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<p>From a 1945 U.S. Treasury report (<a href="">via FRASER</a>)</p>

International events have shaped the American economy and Fed policy.

A South Korean labor union member of Seoulbank, one of South Korea's most bad-debt burdened commercial banks, looks downcast.
Asian Financial Crisis

A financial crisis started in Thailand in July 1997 and spread across East Asia

Demonstrators in Mexico City march in protest of the International Monetary Fund and the Mexican government, 1986
Latin American Debt Crisis

During the 1980s, many Latin American countries were unable to service their foreign debt

May 9, 1979:&nbsp;Cars line up outside a filling station on the first day of gas rationing imposed on nine California counties&nbsp;following the revolution in Iran that caused a shortage of crude oil.
Oil Shock of 1978-79

The second oil shock of the 1970s was associated with events in the Middle East

Sign reading "Gas shortage! Sales limited to 10 gallons of gas per customer" posted at a&nbsp;Connecticut filling station during the energy crisis
Oil Shock of 1973-74

An oil embargo in the early 1970s complicated the U.S. macroeconomic environment

Rinaldo Ossola, deputy governor of the Bank of Italy (left) chats with&nbsp;John Connally (right),&nbsp;U.S. Treasury Secretary and chairman of the meeting of the Group of Ten at the December 1971 meeting at the Smithsonian
Smithsonian Agreement

An attempt to rescue the Bretton Woods global monetary system in 1971

U.S. Secretary of the Treasury Henry Morgenthau Jr. speaks at the conference which established the International Monetary Fund.
Bretton Woods Launched

The international currency system became operational in 1958

U.N. Monetary Conference
Bretton Woods Created

A new international monetary system was forged in 1944