IMF calls for "new Bretton Woods"

[Thavash]

Something interesting is happening. The IMF called on Friday for a "new Bretton Woods" agreement. This could show that they are concerned about Bitcoin. I've always said that Bitcoin will become the global reserve currency. For my thoughts check out my video here : https://youtu.be/d-lWxWDoPgw

I cover in the video the history of Bretton Woods , Nixon taking the dollar off the gold standard , and my thoughts on Bitcoins role.

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[Artemis3]

The only agreement that would change things is adopting the Austrian school of economy teachings and stop everything they have been doing until now. Since i don't see them using actual gold as money, Bitcoin is the perfect solution for the world.

As long as they keep the Chicago school dogmas, nothing will ever change.

Opposition to this is immense, as it would necessitate the ending of the legalized ponzi scheme known as fractional reserve banking, and true money that doesn't lose its purchasing power overtime is money that people can hold for themselves, specially when its virtual and easy to hide and secure.

Thus, banks become far less useful, and that is your whole financial industry that is going to oppose this until they can no longer do it. Some will embrace it, many will close because they are redundant in the new post Chicago reality.

When the world understands and applies Austrian economics, you won't need banks, central banks, continental banks or world banks. People today think a Bank is a necessity because nobody is teaching them about that other kind of economy where rather than getting in debt to invest, you save from your own effort and then use that. If you think that should be obvious, your gov certainly doesn't.

Growth with an Austrian style economy is slower and everyone is scared to make the first step and get eaten by all the others in the global economy, but with time its steadiness shows when the next crisis hits the others but that place practicing Austrian economics remains unaffected. Like Bitcoin.

Want to end bubbles and crashes forever? Go Austrian!.

Now who is going to propose it first? Your cowardly politicians that would lose even more power? The very institutions that would become redundant?

[exstasie]

Something interesting is happening. The IMF called on Friday for a "new Bretton Woods" agreement.

What the managing director said was this is "a new Bretton Woods moment." Gold bugs have been trying to interpret this as a call for a return to a gold standard. Bitcoin bugs think the same, that BTC will play some role.

You can read for yourself though, it was a bunch of vague fluff: https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment

I wouldn't read too much into it.....

The only agreement that would change things is adopting the Austrian school of economy teachings and stop everything they have been doing until now. Since i don't see them using actual gold as money, Bitcoin is the perfect solution for the world.

As long as they keep the Chicago school dogmas, nothing will ever change.

She was citing and praising John Maynard Keynes at the beginning of her talk. Something tells me things aren't changing yet.

[mu_enrico]

As much as I want to see this "Bretton Woods Moment" is about Bitcoin, the reality is she didn't talk about it.
It's basically a speech to recover from a war, in this case, a war against COVID.

Reflecting on the dramatic change in the world over the last year, I paid a visit to the Bretton Woods, New Hampshire, where 44 men signed our Articles of Agreement in 1944. Our founders faced two massive tasks: to deal with the immediate devastation caused by the War; and to lay the foundation for a more peaceful and prosperous postwar world.

https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment

And she continues to talk about boring liberal policies.

[dkbit98]

Let's be real, they will never accept Bitcoin as global reserve but they don't have to either, because Bitcoin will be there whatever they do.
I also doubt they will return to Gold, but maybe they will rather create their own new digital reserves.
Why do I say this?
Every big country is working on their digital currency including China, Russia, Unites States, European Union and others will follow.
They can monitor ban everything easier but they would need one digital reserve for all those currencies.
That is just my wild theory on this

[stompix]

What the managing director said was this is "a new Bretton Woods moment." Gold bugs have been trying to interpret this as a call for a return to a gold standard. Bitcoin bugs think the same, that BTC will play some role.

From what I'm reading there she is rather comparing the situations and not the strategy adopted at that time, we're facing right now an economic crisis which might or might not be on the same level as after ww2 with still huge unemployment and others in one full package. Rather than saying anything, not a single word about common currency or common currency politics she is emphasizing more on the aspect of cooperation, with a slight hint at debts restructuring and investment in poorer countries, things which anyone can pretty much figure out that will not happen.

The most important thing in all of that is this:

The Fund is providing debt relief to its poorest members and, with the World Bank, we support extension by the G20 of the Debt Service Suspension Initiative.

Other than this is the same bla bla bla we've heard for decades, invest in healthcare, education, environment, the same promises that you can make as long as it's not your money to spend and you think it will rain from the sky directly in your pockets. Let's see the capacity of IMF lending once the biggest contributors start asking themselves why give out money when they have their own problems at home.

