LaRouches New Bretton Woods
Reorganize the Bankrupt Financial System
Rebuild the Economy
with American Sytem Measures
Press Release: Italian Senator Oskar Peterlini Introduces Glass-Steagall Banking Bill
There Is No `Greek' Crisis: It's the Euro That Has Failed
EU Opens the Floodgates For Hyperinflation
A Glass-Steagall for Europe: Outlaw Currency Speculation
The Euro System Is On The Brink of Collapse
The Lessons of 1923 by Helga Zepp-LaRouche
LaRouche on Dollar Collapse: Create a New Bretton Woods, End Post-Industrial Society
The Dollar System Has Crashed: Will You Now Act To Save the Nation? (leaflet in PDF)
LaRouche in Italy: Politics Must Now Submit to Morality
Lyndon LaRouche Addresses Italian Senate on Financial Crash
Helga Zepp LaRouche ReIssues New Call for the New Bretton Woods (August 2007)
On the Subject of Strategic Bankruptcy, by Lyndon H. LaRouche, Jr
Berlin EIR Seminar Lays Groundwork for A New Bretton Woods (Audio and Text from EIR)
Lyndon LaRouche Dialogue with the Senate on Economic and Monetary Policy (6/16/05)
Helga Zepp LaRouche Issues New Call for the New Bretton Woods (4/30/05)
Historic Seminar in Berlin Prepares New Treaty of Westphalia and New Bretton Woods
Schiller Institute/ICLC Conference Invitation
The Crash of 2004-2005 is Here by Lyndon H. LaRouche, Jr.(11-28-04)
The LaRouche Doctrine for Southwest Asia
Felix 'The Fixer' Rohatyn Is The Modern-Day Hjalmar Schacht
New Bretton Woods Advances As Dollar Crash Looms
Italian Parliament Resolution for the New Bretton Woods
Parmalat and LTCM: Pricking The Big, Big, Big Bubble by Lyndon H. LaRouche, Jr.
LaRouche: 50% Collapse Of The Dollar Signals Bankruptcy Of The Nation, Dec. 16, 2003
Italy Moving on New Bretton Woods, May 30, 2003
Call for New Bretton Woods Petition, (9/28/02)
Italian Parliament Votes For "New Finanical Architecture" (9/25/02)
Italian Senators Call for New Bretton Woods Conference (July2002)
LaRouche Discusses New Bretton Woods in Rome, Italy (June 2002)
Wall Street Magicians Have Fooled You Once Again! ( June 2002)
Argentina must establish national banking and credit creation to avoid chaos(1/04/02)
Wall Street and IMF fear Schiller Institute and LaRouche influence in Poland (12/28/01)
Scrap fiscal austerity and other IMF policies for Argentina- before it's too late!!
The IMF IS Bankrupt-- But They Have New Schemes for Unsuspecting Fools (12/7/01)
Vernadsky Seminar Paper Presented by Lyndon LaRouche, 11/12/01
LaRouche's Challenge to Felix Rohatyn 8/24/01
Videconferences and Interviews:
The Crash Began in Germany (and other Speeches from 2004 Labor Day Conference)
Lyndon LaRouche Dialogues and Speeches in 2004
Dialogues, Interviews and Interviews with Lyndon and Helga LaRouche in 2003
Conferences Page- Audio/Video of Schiller Institute Conferences
F.D.R. and Jean Monnet: The Battle Against British Imperial Methods Can Be Won
The Global Financial Crash of 2002- Labor Day Conference
LaRouche Speech on The New Bretton Woods in Rome, Italy (June 2002)
LaRouches Speak in Abu Dhabi, Brazil, Rome on urgency of NBW Monetary System
LaRouche May 2002 Webcasts- See LaRouche Dialogues Page
LaRouche Keynote to Schiller Institute Conference, February 2002
Grid of LaRouche Speeches, Dialogues and Interviews Since Sept. 11, 2001
Lyndon LaRouche's Presentation in Brazil: "The Future of Brazil's Agriculture" (10/11/01)
Schiller Institute Conference Speech by Lyndon LaRouche- 9/01/01
LaRouche Discusses Ongoing Coup d'etat in Radio Interviews (Sept-Oct. 2001)
LaRouche to Mexico - New Alternatives Given the End of Globalization -8/02/01
LaRouche-- How to Survive the Onrushing Global Financial Crash - 7/24/01
Speech To Australian Curtin Labor Alliance- Financial System is Bankrupt! May, 2000
"The Crash of 2004-2005 is Here" by Lyndon H. LaRouche, Jr.(11-28-04)
Transcript--"Toward a New Bretton Woods" - 3/18/98
Transcript--"Toward a New Bretton Woods" - 3/18/98 -Spanish text
