White's plan to unlock dollar hegemony

In 1944, the most pivotal year of World War II, in a conference in Bretton Woods in the United States that decided the post-war financial order, Keynes was finally helpless to lose. In the forest in the afternoon, the looming sun runs through it, but the sun that belongs to the sun that never sets is always looming to the west, and everyone knows that the last rays of the glory of the British Empire are fading away.

In Europe in July 1944, a battle was in full swing to determine the course of the war, with millions of people fighting in the Steel Forest, competing for the final victory, and every witness thought that it would determine the history of the world. They were right, of course, but in the United States, thousands of kilometres away, a simultaneous financial battle may have far more far-reaching effects than the Battle of Normandy, which ultimately determined the postwar global financial order. Keynes's bleakness was the future of the British Empire, and the American Empire would grow brighter in the hands of victor White. Since then, the dollar has embarked on its path to financial hegemony on a global scale. The first sacrificial person on the way was the pound sterling.

In 1943, the United States and the United Kingdom proposed their own plans for the post-war financial order, and britain, as the holder of globalization at that time, the pound still had global hegemony, and its most important support was the British colonies. This is Britain's advantage, and it must be the direction in which the United States needs to work to disintegrate. Among them, the national self-determination policy pursued by the United States in World War II and the Soviet Union stood together with the moral high point of opposing colonialism, while the White Plan completely dismantled the Support of the British colonial system for its financial hegemony financially. There were two very important key points in the White plan, one light and one dark, the gold reserves in the light, and the British colonial system in the dark, as long as the plan was passed, the dollar could enter the British colonies.

The former is widely known to have begun in World War II in 1939, and did not enter the war until after Pearl Harbor in 1941, while the real and waging of the United States against fascist Germany was in 1944, which was mainly through loans and materials to support allies in the European battlefield. So much so that the United States earned a lot of gold from the world, and when Bretton Woods decided to use gold as a global monetary reserve in 1944, the United States must have occupied the greatest initiative and could completely dominate the new financial system. In the global financial system discussed at this meeting, all Western countries are under this system except the Soviet Union. The success of the conference is the beginning of the dollar to replace the pound sterling, and the countries that can dominate the gold reserves must have the strongest currency, and the dollar replacement of the pound is still a natural success.

By this time, the replacement of the pound sterling by the dollar had been built as the cornerstone of the global currency, and three years later, in 1947, the marshall plan, the largest post-war aid program, and the collapse of the pound in the same year, were the clarion call for the official beginning of the dollar hegemony. When the dollar and gold were decoupled in 1971, the Middle East oil war, the collapse of the Soviet Union, the European debt crisis, the hegemony of the dollar was not difficult, but it was still the dollar that stood at the top of the global financial system, and the dollar seemed to have become a faith, like looking at the statue of Liberty in the distance, solemn and glorious.

However, the higher the peak, the smaller the space for maneuvering, and even if there is steel reinforcement under the prosperity, it is not as thick and reliable as the earth.