Harry Dexter White outmaneuvered Keynes to make the dollar the center of the new global monetary system

British economist John Maynard Keynes originally proposed a global currency called the bancor

Keynes—one of the chief architects of the Bretton Woods system—proposed establishing a global central bank that would issue a new international currency, the bancor, to settle trade imbalances. The idea was rejected in favor of the US dollar serving as the main currency of the international system.

Many years ago, the US dollar became the world's primary reserve currency

In 1944, 44 nations gathered in Bretton Woods, New Hampshire, to rebuild the global economy. The result? The US dollar became the world’s reserve currency, backed by gold.

Nixon's 1971 decision to untether the dollar from gold ended the Bretton Woods exchange rate system

The Bretton Woods system initially pegged all major currencies to the US dollar, which could be exchanged for gold at a fixed rate of $35 per ounce. Growing deficits and decreasing gold reserves prompted Nixon to end that guarantee in 1971, marking the end of the fixed exchange rate era.

John Maynard Keynes was one of the most influential economists of the 20th century

Keynes influenced economic thought by arguing that governments should spend to stabilize economies during downturns. His ideas shaped the postwar international order and remain central to modern economic policy debates.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Some scholars consider the Bretton Woods system one of the best foreign policy decisions in US history

A survey of historians by the Council on Foreign Relations ranked the creation of the Bretton Woods system among the top 10 foreign policy decisions in US history, highlighting its role in establishing postwar stability, prosperity, and decades of economic growth.

The US dollar's value weakened significantly in 2025 amid tariffs

Experts at US Bank predicted in August 2025, that the downward trend was likely to continue, although they acknowledged that uncertainty remains high. As tariffs moved to the center of the White House’s agenda, all G10 currencies grew stronger against the dollar—the Swiss franc even posted double-digit gains.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Early Americans hated the idea of a central bank

After a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name.

Governments have historically used counterfeiting for economic warfare

Inserting fake currency into an economy can help destabilize it. During the American Revolution, for instance, the British distributed counterfeit “Continental Dollars” in an effort to devalue the currency being used in the US at the time with the goal of undermining America’s growing financial credibility. The Nazis also ran an extensive counterfeiting scheme during WWII.

Modern monetary theory argues that governments can spend more without worrying about debt

In this discussion, economists Stephanie Kelton and Rohan Grey join Jon Stewart to explain modern monetary theory and debate whether expansive government spending can address inequality and economic crises without traditional debt constraints.

The Federal Reserve Act's foundation was laid in a secretive meeting at the world's most prestigious club

Republican Sen. Nelson Aldrich of Rhode Island organized a highly secretive meeting of the minds at the world’s most prestigious club on Jekyll Island, Georgia, where a who’s who in the financial world hashed out details over the course of a week.

The world's most famous case of deflation happened after Black Thursday

While the details are not fully agreed upon, many economists point to the Federal Reserve's tightening of the money supply as a prime culprit, leading to a significant deflationary spiral.

The failures of the interwar period made the case for a new international system

After World War I, countries devalued their currencies, raised tariffs to block imports, and seized territory unchecked, with the international community unable to organize effectively to stop them. The result was a global depression and, eventually, another world war.

The United States had a washing machine that cleaned dirty dollar bills

In the early 1900s, the US Treasury Department had a machine that washed and ironed old, soiled paper bills. The machine helped the Treasury save money by decreasing printing costs for new dollar bills, but had nothing to do with the modern understanding of money laundering.

Some argue that stablecoins are unnecessary due to the ubiquity of the US dollar

Others have criticized fiat-backed stablecoins for their lack of decentralization, believing that digital currencies not controlled by central banks will become more popular in the future.

The New Deal shifted economic and social authority to the federal government

Franklin D. Roosevelt's response to the Great Depression expanded federal power through economic regulation and social welfare programs, permanently reshaping federalism by shifting responsibility for financial security to Washington while leaving states to administer many of these programs.

Meet Klaus Schwab, the founder and driving force behind Davos

Klaus Schwab founded the World Economic Forum in 1971 and spent five decades promoting stakeholder capitalism and cross-sector cooperation among elites. Under his leadership, Davos became a hub for global power brokers. Schwab stepped down from the role in April 2025 amid accusations of misconduct.