From: EIR, March 6, 1998: Operation Juárez: Reorganize the Debt
From: New Solidarity International Press Service, August 25, 1976, PDF format:
On February 15-17, 1997, an Appeal to President Clinton was adopted by acclamation at the semi-annual conference of the Schiller Institute, calling on him to convoke a New Bretton Woods conference. Initiated by Helga Zepp LaRouche and Ukrainian economist and parliamentarian Natalya Vitrenko, the call was endorsed by hundreds of world leaders, including three former heads of state: Jose Lopez Portillo, former President of Mexico (1976-1982), Gen. (ret.) Joato Baptista de Oliveira Figueiredo, former President of Brazil (1979-1985) and Godfrey Binaisa, former President of Uganda (1979-1980).
The appeal urged the U.S. President to ``use the Powers of the Presidency of the United States, to convoke, on an emergency basis, a new international Bretton Woods conference, to replace the present bankrupt monetary system with a new one. A global debt reorganization, the establishment of fixed-parity exchange rates and a new set of trade and tariff agreements, are the absolute precondition for stability in world economic and financial relations, which is required for a return to economic growth.''
On April 7, 2000, the Schiller Institute escalated with a call to form an Ad Hoc Committee for a New Bretton Woods global financial system. That call incorporated the text of a resolution, introduced on March 16, 2000, on the floor of the European Parliament by 23 Italian Senators, calling for a new Bretton Woods conference along lines advocated by LaRouche. It has been endorsed by hundreds of leading figures internationally.
On Oct. 19, 2000, 25 Italian Senators, one-quarter of the Italian Senate, introduced a motion to bind their government to seek a summit to save the world from the ``devastating effects'' of today's speculation-driven global economic system. The Senate move came one week after Lyndon LaRouche visited Rome, where, in testimony before an informal hearing of the Italian Chamber of Deputies Foreign Relations Committee, LaRouche elaborated the concepts embraced in the Senate motion.
This Italian Senate motion was officially presented in December 2000 to the Interparliamentary Group for the Jubilee 2000, which is acting to implement Pope John Paul II's call for debt forgiveness for impoverished nations. In the United States, various state legislatures are discussing the New Bretton Woods proposal, and resolutons have been introduced in some legislatures, and it passed in the Alabama State Assembly.
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.
1. 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 President of 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.
Background: See William Engdahl, "What the Bretton Woods System Really Was Designed to Do," EIR, Aug. 15, 1997.
On Oct. 19, 2000 a group of 25 Italian Senators presented a motion to be voted in the Italian Senate, calling on the government of Italy to promote an international "Bretton Woods" conference. The initiative is the latest in a series reflecting the influence of Lyndon LaRouche's proposals, and comes in the wake of LaRouche's latest visit to Italy in October, during which he discussed a New Bretton Woods conference with members of the Italian Parliament.
The motion was published on the same day in the official Parliamentary Acts of the Gazzetta Ufficiale. The resolution has also been presented to the Interparliamentary Group for the Jubilee 2000, which will discuss it and decide how to use it in the context of the Interparliamentary Group meeting in Rome on Nov. 4-5, with the participation of 5,000 parliamentarians from all over the world. Several signers of the Senate motion are members of the Interparliamentary Group executive, a body which was formed to promote implementation of Pope John Paul II's social and economic directions for the Jubilee Year.
