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{"id":689,"date":"2009-10-09T20:08:16","date_gmt":"2009-10-09T20:08:16","guid":{"rendered":"http:\/\/ethiopianism.net\/?p=689"},"modified":"2010-03-03T20:12:08","modified_gmt":"2010-03-03T20:12:08","slug":"britten-woods-imf-wb-woyane-needs-euthanasia-not-comma","status":"publish","type":"post","link":"http:\/\/ethiopianism.net\/689\/britten-woods-imf-wb-woyane-needs-euthanasia-not-comma\/","title":{"rendered":"Britten Wood’s IMF & WB :- Woyane needs Euthanasia Not comma"},"content":{"rendered":"

How the institution of\u00a0Britten\u00a0Wood keeps a dead regime alive …<\/h1>\n

————– <\/object> ————<\/p>\n

IMF commits crime\u00a0against\u00a0Humanity \u00a0by keeping Woyane regime \u00a0in Comma by prolonging \u00a0 Ethiopians agony.<\/h3>\n

Woyane owns s the IMF not Ethiopia in 17 years from December \u00a01992 \u00a0to September 30 2009 \u00a0the sum of \u00a0 106,960,000 SDR Now is asking the sum of SDR 153.755 million (about USD 240 million) which is more than \u00a0the sum its has sepnt in the last 17 years.<\/p>\n

(The SDR is an international reserve asset created by the IMF in 1969 and serves as its unit of account. The currency value of the SDR is determined by summing the values in U.S. dollars of a basket of major currencies.)<\/address>\n

IMF committing\u00a0 crime against humanity \u00a0by keeping a regime in comma for almost two decades in \u00a0power in Ethiopia. IMF shares the responsibility for starving \u00a0and killing Ethiopians \u00a0by directly financing \u00a0a regime \u00a0responsible for genocide and ethnic cleansing. Recently IMF \u00a0has been duped to believe and recognize the economic performance of \u00a0Woyane regime in Addis Ababa . \u00a0They believed the following Woyane conclusion being acceptable \u00a0it reads in the following wise : CONCLUSION “Ethiopia remains at moderate risk of debt distress, though the level of risk is higher now than a year ago. This assessment highlights the importance for Ethiopia of keeping a close tab on debt vulnerabilities and of making every effort to secure grant and concessional financing for its ambitious public enterprise investment plans. At the same time, there is considerable scope to attract large FDI and increase export growth by means of structural reforms. In addition, emphasis should be placed on strengthening debt management capacity as well as sharing detailed information on future borrowings\u2014both external and domestic\u2014with relevant stakeholders, such as the IMF and the Bank. Finally, given the size of borrowing by public enterprises, it is imperative to expand the current debt strategy and monitoring exercise to include the largest public enterprises and assess potential contingent liabilities. ” A complete manuplation of \u00a0Woyane just to get money from IMF for their structural adjustment of Woyane which means throwing out of job the opposition and \u00a0to use it as an arm of \u00a0Ethnic purification by starving the un wanted population<\/em>.” “—————-\u00a0<\/object> ———-\"\"<\/a> bbbbbbbbbbbbbb <\/object> bbbbbbbbbbbb<\/p>\n
Strauss-Kahn in Istanbul: \u201cIt no longer makes sense for global economic policy to be the concern of just a small group of countries\u201d (IMF photo)<\/div>\n
\n

‘Istanbul Decisions’ to Guide IMF as Countries Shape Post-Crisis World<\/a><\/h2>\n

IMF Managing Director Dominique Strauss-Kahn tells policymakers from 186 countries gathered in Istanbul that global cooperation has saved the world from a far worse crisis and leaders should now seize the opportunity to shape a post-crisis world. <\/a>\"click<\/a> The\u00a0Bretton Woods system<\/strong> of\u00a0monetary<\/a> management established the rules for\u00a0commercial<\/a> and\u00a0financial<\/a> relations among the world’s major\u00a0industrial states<\/a> in the mid 20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. Preparing to rebuild the international economic system as\u00a0World War II<\/a> was still raging, 730 delegates from all 44\u00a0Allied nations<\/a> gathered at the\u00a0Mount Washington Hotel<\/a> inBretton Woods, New Hampshire<\/a>,\u00a0United States<\/a>, for the\u00a0United Nations Monetary and Financial Conference<\/a>. The delegates deliberated upon and signed the\u00a0Bretton Woods Agreements<\/strong> during the first three weeks of July 1944. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, the planners at Bretton Woods established the\u00a0International Monetary Fund<\/a> (IMF) and the\u00a0International Bank for Reconstruction and Development<\/a> (IBRD), which today is part of the\u00a0World Bank Group<\/a>. These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. The chief features of the Bretton Woods system were an obligation for each country to adopt a\u00a0monetary policy<\/a> that maintained the\u00a0exchange rate<\/a> of its\u00a0currency<\/a> within a fixed value\u2014plus or minus one percent\u2014in terms of\u00a0gold<\/a> and the ability of the IMF to bridge temporary\u00a0imbalances of payments<\/a>. In the face of increasing financial strain, the system collapsed in 1971, after the United States unilaterally terminated\u00a0convertibility<\/a> of the\u00a0dollars<\/a> to gold. This action caused considerable financial stress in the world economy and created the unique situation whereby the United States dollar became the “reserve currency<\/a>” for the states which had signed the agreement. mmmmm <\/object> mmmmmm<\/div>\n

