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Which Of The Following Was A Main Element Of The Jamaica Agreement Of 1976

By Zach Arnold | April 15, 2021

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Finally, the desire for a political compromise led the Office, in its first reform projects, to conceal genuine differences in intelligent formulations. This led U.S. Congressman Paul Volcker to complain that the documents were full of what he called meaningless sentences. (Example: in the reformed system, “the volume of global reserves must be reasonable, but not excessive.”) While many of these phrases were gradually eliminated or filled with some importance, there were still a few. The reforms of the Committee of 20 have taken up the idea of regulating wealth and substituting dollars for DSDs, although diluted in an equalization system! “All countries that maintain values by break down into reserve assets . . . . “10 In a world where the dollar fluctuates indefinitely, these provisions, under which the Committee has spent much of its time, would not be far removed from any real meaning.11 This need is not new; the need for international monetary management has existed for at least a century. As a result, we find a strong tradition of cooperation between national central banks, dating back to the 19th century. As important as this tradition is, the previous pages must show that our institutional structure simply lacks effectiveness in addressing the resulting international monetary problems adequately and in a timely manner. The difficulties stem in part from the tendency of governments to place far too much emphasis on their current economic problems.

For example, creditor countries want a narrow system in which they have to give little credit, and debtor countries take the opposite position. But over time, balance-of-payments positions change. As my mentor at the Dutch bank, Professor Posthuma, said: “I have already heard all the arguments; Only the countries that use them change from time to time.¬†When countries negotiate a long-term goal, such as the restructuring of the international monetary system, such employment, faced with short-term problems, seems to hinder real progress. In the end, the French insistence, faithfully supported by the American authorities, was required for the agreements to be implemented immediately after an agreement was finally reached. In order to solve the problem of gold purchases by central banks, the Bank for International Settlements, which is not bound by the Fund`s statutes, has been listed as an intermediary in the purchase and sale of gold. However, the BIS has stated that it has no intention of buying gold on its own behalf and it is not yet entirely certain that early implementation will not lead to difficulties or protests on the part of Congress, which last year was particularly vulnerable to insisting on scrupulous adherence to its prerogatives29. although an exception may be made in cases where dogmas stand in the way of change that has become inevitable, as has been the case recently in the area of exchange rates. Nor will it give us the opportunity to see more clearly, in quieter times, when we hope, how to solve the problems we face. After an in-depth historical study of the subject, it was concluded that these two institutions, together with their counterpart in trade, the General Agreement on Tariffs and Trade (GATT), constitute the embodiment of the economic principles expressed by President Roosevelt and Prime Minister Churchill in August 1941. In view of some recent trends in international economic relations, it is quite possible to recall the two short paragraphs on which international economic policy was based so far in the post-war period: in the event that, in April 1968, after at least five years of discussion, study, debate and negotiation, a final agreement on the SDR regime was reached within the Fund.

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