Task 8 Read the text and complete the gaps with the words from the box. Look up the definitions of the new words.
| surveillance of exchange rates, inadequate, envision, prevent a recurrence, contribute to, liquidity, devaluations, war-ravaged economy, police exchange rates, cooperative, collapse, disorderly |
The Bretton Woods Par Value Period, 1946-1971
Work on plans for a postwar international monetary system started in the early years of World War II, in both the United States and United Kingdom (Germany also broadcast reports of the kind of monetary system it was planning for the post-war world).
There was a widespread feeling in the United Kingdom and the United States that ___(1)___international monetary arrangements ___ (2) ___the Great Depression and the war, and there was a strong determination ___ (3) ___in the future. Drafts were exchanged for several years, leading to formal negotiations near the end of the war.
The U.S. Administration wanted to build a new international monetary system based on principles of cooperation and non-discrimination. Treasury Secretary Henry Morgenthau and Assistant Secretary Harry Dexter White ___ (4) ___a new system that would___ (5) ___, mobilize international ___ (6) ___ and, more generally, provide the machinery for resolving international monetary problems in a ___ (7) ___ way. Many of these ideas were shared by the U.K. authorities. In particular, both the United States and the United Kingdom wanted a system of stable exchange rates, ___ (8) ___, financing facilities, and related arrangements by an international body. Both wanted to avoid the competitive ___ (9) ___that had been such a problem in the 1930s.
But in view of their ___ (10) ___, their thin financial resources, and their postwar goal of full employment, U.K. negotiators wanted to set up an international monetary system that would provide substantial external financing conditions—and that would place automatic disciplines for adjustment on creditor nations. The U.K. wanted to establish international liquidity arrangements under which—it seemed to the U.S. negotiators—the United States, as the only major creditor nation, would have borne much or all of the international burden of external financing and adjustment.
Task 9Choose the correct alternative to complete each sentence.
U.S. negotiators had no interest in making the United States a passive supplier of the world's financing needs—nor did they think the Congress would approve. The United States wanted a contributory, conditional fund for providing financing, based on conservative banking concepts. ___ (1) ___ its dominant world position at that time, the United States prevailed in these negotiations, and the U.S. plan was accepted as the blueprint of the Bretton Woods system.
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What emerged from these negotiations, in terms of foreign exchange rates and markets, was an adjustable peg exchange rate regime operating under a gold exchange standard, with currencies other than the U.S. dollar convertible into the dollar, and the dollar, in turn, convertible into gold for official holders. Member countries were to maintain "stable but ___ (2) ___ " par values. But there was ___ (3) ___for modification of a par value, with the approval of the International Monetary Fund, in the event of "fundamental disequilibrium"—a concept that was not defined, but that conveyed the idea of large and ___ (4) ___ payments imbalances and reserve changes. Members were expected to maintain their exchange rates within ___ (5) ___ of one percent on either side of par value. Members other than the United States generally were expected to ___ (6) ___ that obligation by buying and selling dollars in the exchange markets; the United States was expected to meet its obligation by standing ready to meet requests of other monetary authorities to buy or sell gold for dollars at $35 per ounce.
1. a. giving b. given c. gave
2. a. adjustable b. adjusting c. adjustment
3. a. prominence b. profit c. provision
4. a. persistent b. insistent c. provocative
5. a. majors b. margins c. measures
6. a. greet b. introduce c. meet
Task 10 Translate the following phrases into English.
1.с запуском торговли Forex онлайн по всему миру
2.и новые брокеры открывают свое дело каждый день
3.Forex индустрия направляется по неправильному пути
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4.относящийся к спамовому характеру многих Forex компаний
5.пожинать плоды рынка, большего, чем рынок акций и облигаций, вместе взятых
6.попасть под влияние всей шумихи, окружающей Forex
7.заманчиво полагать
8.не поймите меня неправильно
9.вероятность добиться этого сравнима с выигрышем в лотерее
10.ни при каких обстоятельствах не используйте деньги
11.как бы нам не хотелось признавать этого
12.это будет иметь разрушительное влияние на вашу жизнь и может привести к необратимым последствиям
13.не кладите все яйца в одну корзину
14.не используйте больше небольшого процента вашего капитала в одной сделке
15.не жадничайте
16.думая, что рынок развернется
17.безопасной гаванью мира Forex
18.лучшее – это диверсифицироваться и распределить ваши риски как в отношении сделок, так и валют
19.я намекал на это раньше
20.независимо от размера их банковского счета
21.вы бы в противном случае не взяли на себя
22.придерживайтесь плана, выполняйте свою стратегию по полной
23.независимо от того, что говорит вам ваша интуиция
24.вамсужденооказаться
GRAMMAR
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