[Broly46]

Definitely the zoomer have it easy, Bretton Woods is pain in the as*, the new “improved” bill would give more easy even easier, fascism at work and TBH things are absolutely going to be not the same down the road, they’re beginning to act impatient and making noise, crypto going mainstream definitely tell how thing is heading the next couple of years, guess and more guess work, mental gymnastics.

[jaysabi]

Something interesting is happening. The IMF called on Friday for a "new Bretton Woods" agreement. This could show that they are concerned about Bitcoin. I've always said that Bitcoin will become the global reserve currency. For my thoughts check out my video here : https://youtu.be/d-lWxWDoPgw

I cover in the video the history of Bretton Woods , Nixon taking the dollar off the gold standard , and my thoughts on Bitcoins role.

They did not call for a new Bretton Woods agreement, they said that the pandemic has created a new Bretton Woods moment. https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment  Bitcoin is not mentioned, nor would it be because OP has misinterpreted what was said and then in typical bitcoin fashion, has extrapolated it to an unreasonable conclusion. This community needs to cool it with the Kool Aid drinking and stop trying to force every world event into this means bitcoin is going to the moon hyperbole.

[Vispilio]

That analogy has nothing to do with the contents of Bretton Woods, by "New Bretton Woods" all that is meant is a moment of supposedly momentous importance for the IMF,

ie a cliche statement from a very lukewarm organization...

[aesma]

Bretton Woods was an agreement that shaped global trade for decades. The IMF is calling for something similar to happen again.

With the US in an internal political war, it can't happen though, or it would have to happen without the US.

[Darker45]

They've been concerned about the rising popularity of Bitcoin. They are fully aware that people are beginning to appreciate this decentralized digital currency. Apart from that, there are also a whole bunch of other cryptocurrencies which have already created their own body of followers and users. The IMF cannot just be ignorant about all these things happening outside the system. They must have dissected and carefully studied it detail by detail. I guess this is itself the catalyst for their decision to explore and probably consider issuing CBDCs. But I won't go as far as to say that Bitcoin would become the global reserve currency. For sure, the IMF won't allow a currency which is totally out of their control to become that powerful.

[bits4books]

If you do not ironically think that you can take BTC and use it as A world RESERVE CURRENCY, then you have some fundamental problems with your knowledge of the economy.
It is impossible to use something that is completely out of control and vulnerable to such a ridiculous thing as "attack 51"as a global backup. You do understand that such words-it's like you are signing documents that you were given a certificate of mental distress in a medical institution?
What's next? BTC instead of world money, soy instead of meat, Switch as the main means of entertainment?
You can talk as much as you want about the correctness of abandoning the gold standard - and you can always come to the conclusion that this was the beginning of the end. Now you are offering not just to switch to digital money as a reserve , but to uncontrolled and very vulnerable money in terms of stability
I'm sorry, but it's still not very smart.

[davis196]

Something interesting is happening. The IMF called on Friday for a "new Bretton Woods" agreement. This could show that they are concerned about Bitcoin. I've always said that Bitcoin will become the global reserve currency. For my thoughts check out my video here : https://youtu.be/d-lWxWDoPgw

I cover in the video the history of Bretton Woods , Nixon taking the dollar off the gold standard , and my thoughts on Bitcoins role.

Who the hell still cares about the International Monetary Fund?The IMF director has no power to decide anything,including the power to call "a new Bretton Woods agreement".I don't think that the IMF director had Bitcoin in mind,when she called for such meeting.The global fiat financial systems has big problems,and the global superpowers will have to gather around the table and decide what to do,in order to solve the problems.
I don't think that they will ever decide to adopt Bitcoin and cryptocurrencies in general.

[el kaka22]

Of course the world will not suddenly start to back their currency with crypto, that is not something viable at this moment but I do not think it will be viable at any moment.

We were gold backed for a while and that ended long time ago and it will never come back, it can never come back because it was something that stopped the huge growth wealthy people had, if you make it gold backed or bitcoin backed again it would make wealthy people have finite amount of resources and poor people will need money anyway so that means the cut will be from the wealthy people and they will not allow that to happen at all.

We are talking about a whole system changing and changing in a way that we will not be using gold which is thousands of years old in currency, but bitcoin which is just 10-12 years old? I doubt that could ever be the case.

[Subbir]

Yes, the IMF has called for the new Bretton Woods not for the decision of crypto and bitcoin. Today's IMF works on global development but that was not its purpose at birth. Global leaders wanted the IMF to work to resolve conflicts between countries that could lead to a global economic catastrophe or war. The global economy was plagued by high inflation restrictions on global trade, speculation in foreign stock markets rise in foreign reserves of central banks the gold crisis, and the depreciation of the currency. To solve this problem is planned to form an economic institution namely IMF.