Cross Country Skiing in the USA at Bretton Woods in New Hampshire | GoPro 4K XC in New England скачать в хорошем качестве

Cross Country Skiing in the USA at Bretton Woods in New Hampshire | GoPro 4K XC in New England

Today we are cross country skiing at the Bretton Woods Nordic Center which is located at the Mt. Washington Hotel in New Hampshire, United States. This is one of the most picturesque hotels in the country, and it's also one of the best places to xc ski: miles of varying terrain and some world class grooming to boot. The staff is wonderful and knowledgeable, willing to help advanced skiers as well as hopeless beginners like myself. Below is the story of the Bretton Woods agreement, one of the most important moments of in the political economic history. The agreement, held in 1944, hosted delegates from around the world at the Mt. Washington Hotel. Enjoy the skiing and the history. Don't forget to like the video, subscribe, and turn on notifications for more xc skiing content! From a hotel on the side of a remote mountain in a town with a population of 820 came an agreement that would send billions and billions of dollars to every corner of the world. In 1944 a group of delegates from most of the developed world and a few cameo appearances from the darker nations descended upon the Gold Room of the Mount Washington Resort in Bretton Woods, New Hampshire to duke it out over gold, debt, economic depression, and no doubt some golf and other leisure. The issue was international trade: its flow, its fairness, and its stability. What happened in the Great Depression from an economic perspective was, well, a nightmare, and unless you were Freud or Henry Fuseli, The artist behind The Nightmare, nightmares are not the most lucrative fiscal models. So the head hunchos got together to change the old order, one based on competitive devaluations of currencies, in favor of a new system that saw the US dollar become the central currency: the US dollar would be backed by gold reserves, and other nations would would peg the value of their currencies at a fixed exchange rate to the US dollar. The new system ensured that international trade was fair, and in effect, easier; however, it did not last very long. What did last from the Bretton Woods summit were two international organizations that would go on to shape the global economic order until the present. These institutions are the International Monetary Fund (IMF) and the The International Bank for Reconstruction and Development which is better known as the World Bank. The World Bank until today proves loans to middle and low-income countries to support capital projects: infrastructure, urban expansions etc, dams etc. The IMF provides to developing nations suffering from massive debt and failing economic systems, but to some, the IMF acts ruthlessly, only focused on the bottom line with little regard for the extra-fiscal well-being of the loan recipient's people. After gaining independence, most nations were poor and lacked the industrial infrastructure to develop and gain wealth, and were thus dependent on imports their former colonizers. For many formerly colonized nations, the solution lay in building industrialized economies largely from scratch. Academics have called this process Import Substitution Industrialization: substituting foreign industrialized goods with domestic manufacturing and industrial sectors. These sectors were often state-owned. These state investments required lots of spending, and without largesses from which to grab capital, formerly colonized nations quickly fell into debt on a massive scale. Enter the IMF. Member nations of the IMF contribute money in disproportionate amounts to the fund. Then, the IMF gives loans to developing nations suffering from debt who can't find other lenders; however, these are loans with conditions. Big conditions. Some of the central ones: slashing public spending, shrinking the size of the public sector, elimination of subsidies. In other words: austerity. The IMF’s loans include conditions mandating economic liberalization, easing the barriers on foreign capital and foreign investment, and imports. It means privatization: moving industries and assets out of the hands of the public and into the hands of the nice and responsible bourgeoisie and business elite. Money means growth, and slashing public spending reduces the deficit; however, what can often happen is the concentration of wealth in these new arrangements. With no subsidies on food, no government spending on education, the poor often feel the impacts of austerity measures the most, and for the money that’s coming in? Who does it reach? And who does it benefit?