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Daily Archives: October 23, 2008

Treasury cites progress in easing crisis; Greenspan calls downturn 100-year `credit tsunami’

WASHINGTON (AP) — The head of the governments $700 billion financial rescue program told Congress Thursday that the Bush administration has made "tremendous progress" in pushing to get it implemented.

New Bretton Woods System?

Bretton Woods was effectively an exchange rate mechanism, were gold backed the new kid on the world block, namely the post war US dollar and all other currencies floated around the dollar in a fixed range. If a currency moved too far either way of the range then the respective Central Bank stepped in and…

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