check out the 1944 bretton woods agreement. . >> the battle over the border about boiling over as theyy of his wall pushing back hard. caught in the security hundred thousand federal workers we are now just hours away from missing there first paycheck. is there a deal or will the president declare a national emergency? and to survey the situation firsthand.

now that could result in conflict because since world war two and the beginning of the bretton woods system in the us dollars will reserve currency without a relatively let's say peaceful period in terms of the big countries going to war with each other we have many smaller conflicts but we haven't had a world war but this could be a precursor to some might say to a world war how that world war would play out you know there's a quote that i often think about world war one it started horses and ended with airplanes you know and world war two started with airplanes in it with atomic weapons you know world war three wars it started starts were. who knows but it's going to and i think albert einstein said if they use atomic weapons you know those how world war four will will will be played out and that's what sticks and stones at the end yes in fact we're in the next episode of this week of you know new year special we're going to talk about geo economics and politics so that's something we'll come back to in the next episode but in terms of international payment system we're talking abo

check out the 1944 bretton woods agreement. . >> the battle over the border about boiling over as they stand in the way of his wall pushing back hard. caught in the security hundred thousand federal workers we are now just hours away from missing there first paycheck. is there a deal or will the president declare a national emergency? and to survey the situation firsthand. . >> that accounts for 6 percent of our traffic over 90 percent occurs in those areas. that's it. we never even spoke before this? . >> no sir. he said it perfectly. but this is common sense. they need a barrier they need a wall with hard work and grueling problems and by the way, death. a lot of death. >> of course, now democrats are not convinced house speaker pelosi tried to claim republicans can get their way out of this mess. >> so we say yes for an answer this is what you have proposed why are you rejecting it at the expense of the health and safety and well-being of the american people? you take an oath to the constitution or to donald trump. >> south carolina senator said she no longer has a horse in the game

to what extent was that driven a the desire to set up bretton woods type of economic harry after the war which dexter white was starting to plan from at least 1941, maybe was thato what extent policy driven by a longer-term strategy of winning the peace thereafter by establishing economic system that would be in sensitized -- incentivized warfare? dr. gallicchio: i don't know if the connection was explicit, but i think the understanding was that to create a sort of liberal post war order in which democratic free market societies would thrive, that germany and japan, the sort of fascism and authoritarianism that existed there would have to be uprooted. and democracy, representative government encouraged. so, i think that's, you know, what sort of was the animating spirit behind unconditional surrender. there were a couple of reasons for that policy. one was to assure the russians that united states was not going to make a separate peace with the germans. another was that it, you know, the republicans had criticized woodrow wilson at the end of world war i for not assisting on a policy

and then, the bretton woods era when the dollar was still pegged against gold. it's not clear exactly what this fund should be doing now that we are in the era of exchange rate. but it is fair. many billions of dollars -- tens of billions of dollars in self financing with very little transparency about how it operates. it's been repurposed in many ways over the years to conduct various american foreign policy object good spirit often in support of mexico and before the financial crisis was in 1995 when president clinton and secretary of the treasury rubin figured out how to use it to bail out mexico. but it got a wholly novel application in 2008 in september as the money market funds were in distress, the treasury figured out a way to use this tool of money to guarantee money market funds coming to guarantee that their value would not fall below par. he very rapidly worked up the program. it's sort of sad this is to make sure the exchange rates don't fluctuate too bad because if our economy goes in the tube -- or will create some exchange rate disruptions. they

years, we will have to make a set of decisions and that is either to reform the current brettones we have, the woodsystem, the current trade system, and everyone would agree that there are quite a few reforms that need to happen or we need to get a new system, a much more fragmented system, one which might be more regionalized and more fragmented. and less coherent. if we do not reform the current one to respond to some of the current criticisms, we risk going in that direction. francine: whose job is it to reform? a lot of western economies fall into the hands of realism one by one. what does that mean for fragmentation, are we going to have more nationalism around the world? minouche: the rise of populism comes from two things, the growth of economic insecurity, about being concerned their economic futures and the futures of their children and whether their children will be poorer than them. the second driver, issues of identity. who belongs, how does society hold together and that often translate into concerns about issues like immigration and nationalism. i think unless we deal with those two is