Historical Analysis of the Role of the Dollar in International Finance Research Paper

Historical Analysis of the Role of the Dollar in International Finance - Research Paper Example Dollars are illegitimate world money. But there is no international agreement that would constitute dollar in this capacity. This means that the U.S. does not carry the world community no responsibility for their actions in respect of its national currency, which is reflected directly on the world financial system. Similarly, the global community has no obligation with respect to the dollar. The world depends on the U.S. dollar and the management of monetary system, but in turn depends on the United States and the international community and on its relation to the dollar. All these relations are not regulated in any way, not legalized, not codified. It is impossible to build the global financial system in such a shaky foundation and it will be understood by the international community will sooner or later. This paper is one attempt to thinking about the dollar's role in the economy of the past and present. In the history of the 20th century, in the format of the financial and economi c transformation of areas of greatest interest is the process of becoming the world's reserve currency. In the early 21st century, the world's reserve currency is the dollar. The history of the dollar until 1913 is not a history of world currency. Until December 23, 1913 dollar is a common national currency. We distinguish the following dates transforming the U.S. dollar: -23 December 1913 - the creation of the Federal Reserve, now known as the Federal Reserve; -5 March 1933 - the third default of the U.S. economy; -1-22 July 1944 - Conference at Bretton Woods, which laid the perspective transformation dollar in the world's reserve currency - December 27, 1945 - the creation of the IMF, the supranational institution, designed to fully support the world's reserve currency - the dollar - August 15, 1971 - the fourth default of the U.S. economy. Refusal to convert dollars located abroad, in gold. Unilateral revision of international agreements, including the Bretton Woods;-90-years of the twentieth century - the emergence of "financial engineering" and global dominance of the "Washington consensus"; -23 March 2006 - the refusal of U.S. authorities to provide information on M3. This indicator shows the amount of dollars in circulation worldwide, 12 December 2008 - Fed refusal to provide information to Bloomberg about the recipients of more than $ 2 trillion in loans from the crisis of American taxpayers. Dollar decides the fate of the global financial system. But whether he has a legitimate and guaranteed execution of whether the United States of any obligations to the global economy? Consider the situation step by step transformation of the dollar in world currency, and the consequences of the situation. Perhaps the first place in the institutional framework regulating international monetary relations belonged and belongs to the International Monetary Fund (IMF). It is an intergovernmental multilateral monetary and credit organization with a specialized agency of the United Nations. International Monetary Fund established by the United Nations Conference on Monetary Affairs on 1 July 22, 1944 in the United States. Conference participants from 44 countries adopted the Final Act, which included the so-called Articles of Agreement of the International Monetary Fund, which act as its statutes. December 27, 1945 agreement on the establishment of the IMF

Architecture and the Culture of Modernism Essay

Architecture and the Culture of Modernism - Essay Example The essay "Architecture and the Culture of Modernism" discovers architecture and culture of modernism. In a world of development, it is considerably argumentative how architecture could actually follow through the different changes. In this paper, a focus on how modern architecture actually faces the demands by which the human society actually need the changes in structures established today shall be well discussed. Judging from the fact that there are still primitive tribes today who live in caves and rude shelters, some have concluded that it has taken man many thousands of years to develop an architectural sense. According to this theory, modern man’s forebears had to grope their way through many ages of mindless development before intelligence began to dawn. Already vast projects were being undertaken. This was in the days of the rebel Nimrod, a man who defied the Creator, put himself prominently before men as a leader and engaged in building city after city, commencing wi th Babel. Men had mastered the art of building with kiln-dried bricks and mortar. Prominent in Babel and well-calculated to catch the eye and dominate the landscape was the lofty temple tower, probably of the ziggurat type of structure, each story stepped back from the one below. The long-lasting influence of those ancient architects in the pyramids of Egypt, the ruins of the Maya empires of Central America, the remains of colossal shrines in Cambodia and India, and the stepped-back structures of New York and other large cities.