Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected.
The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
‘Old Habits Die Hard’ is set to be released November 22, 2019.Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. Even if it does date back to 1992 this is still one of the best I’ve heard all year even if the production has shall we say a ‘ little edge‘! If like me you love Bluesy, Southern-tinged Rock with a little growl and plenty of bite and definitely, positively, refreshingly no frills, then these guys rule! Personally of course I’d have preferred to have it all in one official double hit but I can see why you’d cherry pick the best and play the ‘what might have been’ game.
Old habits die hard crack#
As we all know many a shitty band got a deal in the 90’s simply by de-tuning, failing to crack a smile and adopting a uniform of torn jeans and baggy plaid shirts. If you’re a fan there really is no drop off in the quality of material from their second record, making the cut from Geffen just a sign of the times. If truth be told I always liked Junkyard and loved the two batches of songs when I first heard them a decade ago. Of the two demo albums ‘Joker’ shades it selection-wise with 7 tracks whilst XXX has five, and really you can fault the selections of the tracklisting which flows nicely. These days of course we have a new line-up making new music and playing and all is good with the world again and o this ‘re-release’ of sorts I guess serves a number of purposes and also answers that ‘what might have been’ question that hug in the air when Geffen dropped the band in 1992. Possibly the best track here ‘Tried and True’ was actually re-recorded and re-released as a single/mini-album back in 2003 but failed to really kick-start things for the band again who had reformed in 2000 with Baker, Roach, Muzingo and Muscat on board as well as Tim Mosher (guitar/vocals) who replaced Gates. Both sets of demos were recorded in Los Angeles in 1992.
‘Old Habits Die Hard’ is simply a selection from those recordings, that might have become their third album, featuring original members Brian Baker, David Roach, Chris Gates, Todd Muscat and Patrick Muzingo. These songs to most fans though won’t be new – I bought two CD’s from the band back in 1998 titled ‘Joker’ and ‘XXX’ – two sets of demos that featured 27 tracks between them.
The cover of Junkyard’s 1991 classic ‘Sixes, Sevens and Nines’ featured a hand on a set of cards, cigarette between fingers and a bottle or glass out of focus on the table in the background, and so it’s fitting that this long-shelved follow-up to that pays homage visually.
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