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Establish New Bretton Woods international monetary system
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The establishment of a New Bretton Woods international monetary system.
The present free trade system of "globalisation" is destroying the
nation's agriculture and industry. The Citizens Electoral Council will
work for a "New Bretton Woods" system: A return to the best features of
the original Bretton Woods system including tariff protection, fixed
exchange rates and government support, through banking and otherwise,
for agriculture and industry.
This is the single most important objective of the CEC, in that it
addresses the greatest crisis facing our country today, which is the
looming disintegration of the global financial system.
The original Bretton Woods system came into being at a conference of 44
nations beginning on July 1, 1944, in Bretton Woods, New Hampshire,
convened on the initiative of U.S. President Franklin D. Roosevelt. On
July 22, the group agreed to create an International Monetary Fund (IMF)
and a Bank for Reconstruction and Development, later known as the World
Bank. The main purpose of these institutions was to deal with the
economic problems of the European countries that had been devastated by
war. They began to function in early 1945, as World War II was nearing
its end.
The core of the new system was the arrangement for fixed currency
parities, which would make it possible to revive world trade. The value
of the dollar was pegged to a specific weight of gold, and, until the
end of the 1960s, it functioned as the accepted substitute for gold.
Exchange rates of other currencies were to be changed in relation to the
dollar or gold, only as a measure of last resort, after national policy
measures had been exhausted. Long-term investment and trade could thus
be undertaken on a stable currency background, and risk of dramatic
currency losses and speculation was nonexistent at that time.
From the beginning, however, there were clashes between the "free-trade"
colonial policies of the British delegation, and the concepts of
President Roosevelt, who had told Britain's Sir Winston Churchill as
early as 1941 that the United States was not going to fight the war in
order to restore Britain's colonies. After Roosevelt's death,
unfortunately, his understanding of postwar economic policy was
abandoned by successive Presidents (with the exception of John F.
Kennedy), and the IMF and World Bank increasingly came to play the role
of instruments of neo-colonial looting, on behalf of the British-based
financier oligarchy. When President Nixon finally took the dollar off
its gold backing in 1971, the Bretton Woods system became defunct.
In calling for a New Bretton Woods, Lyndon H. LaRouche, Jr. has
specified five steps that must be taken today:
1. Governments must not attempt to bail out the speculators. Let the
derivatives market and other paper values collapse as they may: it's
only paper! The only necessary action of government on this account, is
to protect people, productive enterprise, and useful trade in hard
commodities and science-related services.
2. The credit and issued public Treasury debt of national governments
must be protected at all costs; otherwise, the necessary measures of
economic recovery and growth would not be possible.
3. There must be no mass evictions, or breaks in continuity of
operations of essential production and distribution of goods and
essential services. During the 1929-31 Depression, terrible blunders
were imposed upon the Hoover administration by Andrew Mellon et al. This
must not be repeated today, in any country.
4. The United States must act in concert with other governments, to put
the existing financial and monetary system into bankruptcy, and to put a
new world monetary system into place.
5. A global recovery program must be adopted to foster immediate
recovery in world hard-commodity trade, and to provide an urgently
wanted general stimulant for the private economies of the participating
nations. The core of such a recovery program is the Eurasian
Land-Bridge, creating corridors of high-technology infrastructural and
industrial development, with "spiral arms" extending to Africa and the
Americas.
The establishment of a New Bretton Woods international monetary system.
The present free trade system of "globalisation" is destroying the
nation's agriculture and industry. The Citizens Electoral Council will
work for a "New Bretton Woods" system: A return to the best features of
the original Bretton Woods system including tariff protection, fixed
exchange rates and government support, through banking and otherwise,
for agriculture and industry.
This is the single most important objective of the CEC, in that it
addresses the greatest crisis facing our country today, which is the
looming disintegration of the global financial system.
The original Bretton Woods system came into being at a conference of 44
nations beginning on July 1, 1944, in Bretton Woods, New Hampshire,
convened on the initiative of U.S. President Franklin D. Roosevelt. On
July 22, the group agreed to create an International Monetary Fund (IMF)
and a Bank for Reconstruction and Development, later known as the World
Bank. The main purpose of these institutions was to deal with the
economic problems of the European countries that had been devastated by
war. They began to function in early 1945, as World War II was nearing
its end.
The core of the new system was the arrangement for fixed currency
parities, which would make it possible to revive world trade. The value
of the dollar was pegged to a specific weight of gold, and, until the
end of the 1960s, it functioned as the accepted substitute for gold.
Exchange rates of other currencies were to be changed in relation to the
dollar or gold, only as a measure of last resort, after national policy
measures had been exhausted. Long-term investment and trade could thus
be undertaken on a stable currency background, and risk of dramatic
currency losses and speculation was nonexistent at that time.
From the beginning, however, there were clashes between the "free-trade"
colonial policies of the British delegation, and the concepts of
President Roosevelt, who had told Britain's Sir Winston Churchill as
early as 1941 that the United States was not going to fight the war in
order to restore Britain's colonies. After Roosevelt's death,
unfortunately, his understanding of postwar economic policy was
abandoned by successive Presidents (with the exception of John F.
Kennedy), and the IMF and World Bank increasingly came to play the role
of instruments of neo-colonial looting, on behalf of the British-based
financier oligarchy. When President Nixon finally took the dollar off
its gold backing in 1971, the Bretton Woods system became defunct.
In calling for a New Bretton Woods, Lyndon H. LaRouche, Jr. has
specified five steps that must be taken today:
1. Governments must not attempt to bail out the speculators. Let the
derivatives market and other paper values collapse as they may: it's
only paper! The only necessary action of government on this account, is
to protect people, productive enterprise, and useful trade in hard
commodities and science-related services.
2. The credit and issued public Treasury debt of national governments
must be protected at all costs; otherwise, the necessary measures of
economic recovery and growth would not be possible.
3. There must be no mass evictions, or breaks in continuity of
operations of essential production and distribution of goods and
essential services. During the 1929-31 Depression, terrible blunders
were imposed upon the Hoover administration by Andrew Mellon et al. This
must not be repeated today, in any country.
4. The United States must act in concert with other governments, to put
the existing financial and monetary system into bankruptcy, and to put a
new world monetary system into place.
5. A global recovery program must be adopted to foster immediate
recovery in world hard-commodity trade, and to provide an urgently
wanted general stimulant for the private economies of the participating
nations. The core of such a recovery program is the Eurasian
Land-Bridge, creating corridors of high-technology infrastructural and
industrial development, with "spiral arms" extending to Africa and the
Americas.
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