Mount Washington Hotel in Bretton Woods, New Hampshire, where the 1944 postwar U.N. Monetary and Financial Conference established an international commercial and financial system.
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, United States (July 1โ22, 1944) to regulate the international monetary and financial order after the conclusion of World War II.
Bretton Woods Conference July 1 to 22, 1944
The conference was attended by experts noncommittally representing 44 states or governments, including the Soviet Union.
It drew up a project for the International Bank for Reconstruction and Development (IBRD) to make long-term capital available to states urgently needing such foreign aid, and a project for the International Monetary Fund (IMF) to finance short-term imbalances in international payments in order to stabilize exchange rates.
Although the conference recognized that exchange control and discriminatory tariffs would probably be necessary for some time after the war, it prescribed that such measures should be ended as soon as possible.
After governmental ratifications the IBRD was constituted late in 1945 and the IMF in 1946, to become operative, respectively, in the two following years.
This led to what was called the Bretton Woods system for international commercial and financial relations.
The Bretton Woods System
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement.
The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states.
The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollar, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold (or 0.88867 gram fine gold per dollar).
It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits.
The Price of Gold, as denominated in dollars, was steady until the collapse of the Bretton Woods system in the mid-1970s.
The delegates deliberated from 1 to 22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the IMF and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group.
The United States, which controlled two-thirds of the world’s gold, insisted that the Bretton Woods system rest on both gold and the US dollar.
Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were “branches of Wall Street”.
These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. According to Barry Eichengreen, the Bretton Woods system operated successfully due to three factors: “low international capital mobility, tight financial regulation, and the dominant economic and financial position of the United States and the dollar.”
On 15 August 1971, the United States terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a Fiat currency.
Shortly thereafter, many fixed currencies (such as the pound sterling) also became free-floating, and the subsequent era has been characterized by floating exchange rates.
The end of Bretton Woods was formally ratified by the Jamaica Accords in 1976.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
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A drop of Wisdom in an ocean of Ignorance, Stupidity, Mediocrity and Madness, that this world has become lately copฤcel… Sad…
May these quotes from bright minds all over the planet guide you and bring a ray of light on Your path !
From Papi with ๐งก Love ๐งก
Napoleon Hill
Napoleon Hill was an American author in the area of the new thought movement who was one of the earliest producers of the modern genre of personal-success literature.
He is widely considered to be one of the great writers on success.
His most famous work, Think and Grow Rich (1937), is one of the best-selling books of all time (at the time of Hill’s death in 1970, Think and Grow Rich had sold 20 million copies).
Hill’s works examined the power of personal beliefs, and the role they play in personal success.
He became an advisor to President Franklin D. Roosevelt from 1933 to 1936. “What the mind of man can conceive and believe, it can achieve” is one of Hill’s hallmark expressions.
How achievement actually occurs, and a formula for it that puts success in reach of the average person, were the focal points of Hill’s books.
” The starting point of all achievement is DESIRE.
Keep this constantly in mind.
Weak desire brings weak results, just as a small fire makes a small amount of heat. “
Napoleon Hill – “Think and Grow Rich”
Desire
Whatever the mind can conceive and believe, it can achieve. “
Napoleon Hill – “Think and Grow Rich”
The Mind
” You are the master of your destiny.
You can influence, direct and control your own environment.
You can make your life what you want it to be. “
Napoleon Hill – “Think and Grow Rich”
The Master of your destiny
” When defeat comes, accept it as a signal that your plans are not sound, rebuild those plans, and set sail once more toward your coveted goal. “
Napoleon Hill – “Think and Grow Rich”
Defeat
” Do not wait: the time will never be ‘just right’.
Start where you stand, and work whatever tools you may have at your command and better tools will be found as you go along. “
Napoleon Hill
Time will never be just right’
” When your desires are strong enough, you will appear to possess superhuman powers to achieve. “
Napoleon Hill
Desires and superhuman powers
” A quitter never wins and a winner never quits. “
Napoleon Hill
Quitter vs. Winner
” The man who does more than he is paid for will soon be paid for more than he does. “
Napoleon Hill
More than you’re paid
” Our only limitations are those we set up in our own minds. “
Napoleon Hill
Limitations
” Happiness is found in doing, not merely possessing. “
Napoleon Hill – “Think and Grow Rich”
Happiness
” An educated man is not, necessarily, one who has an abundance of general or specialized knowledge.
