a hegemonic currency in the world This process may be a more complex process, on the one hand, he reflected the dominant position of the U.S. economy in the middle of global finance, on the other hand, the United States should indeed say that the United States, for its part, it really involved the currency, is trying to make its currency a hegemonic currency 20 century in the 1940s In 1947, with the establishment of the dollar hegemony, the curtain of U.S. foreign expansion was raised. In 1947, U.S. Secretary of State George Marshall began to implement his new plan to try to control the global economic lifeline by providing loans and aid to post-war countries. Borrowing from the United States was as high as $ 1.6 billion, these countries needed a large number of dollars to fill the fiscal deficit, while not getting enough dollars, resulting in a widespread dollar shortage at the time, this peak state lasted a full decade, during which the United States maintained its position as the number one world power, the dollar was then the only freely convertible currency, the status of the international community is as high as the day, the worlds currency began to enter the dollar century