-Caveat Lector-
The world is presently in the final phase of disintegration of a global
financial system which was set into motion in the middle of August 1971.
>From that point on, from the decision made by President Nixon in 1971, to
the present time, the U.S. economy has undergone a series of degenerative
phase-shifts in policy-making and in practice.
This degeneration of the U.S. economy also reflects a broader degeneration,
led by the British Commonwealth--the British monarchy--and other nations
which have joined with the so-called Anglo-Americans in imposing upon the
world the so-called floating exchange-rate monetary system over the period
to the present time, since 1971.
That system is presently hopelessly bankrupt. It will not last. It will
disintegrate, or it will be shut down. My alternative, rather than letting
it disintegrate, is to shut it down. That means that someone with authority
must step in, put the old system into bankruptcy reorganization, in the same
way you would put a bank in the local community into bankruptcy
reorganization--more or less the same--and set in a new system to continue
the essential operations, the economic operations performed by the old
system, but under new rules, and under new management.
It is my view, which I've expressed on many occasions, that the only agency
which can accomplish this, is the Presidency of the United States. Not that
the President of the United States can dictate such a system to the world at
large, but rather, without a leading role by the President of the United
States, it is most unlikely, perhaps impossible in practice, that other
nations would be able to get together with the United States to shut the old
system down, put it into bankruptcy, and keep the world economy going,
preferably without missing a step, under new management, new rules, and new
policies.
I've proposed that for some time as a New Bretton Woods system. And let me
explain again, which I've done in various articles and so forth, which some
of you are familiar with. But let me put it again in this context.
We had a workable system from the time that Roosevelt was leading the United
States during World War II, until approximately 1964; until after the
assassination of President John Kennedy. There were many mistakes in the
system, but it worked. The system underwent a degenerative transformation
from 1964 to 1971, when the old Bretton Woods system was cancelled, and the
new Bretton Woods system, the present one, the so-called floating
exchange-rate system, was put into effect on the initiative of President
Nixon.
That former system, the Roosevelt-led system, worked in general. It gave us
a world economic recovery, at least in Western Europe, and in most of the
Americas. It also was beneficial for Japan, and beneficial for other parts
of the world. This system continued in the form it had operated after
Roosevelt's death, until about 1958. Then, the rules began to change. The
mud began to slide.
There was an attempt to go back to the Roosevelt policies under President
Kennedy. Kennedy's assassination was the end of the effort to revive
Roosevelt's economic policies.
We're now in a situation where the old system has failed, and we desperately
need an immediate change to build a new system. In the reality of politics,
to make such changes under emergency conditions, and to make them suddenly,
we must rely, at least to a very large degree, on choosing precedents from
past history, preferably periods of history as close to our own as possible,
and use those precedents as guides to design the policy changes we must put
into effect, to replace the present bankrupt international monetary system
with a new one, which we urgently need to keep the world economy going.
It is my view that throughout the world, only the President of the United
States, in his position as President, under our Constitution, has the
influence, or the potential influence, and the legal position to be the
rallying point for other governments which wish to cooperate in this
enterprise. So that the United States government, under a leadership of its
President, in cooperation with other governments which desire to cooperate,
can set up a new international monetary system, whether the rest of the
world wants it or not.
We will do it that way, with that kind of arrogance, because we are acting
so that we can survive, and so that the majority of the human race can
survive. In other words, we will be acting jointly for the general welfare
of the world, and those who oppose that must give way.
Given the authority and influence, waning as it may be, of the United
States, the President of the United States is the one political figure on
this planet who could, as they say, pull that off.
Now, the principles involved are much older than Roosevelt. But as I said,
we go back to Roosevelt in order to find a precedent for policies which we
must recognize were successful, in direct contrast to the policies under
which we are presently operating, which have been a disaster for about
thirty years, a continuing disaster.
Look at Roosevelt's policies, and let's look at them from the standpoint of
their historical background, and general principles.
During World War II, the period of a terrible alliance between a
Roosevelt-led United States and a Churchill-led Great Britain, Roosevelt set
forth to Winston Churchill, and to others, very clearly, three precise
policies or policy guidelines for the postwar world, that the United States
would introduce to the world, whether the British monarchy liked it or not.
The first thing that Roosevelt specified, was that the world was no longer
going to tolerate what Roosevelt described as "the British
Eighteenth-Century methods," that is, the methods of the British East India
Company and Adam Smith, the so-called "free trade" method.
Rather, Roosevelt insisted that because of U.S. power to create this change,
the postwar world would be dominated by American methods, the methods which
were introduced into the United States officially under the first President,
George Washington, as typified by the policy papers of Treasury Secretary
Alexander Hamilton. We were going to make American methods available to the
world as a whole. And we were going to scrap the ability of the British to
continue to impose their free trade system, their gold standard system, and
similar kinds of systems, on the world any longer.
The second thing that Roosevelt was committed to doing, as he stated
explicitly to an irate Churchill, was that with the end of the war, the
United States' power and the support it would have from around the world,
would act immediately to eliminate all continuation of Portuguese, Dutch,
British, and French imperialism and colonialist methods. That this would be
the occasion for freeing these nations, which had been subject to these
empires or these types of influences, to become sovereign nation-states,
enjoying access to the kinds of technology and technological progress which
the United States enjoyed and desired to continue to enjoy. And the British
would simply have to give up their old system.
Thirdly, Roosevelt pointed to the map of Africa and other parts of the
world, and emphasized that with the postwar world, the United States would
take the leadership, using American methods, proven American methods of
basic economic infrastructure development, and so forth, in order to build
up these parts of the world which had been looted, ruined, and kept
depressed under British and similar kinds of methods.
Parts of Roosevelt's policy were adopted after his death. But with his
death, the policy as a whole died.
from:
http://www.larouchepub.com/eir_talks/eir_talks_990908.html
September 8, 1999
EIR Talks
Speaker: Lyndon H. LaRouche, Jr.
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