The first signer of the paper is Sen. Riccardo Pedrizzi, deputy chairman of the Alleanza Nazionale (AN) group in the Italian Senate, and coordinator of the Interparliamentary Group department on "Politics and Relations with Christian Churches." Other prominent signers are Gian Guido Folloni, chairman of the Unione Democratico Cristiana (UDC) group in the Senate, and a member of the Interparliamentary Group executive; and Luciano Callegaro (UDC), coordinator of the Interparliamentary Group department on "Politics and Justice." Other parties represented are the Centro Cristiano Democratico (CCD), and Forza Italia (FI).
Whereas Senator Pedrizzi had already presented a similar motion in February, signed by members of the opposition parties, this time the initiative has multi-partisan support, including Senators from the government coalition parties, Partito Popolare (PPI) and Rinnovamento Italiano (RI).
We publish here the entire text of the motion:
Text of the Motion
It is the view of the Italian Senate
That, for months the international markets have been characterized by total instability and volatility;
That, the financial crises of the 1990s which hit Asia, Latin America, and Russia, have revealed the weakness of the international monetary and financial system; they, in fact, do not represent isolated or fortuitous cases, but are manifestations of a systemic crisis;
That, financial globalization has led to a complete deregulation of markets, above all, of the most aggressive and speculative sectors, like the "derivatives" financial products;
That, in the past ten years, in particular, there has been a "scissors crisis" between the real economy and the financial economy, which gave birth to a gigantic speculative bubble which reached at least the amount of $300 trillion, against a GDP worldwide of about $41 trillion;
That, this process has had devastating effects not only for economies, but also for the standard of living and quality of life, particularly of the populations of developing sector countries, and extremely negative effects on the levels of production and employment, with social consequences which are very worrisome, in the industrialized countries as well;
That, there is no reason to believe that, without regulation, the process of expansion of the speculative bubble can be stopped autonomously, simply by adhering to the market and its rules;
That, faced with this situation, the international community has tried to reinforce "the architecture of the international financial system," to make the world economy less vulnerable to devastating financial crises, and at the same time to make it possible for all countries to enjoy the benefits of globalization, contributing to the amelioration of these countries' growth perspectives and to the reduction of poverty for developing populations;
That, in a communiqué of April 16, 2000, the International Monetary and Financial Committee, underlined the importance of ensuring "major transparency of economic policy, as a guarantee of a better functioning of the economy of states and of the international financial system." The committee also called for "the implementation of other measures to promote greater transparency of the policies of the IMF [International Monetary Fund] and those of its member states";
That, the adoption of internationally recognized regulations, easily applicable to most speculative and crucial sectors, would allow better economic results;
That, we could deal with this situation only by convoking a new conference at the level of heads of state and government, like the one which took place in Bretton Woods in 1944, with the aim of creating a new international monetary system and taking all necessary measures to eliminate the "speculative bubble," among them: forms of controlling currency exchange rates, by introducing fixed parities, which could be modified only through the decisions of the sovereign governments, and analysis of exchange-rate conditions of the economies of the emerging countries; analysis of the crises in emerging markets; forms of control of capital movements; the introduction of measures such as the Tobin Tax, aimed at limiting speculative operations such as derivatives transactions; the creation of new credit explicitly oriented toward investments in sectors of the real economy; the definition of great infrastructure projects of continental dimension; the participation of the private sector in the prevention and solution of crises;
That, various countries are compelled to adapt to a system characterized by floating exchange rates, and that the great instability and serious fluctuations of exchange rates of the strong currencies, constitute grounds for concern, particularly for the small economies based on raw materials exports;
That, it is indispensable to take into consideration the repercussions of the macroeconomic and structural policies followed by countries with strong currencies;
That, strong fluctuations in the exchange rates of the small and medium-sized open economies, run the risk of a high economic cost, mainly for the weak currencies and the poorest countries;
That, in the context of the present situation, it is useful to evaluate not only the advantages coming from the liberalization of capital movements, but also the risks that such globalization represents;
That, the experience of the recent crises confirms that the coherence of macroeconomic policy and currency exchange policy, sound administration of debts, and efficient control of financial systems, are indispensable elements to reduce the frequency and gravity of the same crises;
Binds the Government:
To adopt concrete measures to contribute to the stabilization of the international financial system and to assure a rational sharing of the benefits which the open world economy could provide, above all for the developing countries, besides assuring the adjustment of monetary policies;
To undertake, in particular, the initiative to propose the convocation of a new international conference, at the level of heads of states and governments, similar to the one organized at Bretton Woods in 1944, with the aim of creating a new international monetary system, and to take those measures required to eliminate the mechanisms which led to the creation of the speculative bubble, and to implement programs to restart the real economy;
To bring this proposal to the Strasbourg [European] Parliament, the European Commission, and to all institutions of the European Union responsible for EU economic policies, and through bilateral agreements, in individual European governments and parliaments.
