In July 2024 the Financial Times podcast revisited the 1944 Bretton Woods conference, describing it as the most consequential monetary deal of the 20th century. Roughly 730 delegates from 44 nations endured a crumbling hotel, a train car full of booze and a cast of spies, prisoners and flamboyant secretaries while hammering out a new global financial order.

The three‑week summit produced the International Monetary Fund, the World Bank and a system that pegged currencies to the US dollar, effectively cementing the dollar as the world’s reserve currency for the next three decades. British economist John Maynard Keynes nearly suffered a fatal heart attack, while his American counterpart Harry Dexter White later faced espionage accusations, underscoring the geopolitical stakes.

Investors still feel the ripple effects: dollar‑denominated sovereign bonds dominate global markets, and the IMF’s voting power remains tied to US contributions. Understanding the origins of that hierarchy helps explain why policy shifts in Washington can trigger capital flows across emerging markets. The podcast’s vivid retelling reminds financiers that the architecture of modern finance was forged in a smoky New Hampshire lodge.