SUPERPOWER DEATH WATCH
10 30 12 Superpower Death Watch
WHAT THE SUPERPOWER’S
DECLARATION OF WORLD $LAVERY
MEANS
[ Letter ]
Bretton Woods Redivivus [Revived]
***
NYT [New York Times] (October 25, 2012) reports:
A Treasury economist rummaging in the department’s library has stumbled on a historical treasure hiding in plain sight: a transcript of the Bretton Woods conference in 1944 that cast the foundations of the modern international monetary system.
*Historians had never known* that a transcript existed for the event held in the heat of World War II, when delegates from 44 allied nations fighting Hitler gathered in the mountains of New Hampshire to create the International Monetary Fund and the World Bank. But there were three copies in archives and libraries around Washington that had never been made public, until now.
However…
URL to:
http://fraser.stlouisfed.org/publication/?pid=430
Proceedings and Documents of the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1-22, 1944
If you wish, download separately the two volumes.
***
⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞
PROCEEDINGS AND DOCUMENTS OF THE
United Nations Monetary and Financial Conference
BRETTON WOODS, NEW HAMPSHIRE
JULY 1-22, 1944
Vol. I
UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON | 1948
⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞
Pages 70, 71 of .pdf
Document 40
(p. 1)
U N I T E D N A T I O N S M O N E T A R Y A N D F I N A N C I A L C O N F E R E N C E
Inaugural Plenary Session
July 1, 1944
Assembly Hall, 3:00 p.m.
Dr. [Warren] Kelchner[, Chief of the Division of International Conferences]: The United Nations Monetary and Financial Conference is hereby convened. It is the generally accepted practice for the host government to designate the temporary president of an international conference held under its auspices. Accordingly President Roosevelt has designated as temporary president of this Conference the Honorable Henry L. Morgenthau, Jr., Secretary of the Treasury of the United States.
***
Pages 78, 79 of .pdf
(p. 10)
***
Secretary Morgenthau: The Chair recognizes the Chairman of the Delegation of the Union of Soviet Socialist Republics [M. S. Stepanov, Deputy People’s Commissar of Foreign Trade].
The Honorable M. S. Stepanov: Mr. Chairman, Ladies and Gentlemen:
On behalf of the Delegation of the Soviet Union I have the pleasure to greet the Monetary and Financial Conference of the United and Associated Nations, which was initiated by the Government of the United States. The present Conference is taking place in time of great significance when the democratic peoples are fighting against aggressors and when the armed forces of the Allies are delivering crushing and powerful blows to Hitlerite Germany from the East and from the West. I would like to draw your attention to the great work which has been done by the Secretary of the United States Treasury, Mr. Morgenthau, his assistants and experts, the work which made this Conference possible.
On behalf of the Delegation of the Soviet Union I second the motion of the Chairman of the Mexican Delegation to nominate Mr. Morgenthau, the Secretary of the United States Treasury, as the permanent chairman of the Monetary and Financial Conference of the United and Associated Nations.
(p. 11) (Secretary Morgenthau was thereupon elected Permanent President of the Conference.)
==========================
Pages 1107, 1108, 1110, 1111, 1116, 1117, 1118, 1119, 1120 of .pdf
Document 547
(p. 1)
Verbatim Minutes of the Closing Plenary Session
(July 22, 1944, 9:45 p.m.)
The President ( Secretary Morgenthau ) : The final Plenary Session please come to order. Everybody kindly take a seat.
I have just received word that the Soviet Union has decided to increase its subscription to the International Bank for Reconstruction and Development from $900,000,000 originally agreed upon to the amount of $1,200,000,000.
By this step, the Soviet Union has carried even further its collaboration toward the success of this Conference and toward assuring international collaboration in solving the post-war problems of the world. The solution of these future problems will have the inestimable support of the Union of Soviet Socialist Republics.
Gentlemen, the announcement which you have heard tonight is, in my estimation, one which is fraught with more significance and more hopeful meaning for the future of the world than any which those of us here have heard so far.
I recognize the Delegate of the United States, Judge [Frederick Moore] Vinson [then Director of the Office of Economic Stabilization].
Judge Vinson (United States): Mr. President, when the word came to the enemy countries that the United Nations were to hold this Conference looking toward the stabilization and restoration of a ravaged world and the development of the world they must have been informed of the solidarity of the United Nations. It must have shown to them that the United Nations are not only competent of winning the war but they plan for a better world after the war. Mr. President, tonight, when we approach the completion of our task and when we have such heartening messages, terror must reach the heart of the enemy countries.