<\/object><\/p>\n

The “Ethiopian” Sham full\u00a0 beggar \u00a0continues to make money on the name development listen to this \u00a0shame letter<\/h2>\n

THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA<\/h3>\n

LETTER OF INTENT<\/h3>\n

Addis Ababa, August 7, 2009<\/h3>\n

Mr. Dominique Strauss-Kahn<\/h3>\n

Managing Director<\/h3>\n

International Monetary Fund<\/h3>\n

700 19th<\/h3>\n

Street, N.W.<\/h3>\n

Washington, D.C. 20431<\/h3>\n

U.S.A.<\/h3>\n

Dear Mr. Strauss-Kahn: The government of Ethiopia requests support from the International Monetary Fund (IMF) for its 2009\/10 economic program through a 14-month arrangement under the High-Access Component of the Exogenous Shocks Facility (ESF). We request access of 115 percent of quota, the equivalent of SDR 153.755 million (about USD 240 million).<\/em><\/strong> Macroeconomic performance has improved substantially under the policy package supported by the IMF with a drawing under the Rapid Access Component of the ESF, approved by the IMF Executive Board in January 2009. Given the still-low level of foreign exchange reserves, the requested arrangement will greatly assist with our efforts to steer the Ethiopian economy through the global economic crisis, sending a positive signal to domestic stakeholders and our development partners about our resolve to maintain a stable macroeconomic environment. In the attached Memorandum of Economic and Financial Policies (MEFP), we describe policy implementation in 2008\/09 and set out our macroeconomic objectives and policies for 2009\/10. Our program focuses on entrenching low inflation and building international reserves through appropriately tight fiscal and monetary policies supported by the necessary exchange rate flexibility. We also intend to enhance monitoring and control of borrowings by the public enterprise sector, develop the central bank\u2019s liquidity forecasting and control capacity, and flesh out, with IMF technical assistance, a comprehensive time-bound tax reform strategy to improve domestic revenue mobilization. The MEFP and Technical Memorandum of Understanding (TMU) present quantitative performance criteria and indicative targets as well as structural benchmarks through the period of the arrangement. We believe that the policies set forth in the MEFP are adequate to achieve the objectives of the program, but we will take additional measures as needed to reach these goals. We will consult with IMF staff on the adoption of these measures, and in advance of revisions to the policies contained in the MEFP, in accordance with the agreed IMF policies on such consultation. The government of Ethiopia authorizes the IMF to publish the contents of this letter, and the attached MEFP and TMU, on its website after consideration of our request by the Executive Board. Sincerely yours, Sufian Ahmed \u00a0 \u00a0 \u00a0 \u00a0Teklewold Atnafu Minister \u00a0 \u00a0 \u00a0 \u00a0Governor The Ministry of Finance and Economic Development \u00a0The National Bank of Ethiopia mmmmmmmmmmm <\/object> mmmmmmmmmmmmmm<\/p>\n

The Ethiopian debt has raised to 160,960 million now he is asking for more of \u00a0153,755 million<\/h2>\n