The best (and worst) Federal Reserve chairs since 1914

The two-day marathon meetings of the Federal Open Market Committee follow a logical process of information sharing

In a stately room in the Eccles Building in Washington, DC, the 17 participants of the FOMC and their aides report on economic conditions and decide monetary policy.

The trillion-dollar coin is a proposed platinum coin with a face value of $1T, which could be used to reduce the national debt

This conceptual strategy was first proposed in 2011 as a potential alternative to raising the US debt ceiling. Although there were several high-profile proponents of the idea, it was eventually rejected in 2013 by Treasury Department and Federal Reserve officials.

The Erie Canal transformed New York City into America’s banking capital

By redirecting western trade through New York Harbor, the canal turned New York into the nation’s commercial hub. This surge in commerce shifted financial power from Philadelphia to Wall Street, establishing the city as America’s banking capital.

The intellectual architect of the Monroe Doctrine was Secretary of State John Quincy Adams, not Monroe

Adams, the main foreign relations authority in the Cabinet, shaped the key parts of the Monroe Doctrine speech. He advocated for a unilateral American declaration to warn European powers, rejecting a potential joint statement with Britain favored by some Cabinet members.

Hear Ray Dalio talk about the growth of the Chinese economy

Dalio was an early advocate of US investment in China. While he has previously criticized the authoritarian regime, his criticism of the government has been labeled mild relative to his praise for economic growth and innovation—critics argue that he has minimized human rights violations in the country.

Wartime conferences exposed cracks in the US–Soviet alliance

At the Tehran, Yalta and Potsdam Conferences, Allied leaders coordinated WWII strategy—but deep disagreements over postwar Europe foreshadowed the Cold War. The USSR’s push for influence in Eastern Europe clashed with US and British calls for self-determination.

Using cryptocurrency to turn traditional financial arrangements on their head

Cryptocurrency is poised to drastically change everything in the financial world, including financial arrangements. Decentralized finance makes it easier for virtually anyone to take advantage of financial markets without the need for a bank. However, there are new risks involved as well. Professor of Legal Studies and Business Ethics Kevin Werbach, an expert on Bitcoin and blockchains discusses it all in detail in The Conversation.

Peter Tuchman is known as the 'Einstein of Wall Street'

Peter Tuchman has worked on the trading floor of the New York Stock Exchange for over four decades and ranks among the most famous traders in history. “I still get butterflies in my stomach every morning when I come into work,” he said.

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

Dorothy's famous entrance into Oz in 'The Wizard of Oz' relied on analog tricks, including a body double and sepia-toned paint, as much as it did on technology

Mid-century modern graphic designers, known for their bright colors and bold lines in advertising, also found success with children's books.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

Watch a 1934 short film starring jazz legend Cab Calloway, a major figure in the Harlem Renaissance's music scene

Double world record holder Hunter Ewen helped conquer his fear of balloons, called globophobia, by training to win Guinness World Record titles for balloon inflation.

According to the physics of black holes, our 4D reality may be a hologram—a projection of information coded on a 2D surface on the edge of the universe.

The identity of the Tank Man in the iconic photo from the 1989 Tiananmen Square protests remains unknown and was possibly killed.

Brandi Chastain, the star of the 1999 US victory over China in the 1999 Women's World Cup, was a last-second choice to take the penalty kick that sealed the victory.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

Against his wishes, Albert Einstein's brain was removed before his cremation, and the pathologist responsible stored it for decades in mason jars within a beer cooler.

One disco producer saw 'Star Wars' four times on its opening weekend and was so inspired that he recorded the album 'Star Wars and Other Intergalactic Funk,' which produced a chart-topping single.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

How the most famous Ebola book, The Hot Zone, which sold 3.5 million copies and was translated into 30 languages, got aspects of the disease so wrong.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

US intelligence allegedly pursued more than 600 schemes to assassinate Cuban revolutionary Fidel Castro.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

Hookworm infection, though risky, may help fight certain autoimmune conditions by tamping down the immune system's inflammatory response.