{"id":15416,"date":"2025-03-07T10:03:04","date_gmt":"2025-03-07T16:03:04","guid":{"rendered":"https:\/\/www.zmetro.com\/?p=15416"},"modified":"2025-03-07T10:12:50","modified_gmt":"2025-03-07T16:12:50","slug":"a-look-back-to-the-plaza-accord","status":"publish","type":"post","link":"https:\/\/www.zmetro.com\/?p=15416","title":{"rendered":"A backpackers view of the &#8220;Plaza Accord&#8221;; Galbraith edition"},"content":{"rendered":"<p><a href=\"https:\/\/www.ft.com\/content\/fba87dd3-514a-41c2-b2b9-ea597ffbdfbf#comments-anchor\">Gillian Tett<\/a>:<\/p>\n<blockquote><p>Four decades ago, the swanky Plaza Hotel in New York became famous in finance lore. On September 22 1985, the US government persuaded Britain, Japan, Germany and France to jointly devalue the dollar, to boost America\u2019s industrial competitiveness.<\/p>\n<p>Could this happen again? The idea is sparking endless gossip among financiers. Or as the Aberdeen investment group recently told clients: \u201cThere has been speculation about a new Plaza Accord \u2014 dubbed the \u2018Mar-a-Lago Accord\u2019 \u2014 to depreciate the US dollar.\u201d Indeed, some traders expect it this year.<\/p>\n<\/blockquote>\n<p>Ah, the &#8220;Plaza Accords&#8221;. Who can forget? Certainly not me!<\/p>\n<p>While backpacking in Europe &#8211; post graduation &#8211; and living on fixed funds, the Accord occurred mid journey and put a substantial dent in my budget for the remaining 5 weeks dealing with marks, franks and so on&#8230;.<\/p>\n<p>Chastened, a few years later I attend a Galbraith lecture. I asked him what an individual could do about such events? He replied &#8220;nothing&#8221;, there is nothing you can do about it, so don&#8217;t bother yourself with such concerns&#8230;.<\/p>\n<p>And, so it remains.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gillian Tett: Four decades ago, the swanky Plaza Hotel in New York became famous in finance lore. On September 22 1985, the US government persuaded Britain, Japan, Germany and France to jointly devalue the dollar, to boost America\u2019s industrial competitiveness. Could this happen again? The idea is sparking endless gossip among financiers. Or as the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/15416"}],"collection":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15416"}],"version-history":[{"count":2,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/15416\/revisions"}],"predecessor-version":[{"id":15418,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/15416\/revisions\/15418"}],"wp:attachment":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}