<\/span> The SDR is an international reserve asset created by the IMF in 1969 and serves as its unit of account. The currency value of the SDR is determined by summing the values in U.S. dollars of a basket of major currencies.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Date<\/th>\nGRA Purchases<\/th>\nSAF, TF, ESAF\/PRGF Loans<\/th>\nTotals<\/th>\n<\/tr>\n
September 30, 2009<\/strong><\/a><\/td>\n 0<\/strong><\/td>\n 106,960,000<\/strong><\/td>\n 106,960,000<\/strong><\/td>\n<\/tr>\n
December 31, 2005<\/a><\/td>\n0<\/td>\n112,073,000<\/td>\n112,073,000<\/td>\n<\/tr>\n
December 31, 2004<\/a><\/td>\n0<\/td>\n117,971,000<\/td>\n117,971,000<\/td>\n<\/tr>\n
December 31, 2003<\/a><\/td>\n0<\/td>\n105,835,000<\/td>\n105,835,000<\/td>\n<\/tr>\n
December 31, 2002<\/a><\/td>\n0<\/td>\n105,415,000<\/td>\n105,415,000<\/td>\n<\/tr>\n
December 31, 2001<\/a><\/td>\n0<\/td>\n84,020,000<\/td>\n84,020,000<\/td>\n<\/tr>\n
December 31, 2000<\/a><\/td>\n0<\/td>\n59,142,000<\/td>\n59,142,000<\/td>\n<\/tr>\n
December 31, 1999<\/a><\/td>\n0<\/td>\n69,026,000<\/td>\n69,026,000<\/td>\n<\/tr>\n
December 31, 1998<\/a><\/td>\n0<\/td>\n76,086,000<\/td>\n76,086,000<\/td>\n<\/tr>\n
December 31, 1997<\/a><\/td>\n0<\/td>\n64,165,000<\/td>\n64,165,000<\/td>\n<\/tr>\n
December 31, 1996<\/a><\/td>\n0<\/td>\n64,165,000<\/td>\n64,165,000<\/td>\n<\/tr>\n
December 31, 1995<\/a><\/td>\n0<\/td>\n49,420,000<\/td>\n49,420,000<\/td>\n<\/tr>\n
December 31, 1994<\/a><\/td>\n0<\/td>\n49,420,000<\/td>\n49,420,000<\/td>\n<\/tr>\n
December 31, 1993<\/a><\/td>\n0<\/td>\n35,300,000<\/td>\n35,300,000<\/td>\n<\/tr>\n
December 31, 1992<\/strong><\/a><\/td>\n 0<\/strong><\/td>\n 14,120,000<\/strong><\/td>\n 14,120,000<\/strong><\/td>\n<\/tr>\n
December 31, 1991<\/a><\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
December 31, 1990<\/a><\/td>\n4,412,500<\/td>\n101,946<\/td>\n4,514,446<\/td>\n<\/tr>\n
December 31, 1989<\/a><\/td>\n22,062,500<\/td>\n922,746<\/td>\n22,985,246<\/td>\n<\/tr>\n
December 31, 1988<\/a><\/td>\n36,902,277<\/td>\n3,941,346<\/td>\n40,843,623<\/td>\n<\/tr>\n
December 31, 1987<\/a><\/td>\n44,172,163<\/td>\n9,198,105<\/td>\n53,370,268<\/td>\n<\/tr>\n
December 31, 1986<\/a><\/td>\n54,305,680<\/td>\n14,454,867<\/td>\n68,760,547<\/td>\n<\/tr>\n
December 31, 1985<\/a><\/td>\n45,053,970<\/td>\n19,711,629<\/td>\n64,765,599<\/td>\n<\/tr>\n
December 31, 1984<\/a><\/td>\n76,068,180<\/td>\n24,147,591<\/td>\n100,215,771<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

————– <\/object> xxxxxxxxxxxxxxxxx <\/object> xxxxxxxxxxxxxxxxxxxx<\/p>\n\n\n\n
\n\n\n\n\n
\n

Ethiopia<\/a>: Financial Position in the Fund as of September 30, 2009 according to IMF<\/span><\/h1>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n

\n
\n
\n\n\n\n\n
Summary of IMF members\u2019 quota, reserve position, SDR holdings, outstanding credit, recent lending arrangements, projected payments due to the IMF, and monthly historical transactions with the Fund.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n
\n\n\n\n\n\n
I.\u00a0Membership Status:<\/strong> Joined: December 27, 1945;<\/span><\/td>\nArticle XIV<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n
II.\u00a0General Resources Account:<\/strong><\/span><\/td>\nSDR Million<\/strong><\/span><\/td>\n%Quota<\/strong><\/span><\/td>\n<\/tr>\n
Quota<\/a><\/span><\/td>\n133.70<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
Fund holdings of currency<\/a><\/span><\/td>\n126.22<\/span><\/td>\n94.41<\/span><\/td>\n<\/tr>\n
Reserve Tranche Position<\/a><\/span><\/td>\n7.51<\/span><\/td>\n5.62<\/span><\/td>\n<\/tr>\n
Lending to the Fund<\/a><\/span><\/td>\n <\/span><\/td>\n<\/td>\n<\/tr>\n
Notes Issuance<\/a><\/span><\/td>\n <\/span><\/td>\n<\/td>\n<\/tr>\n
Holdings Exchange Rate<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n
III.\u00a0SDR Department:<\/span><\/strong><\/td>\nSDR Million<\/span><\/strong><\/td>\n%Allocation<\/span><\/strong><\/td>\n<\/tr>\n
Net cumulative allocation<\/a><\/span><\/td>\n127.93<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
Holdings<\/a><\/span><\/td>\n17.69<\/span><\/td>\n13.83<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n
IV.\u00a0Outstanding Purchases and Loans:<\/a><\/span><\/strong><\/td>\nSDR Million<\/span><\/strong><\/td>\n%Quota<\/span><\/strong><\/td>\n<\/tr>\n
ESF Arrangements<\/span><\/td>\n73.54<\/span><\/td>\n55.00<\/span><\/td>\n<\/tr>\n
ESF RAC Loan<\/span><\/td>\n33.43<\/span><\/td>\n25.00<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n
V.\u00a0Latest Financial Arrangements:<\/a><\/span><\/strong><\/td>\n<\/tr>\n
<\/td>\nDate of<\/span><\/td>\nExpiration<\/span><\/td>\nAmount Approved<\/span><\/td>\nAmount Drawn<\/span><\/td>\n<\/tr>\n
Type<\/span><\/span><\/td>\nArrangement<\/span><\/span><\/td>\nDate<\/span><\/span><\/td>\n(SDR Million)<\/span><\/span><\/td>\n(SDR Million)<\/span><\/span><\/td>\n<\/tr>\n
ESF<\/span><\/td>\n Aug 26, 2009<\/span><\/td>\n Oct 25, 2010<\/span><\/td>\n153.76 <\/span><\/td>\n73.54<\/span><\/td>\n<\/tr>\n
PRGF<\/span><\/td>\n Mar 22, 2001<\/span><\/td>\n Oct 31, 2004<\/span><\/td>\n100.28 <\/span><\/td>\n100.28<\/span><\/td>\n<\/tr>\n
PRGF<\/span><\/td>\n Oct 11, 1996<\/span><\/td>\n Oct 22, 1999<\/span><\/td>\n88.47 <\/span><\/td>\n29.49<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
VI.\u00a0Projected Payments to Fund\u00a0\u00a01\/<\/sup><\/span><\/strong><\/td>\n<\/tr>\n
(SDR Million; based on existing use of resources and present holdings of SDRs):<\/span><\/strong><\/td>\n<\/tr>\n
<\/td>\n Forthcoming <\/span><\/span><\/td>\n<\/tr>\n
<\/td>\n <\/span><\/td>\n 2009 <\/span><\/span><\/td>\n 2010 <\/span><\/span><\/td>\n 2011 <\/span><\/span><\/td>\n 2012 <\/span><\/span><\/td>\n 2013 <\/span><\/span><\/td>\n<\/tr>\n
Principal<\/span><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Charges\/Interest<\/span><\/td>\n<\/td>\n0.23<\/span><\/span><\/td>\n0.82<\/span><\/span><\/td>\n0.82<\/span><\/span><\/td>\n0.82<\/span><\/span><\/td>\n0.82<\/span><\/span><\/td>\n<\/tr>\n
Total<\/span><\/strong><\/td>\n<\/td>\n0.23<\/a><\/span><\/td>\n0.82<\/a><\/span><\/td>\n0.82<\/a><\/span><\/td>\n0.82<\/a><\/span><\/td>\n0.82<\/a><\/span><\/td>\n<\/tr>\n
1\/<\/strong><\/sup> When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.<\/span><\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
VII.\u00a0Implementation of HIPC Initiative:<\/strong><\/span><\/td>\n<\/tr>\n
<\/td>\n<\/td>\nEnhanced<\/span><\/td>\n<\/tr>\n
I.\u00a0\u00a0\u00a0Commitment of HIPC assistance<\/span><\/td>\n<\/td>\n Framework<\/span><\/span><\/td>\n<\/tr>\n
Decision point date<\/span><\/td>\n<\/td>\nNov 2001<\/span><\/td>\n<\/tr>\n
Assistance committed<\/span><\/td>\n<\/tr>\n
by all creditors (US$ Million)\u00a01\/<\/sup><\/span><\/td>\n<\/td>\n1,982.20<\/span><\/td>\n<\/tr>\n
Of which: IMF assistance (US$ million)<\/span><\/td>\n<\/td>\n60.85<\/span><\/td>\n<\/tr>\n
(SDR equivalent in millions) <\/span><\/td>\n<\/td>\n45.12<\/span><\/td>\n<\/tr>\n
Completion point date<\/span><\/td>\n<\/td>\n Apr 2004<\/span><\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
II.\u00a0\u00a0Disbursement of IMF assistance (SDR Million)<\/span><\/td>\n<\/tr>\n
Assistance disbursed to the member<\/span><\/td>\n<\/td>\n45.12<\/span><\/td>\n<\/tr>\n
Interim assistance<\/span><\/td>\n<\/td>\n10.28<\/span><\/td>\n<\/tr>\n
Completion point balance<\/span><\/td>\n<\/td>\n34.84<\/span><\/td>\n<\/tr>\n
Additional disbursement of interest income\u00a02\/<\/sup><\/span><\/td>\n<\/td>\n1.54<\/span><\/td>\n<\/tr>\n
Total disbursements<\/strong><\/span><\/td>\n<\/td>\n46.66<\/span><\/td>\n<\/tr>\n
1\/<\/sup> Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts can not be added.<\/span><\/td>\n<\/tr>\n
2\/<\/sup> Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):<\/strong><\/span><\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
I.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0MDRI-eligible debt (SDR Million)1\/<\/sup><\/span><\/td>\n112.07<\/span><\/td>\n<\/tr>\n
Financed by: MDRI Trust<\/span><\/td>\n79.66<\/span><\/td>\n<\/tr>\n
Remaining HIPC resources<\/span><\/td>\n32.41<\/span><\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
II.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Debt Relief by Facility (SDR Million)<\/span><\/td>\n<\/tr>\n
<\/td>\n Eligible Debt <\/span><\/strong><\/span><\/td>\n<\/tr>\n
Delivery Date<\/span><\/strong><\/span><\/td>\n GRA<\/span><\/strong><\/span><\/td>\n PRGF<\/span><\/strong><\/span><\/td>\n Total<\/span><\/strong><\/span><\/td>\n<\/tr>\n
January 2006<\/span><\/td>\nN\/A<\/span><\/td>\n112.07<\/span><\/td>\n112.07<\/span><\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
1\/<\/sup> The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.<\/span><\/span><\/td>\n<\/tr>\n
_________________<\/td>\n<\/tr>\n
Decision point – <\/strong>point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.<\/span><\/td>\n<\/tr>\n
Interim assistance – <\/strong>amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).<\/span><\/td>\n<\/tr>\n
Completion point – <\/strong>point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 2 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).<\/span><\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
Prepared by Finance Department<\/span> <\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n