Mr. President, I ask unanimous consent that on page B27 of Annex B, which deals with the Bank for Reconstruction and Development, opposite the name of the Union of Soviet Socialist Republics, the figures “900” be stricken and in lieu thereof the figures “1200” be inserted, and that in the total figures “8,800,000,000” be stricken and in lieu thereof the figures “9,100,000,000” be inserted, and that if amendment be necessary in any other portion of the Annex of the document that authority be given by this Conference to amend in conformity with the unanimous consent request.
We march to victory together. We march on the paths of peace together.
The President: Delegates, you have heard the proposal of Judge Vinson asking for unanimous consent. All those in favor please signify by saying “Aye”.
(Aye.)
The President : Contrary-minded?
(None.)
(p. 2)
The request is granted and the text is so amended.
The President: I now call on the Delegate of the United Kingdom, Lord [John Maynard] Keynes.
(Lord Keynes, upon arising, was accorded an ovation, everyone present standing, after which he read his remarks.)
Lord Keynes : Mr. President, I feel it a signal honor that I am asked to move the acceptance of the Final Act at this memorable Conference.
(p. 3)
***
Mr. President, I move to accept the Final Act.
The President: Ladies and gentlemen, there is little that I can say to compliment Lord Keynes on his sprightly, wise, homely, and generous remarks. I feel that they will go a long way in the world, helping us to get many people in many countries to appreciate what the task is that we have before us getting the various governments to accept the work we have done here. I thank you, Lord Keynes.
I now call on the Delegate of the Union of Soviet Socialist Republics to second this motion.
Mr. Stepanov: (Translation) Mr. President, the Final Act is being presented to the attention of the Closing Session of the United Nations Monetary and Financial Conference.
We, the representatives of 44 democratic nations, have elaborated this Act in a friendly atmosphere. The questions which we deliberated upon at Bretton Woods were very difficult and complex, they gave rise to the prolonged discussions inevitable in a meeting of this nature. Nor could it be otherwise at a Conference
(p. 4)
of the representatives of democratic countries who freely express their opinions.
However, of great weight and value is the fact that although on separate questions some of us maintained own points of view, the Conference has nevertheless successfully worked out draft agreements for the establishment of the Fund and the Bank which are now submitted for the consideration of the governments of the countries represented here.
As regards the amount of the USSR subscription to the capital of the Bank, as you have already heard from Mr. Morgenthau, the USSR, willing to meet the wishes of some other delegations at the Conference and in particular the wishes of Mr. Morgenthau, has decided to determine the amount of the USSR subscription to the capital of the Bank at 1,200 million dollars.
The stabilization of the currencies of the various countries, the expansion of world trade, the balancing of international payments, long-term capital investments intended for the reconstruction and development of the democratic nations and especially for the restoration of economy of those countries which suffered severely from enemy occupation and hostilities -—all these aspirations will have exceptional importance for the post-war organization of the world and for the maintenance and strengthening of peace and security.
This Conference has sat during the course of very significant days -—our Allied forces in northern France and Italy achieve notable successes in their struggle against the Hitlerite armed forces, while the Red Army in the East with terrific speed smashes the Wehrmacht back along hundreds of miles of battle front.
The Red Army closely approached the pre-war borders of Germany—East Prussia. And not far off is the day when all the occupied countries will be completely liberated from the Fascist yoke.
The peoples of these countries will then remember the efforts of the United Nations leading to the maintenance of peace and security after the war.
Among these efforts a place of honor is occupied by the work of this Conference. As declared in the Final Act, the Conference has recommended that in carrying out the policies of the International Monetary Fund and the International Bank for Reconstruction and Development, special consideration should be given to the needs of countries which have suffered from enemy occupation and hostilities.
Taking this opportunity, I wish to express my gratitude to the President of this Conference, The Honorable Henry Morgenthau, for his brilliant leadership of the Conference which has ensured its successful accomplishment.
I second the motion of Lord Keynes, the Chairman of the U.K. Delegation, and appeal to the Conference to accept the Final Act and to submit it to the respective Governments for consideration,
(p. 5)
The President: You have heard the very fine address of the Delegate from the Soviet Socialist Republics. There is very little that I can add to the previous remarks that I have made, namely, that this has demonstrated to the world that the Soviet Republic is ready to take its place in the post-war world alongside the rest of the 44 nations.
