Chomsky does Bretton Woods


Chomsky revealed something that I believe he himself falls foul of.  He indicated that journalists had been ‘systemized’ into automatic self-censorship believing they were somehow warriors of truth when in fact they were just stooges playing their bit-part in the wider scheme of things. No doubt Adam Curtis would have a lot to say on this one.

Chomsky shows the same failings in finance:

“Bretton Woods was the system of global financial management set up at the end of the second World War to ensure the interests of capital did not smother wider social concerns in post-war democracies. It was hated by the US neoliberals – the very people who created the banking crisis”  writes Noam Chomsky –

Oh, so Bretton Woods wasn’t to cement the establishment of the new boy US as the leading power in the world, succeeding its previous master: (not so)great Britain, and to prevent a counter-culture outside of government control using gold as a effective means of independent trade, largely free of manipulation. Sounds like terrorism to me!

The following is benign then and the source of my miscomprehension, when Bretton Woods declaration that:

1) Only US dollars were redeemable for gold and

2) Only governments could redeem their dollars for gold

Not only that, but in ’71, the UK knocked on their greatest allies door and Tricky Dicky’s answered it, telling the Brits where to go with their stupid American fiat dollars, thereby instigating a further round of detachment from the gold standard. Wow Noam. I’m so happy you’ve told us the now despised neoliberals hate Bretton Woods and that B/W policy was drawn up from the soothing waters of altruism, totally free of wealthy bankers and industrialists to ensure ‘big money’ didn’t jostle ‘democracy’.

Such advocacy almost makes me think a 21st century Bretton Woods is just what we need. That’s right. Close down the old traditional ‘powerhouse’ economies, get everyone on the fascists dream of biometric DNA database and give us this electronic money. Please – no doubt that will will hailed as bringing ‘stabilization’ and protecting democracy too.

“In a functioning democratic society, a political campaign would address such fundamental issues, looking into root causes and cures, and proposing the means by which people suffering the consequences can take effective control.” – ibid

Ummm. Yeah, but really the issues are simple. The greatest device we have for maintaining stable economics (and virtually prevents multinational megalithic monsters) and that is gold, but B/W took that mechanism away from us, and actually creates Mussolini identified fascism:

“Fascism should more properly be called corporatism because it is the merger of state and corporate power.”Mussolini (Round Italian dude)

B/W forced us away from gold, and on to use this pretend money, which can breed or be burnt (‘burnt’ also by excessive breeding) seemingly as rapidly as bacteria. Those are the issues Noam.

Perhaps I’m being unkind to Mr. Chomsky, as immediately after, he raises the issue of risk management. This is one of the key factors which has brought the system into collapse. Risk is minimised using derivative trading, often through hedge funds, but Noam falls flat again, saying it’s a result of the failure of B/W in ’71. No Noam.

Chomsky also links B/W to “the public will” and even “democracy”. Ho ho! It was so democratic only a handful of abstract economists, many already effectively puppets of the US agreed this policy at Bretton Woods, new Hampshire.

“Investors and lenders can “vote” by capital flight, attacks on currencies and other devices offered by financial liberalisation.”source 1.

Again Noam, all this is a symptom of the disease; Bretton Woods or not, so sorry mate, your self-censorship on what exactly macroeconomics is, what it used for and what it will be used for has been visibly displayed.



4 Responses to “Chomsky does Bretton Woods”

  1. 1 lwtc247 October 12, 2008 at 5:47 pm

    Unashamedly stolen from the comments section of the ICH article above.

    thirteen families effectively control the central banks


    thirteen families effectively control the central banks of all the hard-currency countries. These “control banks” all practice FRACTIONAL RESERVE BANKING, which is perfectly legal in the US. Fractional reserve banking means that the bank is only required to hold on hand the small fraction of money (5%) that is needed to cover the fraction of deposits likely to be drawn upon and cashed. Moneys deposited in accounts go into a reserve upon which credit can be issued. In the US credit can be issued to seven times the reserve, in international banks (off shore establishments) twenty times the reserve can be issued as credit. It is imp[ortant to understand this concept in order to understand the larger picture.

    In the mid 1970s, the final phase of System 2000, a “global creditors’ unilateral totalitarian plan” was put into effect. A Pentagon official and three other US officials went to the Prime Minister of Nigeria and offered him fifty million dollars in cash to double the price of light crude oil. Nigeria is one of only two countries in the world that produce light crude, which is an extremely pure form of oil whose price sets the standard for all other forms of crude oil.

    Armed with the knowledge that, because of their deal with Nigeria, the price of Mid-east oil was about the skyrocket, the international bankers went to the Arabs and said, “We will send the price of crude oil as high as you want if you will promise to invest some of the money you make in the United States.”

    Nigeria doubled the price of light crude, the price of oil from the Mid-east went up and the price of a gallon of gasoline in the United States jumped to $1.20. (My note: In Italy, where I was living at the time, it was costing $1 a LITRE after the oil price was sent through the roof.) Unwittingly, Americans began to finance System 2000 with every tank of gas they bought.

    As the money began to pour into the Arabian countries, the sheiks fulfilled their promise to invest in the U.S. and began buying stocks, bonds, and real estate. More importantly, they put their money into thirty-year timed certificates (drawn up by the international bankers). Remember that Arabs went from camel-riding nomads to wealthy international investors in a very short period of time and they had no grasp of how the banking system worked; in particular, they did not know about the concept of fractional reserve banking.

    The international bankers now had millions of dollars locked into timed deposits, and they took that money and loaned out TWENTY TIMES AS MUCH. In 1983, the international bankers created two groups of holding companies to handle all this Arab money. One of the groups took the funds coming in from the Arabs and loaned it out to Third World countries. The purpose of the holding companies, as you will see later, was to remove the responsibility for the money from the banks to a less accountable entity.

    The international bankers were aware of the fact that most of the Third World countries knew nothing about running a country or allocating funds. Most had been colonies of some other nation and had only recently begun to govern themselves. The bankers were counting on the Third World countries to squander their money in a short time. They fully intended for these countries to go bankrupt and to be unable to pay back their loans.

    The Phillipines is one example of what happened to Third World countries in the next stage of the plan. The international bankers went to President Marcos and presented him with a way out of the enormous debt his country faced. They said, “We will forgive your loans – you’ll have to pay none of the principal, none of the interest – if you will just sign this agreement: 1) do away with its national currency, 2) go to a debit-card system where each person is assigned a number and his purchases are debited from his account on a computerised system and 3) sign over perpetual rights to all natural resources in the country.

    The offer was tempting since it would put much of the labor force back to work and solve many of the country’s economic problems. But Marcos realised that becasue of the word “perpetual”, he was virtually giving away the sovereignty of his country. He refused to sign the agreement. Weeks later he wass deposed and his country was torn apart by riots which Jonathon May says were incited by the internal bankers.

    Other countries decided to accept the agreement when it was offered to them. Recently Brasil, Argentina and other nations have announced that they do not plan to pay back their loans. They failed to mention that the loans had been excused in exchange for the rights to their natural resources.

    At this point all the dominoes are in place and the international bankers are ready and waiting for their opportunity to topple them.

    HERE IS THE PLAN. When enough of the Third World nations sign the agreement, saying they are not going to repay the loans they received from the holding company, the international bankers can declare the holding company insolvent. (This is where it becomes apparent why the money was put in holding companies instead of in banks. The holding companies were designed to go bankrupt.! Chase Manhattan or Chemical Bank would not have to be sacrified since there were not responsible for the loans.)

    Once the holding companie is declared bankrupt, they can legally avoid payment to the Arab nations. The international bankers will say, “Sorry, Arabs. We lost your money. You are broke!” When the Arab nations realise that all their money is gone, they will immediately liquidate all of their other assets. They will dump billions and billions of stocks and Wall Street will collapse. They will put all of their farmland and real estate on the market and land values will plummet. Farmers will have no collateral to borrow against to plant next year’s crops and food will become scarce in the grocery stores.

    The effect this will have on the American economy will be chaotic. This catastrophic collapse has been purposely designed to throw the American people into a state of confusion. Then the benevolent bankers will step forward saying, “Look what these dirty Arabs have done to you!” and offer a solution to our problems.

    Their solution will be to abolish our currency and institute a new form of money. Each person then would be issued a government ID number and would need a debit card to do any business transactions.

    Perhaps the biggest shock in May’s story is that the “Star Wars” system is only 40% concerned with defense and 60% concerned with banking! These “Star Wars” satellites would link the debit system to a central computer base – a superbank. Transfer of funds between accounts would be instantaneous and the internal bankers would finally have complete financial control. May says the debate over “Star Wars” is all show because the satellites are already in place!


    Perhaps the best defense the international bankers have against protesters is influencing the publics’ opinion through the media!!! In his book, “The Naked Capitalist” Cleon Skousen says that, “Nothing panics the international establishment like the possibility of a threatened exposure. Whenever the public has become dangerously aware of the conspiratorial processes operating around them, the vast inter-locking power structure of the entire London-Wall Street combine has immediately shifted into high gear and raced to the rescue. Radio, TV, newspaper, magazines, government policy makers, college officials and other opinion molders in high places have all commenced a recitation of a carefully prepared line designed to pacify the public and put them back to sleep”.

    Who actually controls the Federal Reserve? Who are the stockholders of this private corporation? In a legislative session regarding abolishing the Fed, the following eight family banks were named as the owners of the Federal Reserve:

    Rothschild Banks of London and Berlin
    Lazares Brothers Banks of Paris
    Israel Moses Seif Bank of Italy
    Warburg Bank of Hamburg and Amsterdam
    Lehman Brothers Bank of New York
    Chase Manhattan Bank of New York
    Kuhn, Loeb Bank of New York
    Goldman, Sachs Bank of New York.
    Tom posten | 10.12.08 – 5:39 am | #


  2. 2 lwtc247 October 12, 2008 at 5:48 pm

    Here’s another by the very respected “atheo”

    The Power of Israel in the United States
    by James Petras

    Book review by Drew Hunkins

    Petras seems to cover it all in this scathing and incredibly well informed analysis of Zionist control over United States decision making regarding the Middle East. He proffers a myriad of statistics augmenting his point that the Jewish Lobby is ultimately in the driver’s seat when the Pentagon, State Department and Executive Branch deliberate on Middle Eastern policy, and carry out their policy objectives in that region of the world. The Power of Israel in the United States is such a scholarly and well sourced book that it’s hard not to laugh in the face of those who scream accusations of anti-Semite at anyone who happens to be toting the book about.

    It does an excellent job in explaining how the Jewish Lobby in Washington greatly desired a fragmented Iraq which would pose no threat to Israel’s continued ethnic-cleansing of Palestinians and Israel’s illegal land grabs into the occupied territories. The Israel-Firsters have pretty much gotten exactly what they wanted: Iraq is indeed turning into a fractured state which will likely end up a tripartite entity virtually powerless to effect change in the Middle East — cheers from the Israel-Firsters are no doubt echoing from Tel Aviv and AIPAC headquarters.

    Naturally Petras points out how the Jewish Lobby is acting consistently on behalf of a foreign power that is outside the reach of American voters. He explains the truism (a truism to anyone garnering information outside major United States media channels) about how the U.S. Congress is completely subservient to Israel and how both Republicans and Democrats are major recipients of the campaign cash emanating from the coffers of the Israel Lobby. Democratic congressional candidates receive roughly 60% of their campaign contributions from Israel-Firsters while GOP candidates receive approximately 35% of their total campaign contributions from the Jewish Lobby. To believe either party on Capitol Hill will buck this stranglehold is delusional.

    Petras is truly dedicated to world peace; he explains that one critical step in curbing Middle Eastern violence is for Israel to relinquish its colonial occupation over Palestine. Clearly mainstream media sources will stay as far away from this book as possible given Zionist power over most major media outlets in America. Petras’ seminal work should be on the bookshelf of every citizen who considers themselves well informed, and vast passages should be duly highlighted.

    atheo | 10.12.08 – 9:37 am | #

  3. 3 antireptilian October 14, 2008 at 10:43 am


    Great article and some good meat to chew on.

    International banking cartels are hatching plans in smokey rooms that effect millions. Down with the scum

  4. 4 lwtc247 October 14, 2008 at 1:32 pm

    Although happy that there are people who can see what’s going on, I’m constantly frustrated at how many people don’t. Sadly the scum, like actual scum, are very resilient and difficult to displace.

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