The end of the Bretton Woods System (1972\u201381)<\/h1>\n

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By the early 1960s, the U.S. dollar’s fixed value against gold, under the Bretton Woods system of fixed exchange rates, was seen as overvalued. A sizable increase in domestic spending on President Lyndon Johnson’s Great Society programs and a rise in military spending caused by the Vietnam War gradually worsened the overvaluation of the dollar. End of Bretton Woods system<\/strong> The system dissolved between 1968 and 1973. In August 1971, U.S. President Richard Nixon announced the “temporary” suspension of the dollar’s convertibility into gold. While the dollar had struggled throughout most of the 1960s within the parity established at Bretton Woods, this crisis marked the breakdown of the system. An attempt to revive the fixed exchange rates failed, and by March 1973 the major currencies began to float against each other. Since the collapse of the Bretton Woods system, IMF members have been free to choose any form of exchange arrangement they wish (except pegging their currency to gold): allowing the currency to float freely, pegging it to another currency or a basket of currencies, adopting the currency of another country, participating in a currency bloc, or forming part of a monetary union.<\/div>\n
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———— <\/object> ————- <\/object> mmmmmmmmmm<\/div>\n","protected":false},"excerpt":{"rendered":"

How the institution of\u00a0Britten\u00a0Wood keeps a dead regime alive … ————– ———— IMF commits crime\u00a0against\u00a0Humanity \u00a0by keeping Woyane regime \u00a0in Comma by prolonging \u00a0 Ethiopians agony. Woyane owns s the IMF not Ethiopia in 17 years from December \u00a01992 \u00a0to September 30 2009 \u00a0the sum of \u00a0 106,960,000 SDR Now is asking the sum of […]<\/p>\n","protected":false},"author":54,"featured_media":11340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[118,3],"tags":[4103],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/ethiopianism.net\/wp-content\/uploads\/2011\/05\/0156.jpg","_links":{"self":[{"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/posts\/689"}],"collection":[{"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/comments?post=689"}],"version-history":[{"count":0,"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/posts\/689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/media\/11340"}],"wp:attachment":[{"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/media?parent=689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/categories?post=689"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ethiopianism.net\/wp-json\/wp\/v2\/tags?post=689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}