***
The President:
***
Now if you will bear with me for just a minute, we have time on the radio for the United States beginning in two minutes and Mr. Souza Costa has very kindly permitted me to make my address to you now before he gives his. So would you mind just relaxing until the Columbia Broadcasting Company is on the air.
(Pause.)
I am gratified to announce that the Conference at Bretton Woods has successfully completed the task before it.
It was, as we knew when we began, a difficult task, involving complicated technical problems. We came here to work out methods which would do away with the economic evils —the competitive currency devaluation and destructive impediments to trade— which preceded the present war. We have succeeded in that effort.
The actual details of an international monetary and financial agreement may seem mysterious to the general public. Yet at the heart of it lie the most elementary bread and butter realities of daily life. What we have done here in Bretton Woods is to devise machinery by which men and women everywhere can freely exchange, on a fair and stable basis, the goods which they produce through their labor. And we have taken the initial steps through which the nations of the world will be able to help one another in economic development to their mutual advantage and for the enrichment of all.
The representatives of the 44 nations faced differences of opinion frankly, and reached an agreement which is rooted in genuine understanding. None of the nations represented here has altogether had its own way. We have had to yield to one another not in respect to principles or essentials but in respect to methods and procedural details. The fact that we have done so, and that we have done it in a continuing spirit of good will and mutual trust, is, I believe, one of the hopeful and heartening portents of our times. Here is a sign blazoned upon the horizon, written large upon the threshold of the future —a sign for men in battle, for men at work in mines and mills, and in the fields, and a sign for women whose hearts have been burdened and anxious lest the cancer of war assail yet another generation —a sign that the peoples of the earth are learning how to join hands and work in unity.
There is a curious notion that the protection of national interests and the development of international cooperation are conflicting philosophies —that somehow or other men of different nations cannot work together without sacrificing the interests of their particular nations. There has been talk of this sort —and from people who ought to know better— concerning the international cooperative nature of the undertaking just completed at Bretton Woods. I am perfectly certain that no delegation to this Confer-
(p. 9)
ence has lost sight for a moment of the particular national interests it was sent here to represent. The American Delegation which I have had the honor of leading, has at all times been conscious of its primary obligation —the protection of American interests. And the other representatives here have been no less loyal or devoted to the welfare of their own people.
Yet none of us has found any incompatibility between devotion to our own countries and joint action. Indeed, we have found on the contrary that the only genuine safeguard for our national interests lies in international cooperation. We have come to recognize that the wisest and most effective way to protect our national interests is through international cooperation —that is to say,
through united effort for the attainment of common goals. This has been the great lesson taught by the war and is, I think, the great lesson of contemporary life— that the peoples of the earth are inseparably linked to one another by a deep, underlying community of purpose. This community of purpose is no less real and vital in peace than in war, and cooperation is no less essential to its fulfillment.
To seek the achievement of our aims separately through the planless, senseless rivalry that divided us in the past, or through the outright economic aggression which turned neighbors into enemies, would be to invite ruin again upon us all. Worse, it would be once more to start our steps irretraceably down the steep, disastrous road to war. That sort of extreme nationalism belongs to an era that is dead. Today the only enlightened form of national self-interest lies in international accord. At Bretton Woods we have taken practical steps toward putting this lesson into practice in the monetary and economic field.
I take it as an axiom that after this war is ended no people —and therefore no government of the people— will again tolerate prolonged and widespread unemployment. A revival of international trade is indispensable if full employment is to be achieved in a peaceful world and with standards of living which will permit the realization of men’s reasonable hopes.
What are the fundamental conditions under which commerce among the nations can once more flourish?
First, there must be a reasonably stable standard of international exchange to which all countries can adhere without sacrificing the freedom of action necessary to meet their internal economic problems.
This is the alternative to the desperate tactics of the past —competitive currency depreciation, excessive tariff barriers, uneconomic barter deals, multiple currency practices and unnecessary exchange restrictions—- by which governments vainly sought to maintain employment and uphold living standards. In the final analysis, these tactics only succeeded in contributing to worldwide depression and even war. The International Fund agreed upon at Bretton Woods will help remedy this situation.
(p. 10)
Second, long-term financial aid must be made available at reasonable rates to those countries whose industry and agriculture have been destroyed by the ruthless torch of an invader or by the heroic scorched-earth policy of their defenders.
Long-term funds must be made available also to promote sound industry and increase industrial and agricultural production in nations whose economic potentialities have not yet been developed. It is essential to us all that these nations play their full part in the exchange of goods throughout the world.
They must be enabled to produce and to sell if they are to be able to purchase and consume. The Bank for International Reconstruction and Development is designed to meet this need.