An educated man is one who has so developed the faculties of his mind that he may acquire anything he wants, or its equivalent, without violating the rights of others. “
Napoleon Hill – “Think and Grow Rich”
An educated man
” Every adversity, every failure, every heartbreak, carries with it the seed of an equal or greater benefit. “
Napoleon Hill – “Think and Grow Rich”
The Seed
” More gold had been mined from the mind of men than the earth it self. “
Napoleon Hill – “Think and Grow Rich”
Mind gold
” A goal is a dream with a deadline. “
Napoleon Hill
Goal
” Opinions are the cheapest commodities on earth.
Everyone has a flock of opinions ready to be wished upon anyone who will accept them.
If you are influenced by “opinions” when you reach DECISIONS, you will not succeed in any undertaking. “
Napoleon Hill – “Think and Grow Rich”
Opinions…cheapest commodities on earth !
” We refuse to believe that which we don’t understand. “
Napoleon Hill – “Think and Grow Rich”
Refuse to believe…
” You are entitled to know that two entities occupy your body.
One of these entities is motivated by and responds to the impulse of fear.
The other is motivated by and responds to the impulse of faith.
Will you be guided by faith or will you allow fear to overtake you? “
Napoleon Hill – “Outwitting the Devil: The Secret to Freedom and Success”
Fear
” Remember that your dominating thoughts attract, through a definite law of nature, by the shortest and most convenient route, their physical counterpart.
Be careful what your thoughts
dwell upon. “
Napoleon Hill – “Outwitting the Devil: The Secret to Freedom and Success”
Law of Nature
” IF – and this is the greatest of them all – I had the courage to see myself as I really am, I would find out what is wrong with me, and correct it, then I might have a chance to profit by my mistakes and learn something from the experience of others,for I know that there is something WRONG with me, or I would now be where I WOULD HAVE BEEN IF I had spent more time analyzing my weaknesses, and less time building alibis to cover them. “
Napoleon Hill – “Think and Grow Rich”
Courage to see thyself
” First comes thought; then organization of that thought, into ideas and plans; then transformation of those plans into reality.
The beginning, as you will observe, is in your imagination. “
Napoleon Hill
Imagination
” The strongest oak of the forest is not the one that is protected from the storm and hidden from the sun.
Itโs the one that stands in the open where it is compelled to struggle for its existence against the winds and rains and the scorching sun. “
Napoleon Hill
Strongest oak
” Weak desires bring weak results, just as a small amount of fire brings a small amount of heat. “
Napoleon Hill
Weak desires
” In parting, I would remind you that โLife is a checkerboard, and the player opposite you is time.
If you hesitate before moving, or neglect to move promptly, your men will be wiped off the board by time.
You are playing against a partner who will not tolerate decisions! “
Napoleon Hill – “Think and Grow Rich”
Life is a checkboard
” Persistence is to the character of man as carbon is to steel. “
Napoleon Hill
Persistance
” A genius is simply one who has taken full possession of his own mind and directed it toward objectives of his own choosing, without permitting outside influences to discourage or mislead him. “
Napoleon Hill
Genius
” Neglecting to broaden their view has kept some people doing one thing all their
lives.”
Napoleon Hill – “Think and Grow Rich”
Broaden your view
” If you are not learning while youโre earning, you are cheating yourself out of the better portion of your compensation. “
Napoleon Hill
Learning while you’re earning
” Wise men, when in doubt whether to speak or to keep quiet, give themselves the benefit of the doubt, and remain silent. “
Napoleon Hill
Silence
” One who has loved truly, can never lose entirely.
Love is whimsical and temperamental. Its nature is ephemeral, and transitory.
It comes when it pleases,and goes away without warning.
Accept and enjoy it while it remains, but spend no time worrying about its departure.
Worry will never bring it back. “
Napoleon Hill – “Think and Grow Rich”
Love
” TELL THE WORLD WHAT YOU INTEND TO DO, BUT FIRST SHOW IT.
This is the equivalent of saying “deeds, and not words, are what count most. “
Napoleon Hill – “Think and Grow Rich”
” Remember,too,that all who succeed in life get off to a bad start,and pass through many heartbreaking struggles before they “arrive”.
The turning point in the lives of those who succeed usually comes at some moment of crisis,through which they are introduced to their “other selves”. “
Napoleon Hill – “Think and Grow Rich”
The turning point
“Most great people have attained their greatest success just one step beyond their greatest failure.”
