More on Bretton Woods II...

Soros New World Order Conference

In July 1944, 730 delegates from 44 nations met at the Mount Washington Hotel in Bretton Woods, NH for a UN Monetary and Financial Conference. Its purpose was to establish a post-war international monetary system of convertible currencies, fixed exchange rates, free trade, the US dollar as the world’s reserve currency linked to gold, and those of other nations fixed to the dollar.

It also designed an institutional framework for market-based capital accumulation to assure newly liberated colonies would pursue capitalist economic development beneficial to victorious allies, mainly America.

In addition, the IMF and World Bank were established to integrate developing nations into the Global North-dominated world economy, using debt entrapment as the way to transfer their wealth to powerful Western bankers.

The scheme to this day obligates indebted nations to take new loans to service old ones, assuring rising indebtedness and structural adjustment harshness, including:

– privatization of state enterprises;

– mass layoffs;

– deregulation;

– deep social spending cuts;

– wage freezes or cuts;

– unrestricted free market access for western corporations;

– corporate-friendly tax cuts;

– crackdowns on or elimination of trade unionism; and

– harsh repression against those opposing a system incompatible with social democracy.

As a result, since WW II, public wealth shifted to powerful private hands, widening the gap between super-rich elitists and working households, a process more intense than ever now, including the amounts.

In 1971, the system unraveled when Nixon closed the gold window, ending the last link between gold, the dollar, and sound money. Thereafter, currencies floated, competing with each other in a casino-like environment, manipulated by powerful insiders like Soros, hedge funds, giant international banks, or governments at times cooperatively with others in their own mutual self-interest.

Bretton Woods established a post-war international monetary system, including the IMF and World Bank’s original missions:

– the former to establish stable exchange rates linked to the dollar and bridge temporary payment imbalances; and

– the latter to provide credit to war-torn developing countries. Both bodies, in fact, proved hugely exploitive, their purpose to this day.

In his book “Super Imperialism: The Economic Strategy of American Empire” and other writings, Michael Hudson explained how the dollar glut finances US imperialism and corporate interests by:

– circulating surplus dollars globally to further financial speculation and corporate takeovers;

– global central banks “recyl(ing) these dollar inflows (into) US Treasury bonds to finance the federal US budget deficit; and most important the military character of the US payments deficit and the domestic federal budget deficit.”

In other words, dollars finance US corporate takeovers, speculative excesses creating bubbles and global economic crises, as well as America’s reckless spending, militarism, imperial wars, hundreds of bases worldwide, and overall belligerence and exploitation at the expense of democratic values and social justice.

Sooner or later, however, excesses erode confidence and produce change, especially today with the Federal Reserve sacrificing dollar strength to bail out Wall Street at the expense of productive economic growth and stability. The greater the dollar erosion, the less likely foreign investors will tolerate buying bad assets, giving America a free lunch to finance counterproductive policy.

As a result, Hudson sees international tensions growing for the next generation because of America’s reckless monetarism, perpetual wars, and extreme wealth gap between super-rich elitists and ordinary workers.

For decades, US companies had a competitive advantage from Washington Consensus rules and Bretton Woods institutions it controls, including the IMF and World Bank, affording America a free lunch to rule by forcing other countries into debt bondage, threatening to bring down the global monetary system if enough of them balk. And, of course, waging imperial wars when financial ones don’t work.

So far it has because Europe and Asia lack the political will to establish a new international economic order, so nations producing economic gains can keep them, not let America usurp them to reinforce its “new kind of centralized global planning” – one based on financialization and a US Treasury securities standard, not industrial mechanisms.

In WTO terms, it transfers foreign trade gains from other economies to America, drains their resources overall, promotes dependency, not self-sufficiency, and backs it with hardline militarism and threats of systemic monetary collapse.

Eventually, exploited countries balk about “taxation without representation,” a “quid without quo,” a free lunch from “the world’s payments-surplus nations.” The longer America demands it by glutting world economies with dollars, the more likely disadvantaged nations will object, by threatening to withdraw from the IMF, World Bank and WTO.

It’s a possibility globalists like George Soros aim to exploit, among other ways through Bretton Woods 2.0 to develop ideas and policies for a new financial world order, elitists like himself control...

Read more:
http://www.revoltoftheplebs.com/categories/rogues-gallery/soros-new-world-order-conference-bretton-woods-2-0/