Riccardo Pedrizzi (AN), vice president of the AN Senate group and secretary of the Senate Finance Committee
Ivo Tarolli (CCD), vice president of the CCD Senate group, member of the Budget Committee
Francesco Bevilacqua (AN), secretary of the Education Committee
Italo Marri (AN), member of the Education Committee
Gian Guido Folloni (UDC), president of the UDC Senate group, member of the Foreign Affairs Committee
Giuseppe Valentino (AN), member of the Justice Committee
Lodovico Pace (AN), member of the Budget Committee
Salvatore Ragno (AN), member of the Public Works CommitteeMichele Florino (AN), member of the Labor Committee
Piero Pellicini (AN), member of the Defense Committee
Alfredo Mantica (AN), member of the Finance Committee
Ettore Bucciero (AN), member of the Justice Committee
Renzo Gubert (UDC), member of the Budget Committee
Luciano Callegaro (UDC), member of the Justice Committee
Roberto Centaro (FI), member of the Justice Committee
Angelo Rescaglio (PPI), member of the Justice Committee and of the Environment Committee
Antonino Caruso (AN), member of the Justice Committee
Giovanni Bruni (RI), vice president of the Health Committee
Antonino Monteleone (AN), vice president of the Health Inquiry Committee
Ida Dentamaro (UDC), member of the Constitutional Affairs Committee
Francesco Bosi (CCD), secretary of the Public Works Committee
Arturo Mario Zambrino (AN), member of the Environment Committee
Adriana Pasquali, member of the Constitutional Affairs Committee
Mario Palombo (AN), member of the Defense Committee
Filippo Reccia (AN), member of the Agriculture Committee
The General Assemlby of Pennsylvania House Reolution No 265 Session of 2001
Introduced by James, Waters, Robinson, Daley, Trelo, Myers, Washington, and Kirkland, June 21, 2001.
Referred to committee on Intergovernmental Affairs, June 21, 2001.
A RESOLUTION Memorializing the President and the Congress of the United States to call for a New Bretton Woods Conference for international monetary system stability and development of the real economy.
WHEREAS, The 1944 Bretton Woods Agreement mechanisms contributed to the realization of monetary stability and to postwar economic reconstruction; and
WHEREAS, There is a divergence between the real economy (trade and long-term investment) and the financial economy since the decoupling of the dollar from the gold reserve system; and
WHEREAS, Financial crises have exploded in different parts of the world, especially since 1997, and a severe economic crisis is now hitting the United States, as evidenced by the collapse of financial markets, record trade deficits, hyperinflation of energy prices under deregulation and mass layoffs in various industries; and
WHEREAS, The international monetary and financial institutions, in carrying out their tasks, are malfunctioning; and
WHEREAS, It has been ascertained that the 'speculative bubble' has had devastating effects for the economies of developing countries, completely transforming the structures of the world economy and reaching the level of at least $300 trillion, compared to the world gross domestic product of about $40 trillion; and
WHEREAS, American economist Lyndon H. LaRouche, Jr., has consistently warned of this crisis, and there is significant international support for a solution based on Mr. LaRouche's New Bretton Woods economic policy, including resolutions introduced in the Senate of Italy, the European Parliament, the Commonwealth of Virginia, the Kentucky House of Representatives and the Alabama House of Representatives; therefore be it
RESOLVED, That the House of Representatives of the Commonwealth of Pennsylvania memorialize the President and the Congress of the United States to call for the convocation of a new conference, similar to the one at Bretton Woods, with the following goals:
(1) Creating a new international monetary system to gradually eliminate the mechanisms which have led to the 'speculative bubble.'
