http://www.larouchepub.com/pr/2006/061115adusbef_nbw.html
PRESS RELEASE
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ITALY CONSUMER FEDERATION CALLS FOR NEW BRETTON WOODS
Nov 15 (EIRNS)--A leading Italian consumers organization, Adusbef, has
published a report, signed by its chairman Elio Lannutti and by Paolo Raimondi,
chairman of the International Civil Rights Movement Solidarity, exposing
international rating agencies as a tool of financial speculation and calling
for a New Bretton Woods reorganization of the international financial system.
The report includes a passage on the NBW resolution voted by the Italian
Parliament in 2005, and the Adusbef website published a note by Raimondi
identifying Lyndon LaRouche as the initiator of the New Bretton Woods proposal.
Some media, like Wall Street Italia, ran the Adusbef report story with
the headline: "Rating Agencies: They Are 90% Wrong." This refers to a
statistical survey by Adusbef exposing Moody's, Standard & Poors, and Fitch.
Adusbef found that of 1000 "reports" issued by Moody's, Standard & Poor's, and
Fitch, 910 proved to be wrong, and only 90 correct. We have been told that as a
consequence, those rating agencies are now afraid of a wave of legal suits from
small stockholders.
The Adusbef report was motivated by the recent downgrading of the Italian
public debt, to which they refer. The report documents how the three major
rating agencies ("The Three Sisters") are owned by private corporations which,
in turn, are controlled by banks whose main business is derivative gambling.
The report gives ample figures about the derivative bubble. "The Three Sisters
... are an integral part of the problem that is driving the economic world
towards the crash and systemic crisis, with devastating consequences for the
entire economic, social and political life of our planet," the report says.
In the above mentioned box published on the Adusbef web page, Paolo
Raimondi writes: "Today there is a large international campaign going on, to
lead to a New Bretton Woods - i.e., a conference of heads of state and
government able to define new rules for stability and economic development of
nations and peoples. Initiated in 1994 by some economists and politicians,
among them US Democrat Lyndon LaRouche, the campaign has already collected
support from more than a thousand members of Parliament, government
representatives and economists, among them President Clinton, Mexico's Lopez
Portillo, Malaysia's Mahathir and also tens of Italian members of Parliament
from both sides. The Italian Parliament has already undertaken a series of
initiatives, in the form of motions, supporting the project. It concerns a
reorganization of the system that includes, among other things, the elimination
of financial speculation and the derivatives bubble, and the creation of new
credit structures to promote large infrastructure, technological and productive
investments."