Napoleon Hill
One step beyond your greatest failure
” Awake, arise,and assert yourself,
you dreamers of the world.
Your star is now in ascendancy. “
Napoleon Hill – “Think and Grow Rich”
Dreamers of the world
” Most so called FAILURES are only temporary defeats. “
Napoleon Hill – “Law of Success”
Temporary defeats
” Effort only fully releases its reward after a person refuses to quit. “
Napoleon Hill
Effort and reward
” Fears are nothing more than
a state of mind. “
Napoleon Hill – “Law of Success”
Fears
” Whatever the mind can conceive and believe, the mind can achieve regardless of how many times you may have failed in the past or how lofty your aims and hopes may be. “
Napoleon Hill
The mind
” You are entitled to know that two entities occupy your body.
One of these entities is motivated by and responds to the impulse of fear.
The other is motivated by and responds to the impulse of faith.
Will you be guided by faith or will you allow fear to overtake you? “
Napoleon Hill – “Outwitting the Devil: The Secret to Freedom and Success”
Faith vs Fear
” The only limitation is that which one sets up in one’s own mind. “
Napoleon Hill – “Think and Grow Rich”
Limitation
” Every man is what he is, because of the dominating thoughts which he permits to occupy his mind. “
Napoleon Hill – “Think and Grow Rich”
Dominating thoughts
” There is no substitute for persistence.
The person who makes persistence his watch-word, discovers that โOld Man Failureโ finally becomes tired, and makes his departure.
Failure cannot cope with persistence. “
Napoleon Hill – “Think and Grow Rich”
Persistance
” The most practical of all methods for controlling the mind is the habit of keeping it busy with a definite purpose, backed by a definite plan.”
And
“A man whose mind is filled with fear not only destroys his own chances of intelligent action, but he transmits these destructive vibrations to the minds of all who come in contact with him, and destroys, also, their chances.”
Napoleon Hill – “Think and Grow Rich”
Mind busy with definite purpose
” Patience, persistence and perspiration make an unbeatable combination for success. “
Napoleon Hill
3 P’s
“Success requires no explanations.
Failure permits no alibis.”
Napoleon Hill – “Think and Grow Rich”
Success
” He had nothing to start with, except the capacity to know what he wanted, and the determination to stand by that desire until he realized it. “
Napoleon Hill, Think and Grow Rich
Determination and Desire
” Nature will not tolerate idleness or vacuums of any sort.
All space must be and is filled with something . . .
When the individual does not use the brain for the expression of positive, creative thoughts, nature fills the vacuum by forcing the brain to act upon negative thoughts.
Napoleon Hill – “Outwitting the Devil: The Secret to Freedom and Success”
Nature
” Close friends and relatives, while not meaning to do so, often handicap one through โopinionsโ and sometimes through ridicule, which is meant to be humorous.
Thousands of men and women carry inferiority complexes with them all through life, because some well-meaning, but ignorant person destroyed their confidence through โopinionsโ or ridicule. “
Napoleon Hill – “Think and Grow Rich”
Opinions
” If you must be careless with your possessions, let it be in connection with material things.
Your mind is your spiritual estate!
Protect and use it with the care to which Divine Royalty is entitled.
You were given a WILL-POWER for this purpose. “
Napoleon Hill – “Think and Grow Rich”
Your mind is your spiritual estate
” Deliberately seek the company of people who influence you to think and act for yourself. “
Napoleon Hill – “Think and Grow Rich”
Company of people who influence you
” Remember, the thoughts that you think and the statements you make regarding yourself determine your mental attitude.
If you have a worthwhile objective, find the one reason why you can achieve it rather than hundreds of reasons why you canโt. “
Napoleon Hill
Worthwhile objective
” Failure always is a blessing when it forces one to acquire knowledge or to build habits that lead to the achievement of oneโs major purpose in life. “
Napoleon Hill – “Outwitting the Devil: The Secret to Freedom and Success”
Failure
” All the breaks you need in life wait within your imagination.
Imagination is the workshop of your mind, capable of turning mind energy into accomplishment and wealth. “
Napoleon Hill
Imagination – the workshop of your mind
“Knowledge has no value except that which can be gained from its application towards some worthy end.”
Napoleon Hill, Think and Grow Rich
Knowledge
” The ladder of success is never crowded at the top. “
Napoleon Hill – “Think and Grow Rich”
Ladder of success
” There is one weakness in people for which there is no remedy.
It is the universal weakness of LACK OF AMBITION! “
Napoleon Hill – “Think and Grow Rich”
Lack of Ambition
“One of the most common causes of failure is the habit of quitting when one is overtaken by temporary defeat.”
Napoleon Hill – “Think and Grow Rich”
Temporary defeat
” Love is essential for happiness, but the person who loves so deeply that his or her happiness is placed entirely in the hands of another, resembles the little lamb who crept into the den of the nice, gentle little wolf and begged to be permitted to lie down and go to sleep, or the canary. “
Napoleon Hill – “The Law of Success in Sixteen Lessons”
Love
” The leaders in every walk of life decide quickly, and firmly.
That is the major reason why they are leaders.
The world has the habit of making room for the man whose words and actions show that he knows where he is going. “
Napoleon Hill – “Think and Grow Rich”
Know where you’re going
” ASK any wise man what he most desires and he will, more than likely, say “more wisdom. “
Napoleon Hill – “The Law of Success in Sixteen Lessons”
More Wisdom
” You have a brain and mind of your own.
Use it, and reach your own decisions. “
Napoleon Hill – “Think and Grow Rich”
You have a brain…Use it!
Thoughts are things,” and powerful things at that, when they are mixed with definiteness of purpose, persistence, and a burning desire…
Napoleon Hill
Thoughts are things
” Every person who wins in any undertaking must be willing to burn his ships and cut all sources of retreat.”
Napoleon Hill – “Think and Grow Rich”
No retreat
” The mind has a definite way of clothing one’s thoughts in appropriate physical equivalents.
Think in terms of poverty and you will live in poverty.
Think in terms of opulence and you will attract opulence.
Through the eternal law of harmonious attraction, one’s thoughts always clothe themselves in material things appropriate unto their nature. “
Napoleon Hill – “You Can Work Your Own Miracles”
The Mind
” No man is your enemy, no man is your friend, every man is your teacher. “
Napoleon Hill – “The Prosperity Bible: The Greatest Writings of All Time on the Secrets to Wealth and Prosperity”
Every man is your teacher
” INSUFFICIENT EDUCATION.
This is a handicap that may be overcome with comparative ease.
Experience has proven that the best-educated people are often those who are known as โself-madeโ or self-educated.
It takes more than a university degree to make one a person of education.
Any person who is educated has learned to get whatever they want in life without violating the rights of others.
Education consists not so much of knowledge, but of knowledge effectively and persistently applied.
People are paid not merely for what they know, but more particularly for what they do with what they know. “
Napoleon Hill – “Think and Grow Rich”
Self-Education
” Then accumulated knowledge is not wisdom?
A Great heavens, no!
If knowledge were wisdom, the achievements of science would not have been converted into implements of destruction. “
Napoleon Hill – “Outwitting the Devil: The Secret to Freedom and Success”
Knowledge vs Wisdom
” The entire world is made up of only two things, energy and matter.
In elementary physics we learn that neither matter nor energy (the only two realities known to man) can be created nor destroyed.
Both matter and energy can be transformed, but neither can be destroyed.
Life is energy, if it is anything.
If neither energy nor matter can be destroyed, of course life cannot be destroyed.
Life, like other forms of energy, may be passed through various processes of transition, or change, but it cannot be destroyed.
Death is mere transition.
If death is not mere change, or transition, then nothing comes after death except a long, eternal, peaceful sleep, and sleep is nothing to be feared.
Thus you may wipe out, forever, the fear of Death. “
Napoleon Hill – “Think and Grow Rich”
Fear of Death
” ‘Master Mind’, meaning a mind that is developed through the harmonious co-operation of two or more people who ally themselves for the purpose of accomplishing any given task. “
Napoleon Hill – “The Law of Success”
“Master Mind”
” KNOWLEDGE will not attract money, unless it is organized, and intelligently directed, through practical PLANS OF ACTION, to the DEFINITE END of accumulation of money.
Lack of understanding of this fact has been the source of confusion to millions of people who falsely believe that “knowledge is power.”
It is nothing of the sort!
Knowledge is only potential power.
It becomes power only when, and if, it is organized into definite plans of action, and directed to a definite end. “
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes
To all my readers from the bottom of my heart I wish you Happy Holiday among family and friends, a jolly Merry Christmas and a Happy New Year and may 2024 bring you … Continue reading Merry Christmass and A Happpy New Year to all
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15
BitHouse 