(2) Evaluating the possibility for anchoring currency values to an element of real reference and to better and more completely control the movement of currency rates.
(3) Proposing the creation of new credit lines oriented to developing investments in the sectors of the real economy.
(4) Defining infrastructure projects of continental dimensions; and be it further
RESOLVED, That copies of this resolution be transmitted to the President of the United States, to the presiding officers of each house of Congress and to each member of Congress from Pennsylvania.
LaRouche: 50% Collapse Of The Dollar
Signals Bankruptcy Of The Nation
Dec. 16--At a Dec. 12 international webcast from Washington, D.C. Democratic Party pre-candidate Lyndon H. LaRouche began by addressing the accelerating collapse of the U.S dollar and the descent of the nation into bankruptcy, a theme which he returned to repeatedly thoughout his address.
In his opening words to the audience, LaRouche characterized the economic crisis as fully as serious as that which faced Franklin D. Roosevelt in 1933. He said:
Since the new European currency was introduced, the value of the U.S. dollar has dropped by almost 50%, most of that directly under the present Bush Administration. In the most recent period, the rate of collapse of the dollar has accelerated, so that the most recent phase, short-term phase, has been a 20% collapse--and it hasn't stopped collapsing, yet.
Think of it: A nearly 50% collapse in the value of the dollar, in terms of the leading world market. And it's not stopped yet.
The current account deficit of the United States brings us toward bankruptcy. The insane policies of the present administration, in terms of budgetary policy, tax policy, and so forth, have brought the nation to bankruptcy. It is worse than that: We are now in a crisis, which is fully as serious as that which Franklin Roosevelt faced in March of 1933.
LaRouche cautioned that there is no way the nation will get to the November 2004 Presidential election intact, without the application of FDR-style remedies under his leadership. He said:
There's no way that we will get to the November 2004 election, with the United States which continues to represent what most foolish people believe it represents, at this moment today. This will not happen months down the line: We're on the verge of a total collapse. The breaking point could come at any moment. It could come in your Christmas stocking--or in the hole in your Christmas stocking. It could come later, because the ability to print money indefinitely, and using electronic means, as well as printing-press means, does give governments the ability to postpone a collapse which is already onrushing. Such methods of postponing a collapse, however, only make things worse. But we're in that period, at which, in a fairly short period of time, in the near term--during the course of the coming year, if it doesn't happen before Christmas--this thing is going down!
The critical question, LaRouche stated, is who will pay for the collapse, the people or the financiers. He said:
What's the problem? The United States has become a great parasite, a great parasite of financier speculation, as a power. Now, that financial system, that monetary system, is bankrupt. The question is, when the firm goes bankrupt, who pays? These fellows (financiers--ed.) say..., The people will pay. They'll pay, because we loot another country to pay these bills. Or, we'll loot our own people to pay these bills. And therefore, the essential conflict is between the national interest and the financiers. Hitler was not a creation of a bunch of dummies in brown uniforms. Hitler was the creation of bankers:.... The bankers of this type, the private bankers, created Hitler, because there was a financial crisis, and under conditions of financial crisis, if the government is accountable to the people, it is the bankers that will pay, not the people. And therefore, the bankers say, It's the people, it's the government, that has to go.
LaRouche pointed out that outside of his own candidacy, no- one in the Democratic Party is prepared to deal with the implications of the dollar collapse and economic breakdown. He said:
...we're on the verge of the greatest financial collapse known to any of you. And it's coming on soon. Unfortunately, none of the candidates I'm up against, none of the rivals, so-called, are prepared to even discuss it. They certainly have not discussed it in any of their so-called debates--which are not really debates, more clown-shows than debates, I must say.