Objections to this Bank have been raised by some bankers and a few economists. The institutions proposed by the Bretton Woods Conference would indeed limit the control which certain private bankers have in the past exercised over international finance. It would by no means restrict the investment sphere in which bankers could engage. On the contrary, it would greatly expand this sphere by enlarging the volume of international investment and would act as an enormously effective stabilizer and guarantor of loans which they might make. The chief purpose of the Bank for International Reconstruction and Development is to guarantee private loans made through the usual investment channels. It would make loans only when these could not be floated through the normal channels at reasonable rates. The effect would be to provide capital for those who need it at lower interest rates than in the past and to drive only the usurious money lenders from the temple of international finance. For my own part I cannot look upon this outcome with any sense of dismay.
Capital, like any other commodity, should be free from monopoly control, and available upon reasonable terms to those who will put it to use for the general welfare.
The Delegates and Technical Staffs at Bretton Woods have completed their portion of the job. They sat down together, talked as friends and perfected plans to cope with the international monetary and financial problems which all their countries face. These proposals now must be submitted to the Legislatures and the peoples of the participating nations. They will pass upon what has been accomplished here.
The result will be of vital importance to every one in every country. In the last analysis, it will help determine whether or not people have jobs and the amount of money they are to find in their weekly pay envelopes. More important still, it concerns the kind of world in which our children are to grow to maturity. It concerns the opportunities which will await millions of young men when at last they can take off their uniforms and come home and roll up their sleeves and go to work.
This monetary agreement is but one step, of course, in the broad program of international action necessary for the shaping of
(p. 11)
a free future. But it is an indispensable step and a vital test of our intentions.
Incidentally, tonight we had a dramatic demonstration of these intentions. Tonight the Soviet Government informed me, through Mr. Stepanov, Chairman of its Delegation here in Bretton Woods, that it has authorized an increase in its subscription to the International Bank for Reconstruction and Development to $1,200,000,000. This was done after a subscription of $900,000,000 had been agreed upon unanimously by the Conference. By this action, the Union of Soviet Socialist Republics is voluntarily taking a greatly increased responsibility for the success of this Bank in the post-war world. This is an indication of the true spirit of international cooperation demonstrated throughout this Conference.
We are at a crossroads, and we must go one way or the other.
The Conference at Bretton Woods has erected a signpost —a signpost pointing down a highway broad enough for all men to walk in step and side by side. If they will set out together, there is nothing on earth that need stop them.
[
Now, you may be able to appreciate why
*supposedly*
The World Tyrant’s
“Historians had never known that a transcript existed for the event held in the heat of World War II….”
]
⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞⁞
http://en.wikipedia.org/wiki/Office_of_Economic_Stabilization
Directors
1942-1943 James Byrnes
1943-1945 Fred M. Vinson
1945-1946 William H. Davis
REAL Soviet Union led by Lenin and Stalin -> 1917 – 1956
FAKE Soviet Union led by Khrushchov and successor revisionists -> 1956 – 1991
New Russian Empire -> 1991 to date
□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□
UBS set to exit fixed income, fire 10,000 bankers
□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□
UBS is expected to reveal plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, with shareholders cheering one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008.
The move will focus Zurich-based UBS around its private bank and a smaller investment bank, ditching much of the trading business that saw it lose $50 billion in the financial crisis and one rogue trader lose $2.3 billion last year.
UBS’s rival Credit Suisse said last week it was also making more cost [job] cuts as part of efforts to bolster its profits and capital position.
□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□
See: ZURICH | Tue Oct 30, 2012 5:16am IST
http://in.reuters.com/article/2012/10/29/ubs-firing-idINDEE89S0DF20121029
and
The name “UBS” was originally an abbreviation for the Union Bank of Switzerland, but it ceased to be a representational abbreviation after the bank’s 1998 merger with Swiss Bank Corporation.
http://en.wikipedia.org/wiki/UBS
Jer
America died
AUGUST 6, 1945
while giving birth to
THE SUPERPOWER
which immediately began writing –in blood– its
DECLARATION OF WORLD $LAVERY
Asterisks indicate my emphasis.
[ Letter ] / Bretton Woods Redivivus [Revived] – PROCEEDINGS AND DOCUMENTS OF THE United Nations Monetary and Financial Conference BRETTON WOODS, NEW HAMPSHIRE JULY 1-22, 1944 Vol. I UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON | 1948 – UBS set to exit fixed income, fire 10,000 bankers
Try: