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Why Did The US Oppose Keynes's Bancor Plan?

Fadhel Kaboub, Associate Professor of Economics at Denison University, on with Steve Grumbine at Real Progressives, on the Keynes Bancor Plan. When a country runs a trade deficit, then they are losing financial assets to the rest of the world (they import more goods than they export, so money/financial assets go to other nations). On fixed exchange rates, this can be a problem because domestic policy space is limited by the need to maintain that fixed exchange rate, and this might lead to the country having weak employment at home, and potentially running out of foreign reserves. So the "pain" of imbalanced trade is felt almost entirely by the deficit nation. On the Keynes Bancor Plan, nations would have traded with each other in a currency called Bancor, and there would be a charge for both holding too much Bancor, and being deficit in Bancor. So the "pain" would be split evenly between surplus and deficit nations, incentivizing both of them to try to restore balanced trade. America emerged from WW2 in comparatively great shape, while Europe needed to import the materials necessary to rebuild after the war. So America was expecting to run huge trade surpluses for a while, and didn't want to be limited by the Bancor plan. So they opposed it. Watch the whole video here:    • Real Progressives LIVE with Fadhel Ka...   Follow Deficit Owls on Facebook and Twitter:   / deficitowls     / deficitowls   And follow our sister page, Modern Money Memes:   / modernmoneymeme     / modernmoneymeme