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Michel Chossudovsky

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A new global financial environment has unfolded in several stages since the collapse of the Bretton Woods system of fixed exchange rates in 1971.
--
Chapter 20, Global Financial Meltdown, p. 309

 
Michel Chossudovsky

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The presently existing global financial and monetary system will disintegrate during the near term. The collapse might occur this spring, or summer, or next autumn; it could come next year; it will almost certainly occur during President William Clinton's first term in office; it will occur soon. That collapse into disintegration is inevitable, because it could not be stopped now by anything but the politically improbable decision by leading governments to put the relevant financial and monetary institutions into bankruptcy reorganization.

 
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The budget targets imposed by the Bretton Woods institutions, combined with the effects of the devaluation, trigger the collapse of public investment.

 
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The inspiring theory for Bretton Woods was suggested by a well known economist, beyond any suspect, John M. Keynes. Lord Keynes - as in the meanwhile he has been appointed by the English Crown - appeared worried about possible troubles in the international system of payments, like those occurred after World War One, which contributed to the new conflict. He has published an article on this subject in 1946. Consequently he gave the blessing of his authority to the agreements. Lord Keynes, as chief of the British delegation, was appointed chairman of the Commission II, charged for the institution of an International Bank for Reconstruction and Development - IBRD (World Bank). The Bretton Woods agreements represented a sort of solemn will for Lord Keynes, since he died out two years later the signature.

 
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Liberal economists conceive of societies as black boxes connected by exchange rates; as long as exchange rates are correct, what goes on inside the black box is regarded as not very important.

 
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The global crisis is caused by pathologies inherent in the global financial system itself.

 
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