The current economic down-turn is not a recession. A worldwide depression is unfolding. This deflationary catastrophe will not resemble the Great Depression. Why not? Because globalization and unsustainable debt have fundamentally transformed the American economy.
WHEN THE DOLLAR WAS A DOLLAR
During the Great Depression, the United States had balanced trade accounts and trade surpluses. The nation was not involved in war and had no foreign military bases. The welfare state did not exist as we know it today. Most of the population lived off the land in rural areas. Federal Reserve money printing was constrained by the physical supply of gold and silver (by law, the dollar was backed by precious metals).
In 1933, people had almost no personal debt; and all Americans owned silver and/or gold coins. The dollar had tremendous purchasing power. A person could have exchanged one paper dollar for a silver dollar, or one twenty dollar bill for a $20 Gold Piece. The dollar was “as good as gold.” (It now takes 60 times more dollars to buy the same 1 oz $20 gold coin.)
AMERICA 2016 – STATE OF THE UNION
Today, America is dependent on foreign countries for most manufactured products. Our staggering trade deficits are paid with borrowed money. The nation is involved in two wars (plus covert operations), and has more than 700 military bases around the world. Many cities and states have enormous debts.
Most people struggle with personal debt; many are upside-down on their mortgages; and almost no one owns gold or silver coins. The majority live in urban areas and cannot produce food. In a few years, 2/3 of the population will be government-dependent in some way. Public employees now out-number manufacturing employees by 2 to 1 (only 10-11% of the workforce is involved in manufacturing). The U.S. pays the bills with money printing; the Federal Reserve digitally creates credit by the trillions of dollars.
44 YEARS OF DEFICITS & DEBT
America has had trade deficits 44 of the last 45 years. However, from 1900 to 1971, the United States had balanced trade accounts and trade surpluses.
What happened? In forty-four years, America has undergone a fundamental transformation:
- from economic independence to economic dependence
- from the greatest manufacturing economy to a consumption economy
- from the greatest creditor-nation to the greatest debtor-nation in the history of the world
B E F O R E “F R E E T R A D E”
(United Nations-managed trade)
In the early days of the Republic, the Founding Fathers knew manufacturing would be the key to the nation’s economic independence. Right from the beginning, they promoted impartial trade with all nations, and created policies that changed the direction of the economy. (Before the Revolution, colonists had mainly exported raw materials and imported manufactured goods.)
The first Congress of the United States established tariffs on foreign merchandise, passing the Tariff Act in 1789. Why would they do that and what were the results?
As a consequence of the legislation, people decided to produce the stuff themselves — rather than depend on foreigners and pay the import tax. The brilliant strategy created a production boom. Equipment was invented to save work, save time, and cut costs. Competition was fierce to develop new and better products. Customers ended up paying less; and inter-state commerce sky-rocketed. From sea to shining sea, a powerful middle class developed because products were MADE IN U.S.A.
America’s export economy grew by leaps and bounds. For the next 150 years, customs duties produced 50-90% of all federal revenues (no income tax until Wilson/ World War I).
The United States supplied the lion’s share of its domestic manufacturing needs, and exported made-in-America products to the rest of the globe. The country’s robust manufacturing base led to the nation supplying about 40% of all manufactured products used by the entire world. Does that sound like isolationism?
Manufacturing is a wealth multiplier. Tremendous wealth was created by manufacturing products using domestic raw materials. Before the dollar became the “reserve currency,” America had become the greatest creditor-nation of all time. And the U.S. Treasury held title to almost 80% of the world’s gold bars and coins.
UNITED NATIONS • BRETTON WOODS
In 1944, the United Nations Monetary and Financial Conference convened at Bretton Woods, New Hampshire. (Who was at Bretton Woods? See the first–ever list below.) Conferees pegged their national currencies to the dollar, and adopted a plan to establish a world monetary system. The world economies would be integrated and made inter-dependent by a series of trade agreements.
International trade would be centrally managed within a framework of United Nations governance by agencies such as the World Court, the World Bank, and the IMF (International Monetary Fund).
THE END OF ECONOMIC NATIONALISM
At the close of the Bretton Woods Conference, Henry Morgenthau, Jr., Treasury Secretary of the United States, said the establishment of the United Nations banking system marked the end of “economic nationalism.” By the incremental loss of economic independence, countries such as the United States would gradually lose national sovereignty (nationhood).
Monetary integration, economic inter-dependence, and global government would be achieved by United Nations treaties — beginning in 1948 with the General Agreement on Tariffs and Trade (the 22,000-page GATT treaty).
THRIFT • SAVINGS • SOUND MONEY
Over the centuries, the virtue of thrift had been deeply ingrained into the American psyche. The following proverbs were quoted universally:
“A penny saved is a penny earned.”
“Neither a borrower nor a lender be.”
“Never spend your money before you have it.”
“Look after the pennies and the pounds will look after themselves.”
However, Americans’ frugal habits began to change after silver coins disappeared from circulation and the dollar was no longer backed by gold . John Maynard Keynes said economic destruction would result from debauching the currency:
“There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”* ~Lord John Maynard Keynes~
UNLEASHING ECONOMIC DESTRUCTION
Previous generations had created, saved, and invested their own capital to expand enterprises. But after the dollar was debased, debt began to play a new role in the lives of Americans. The savings rate began to decline; and people began using bank credit cards.
Businessmen began to rely less on private capital. They turned to the banks, instead of saving for business expansion. Over time, the bank [debt] became the third party in most transactions.
UNITED NATIONS MANAGED TRADE
National economies were integrated
and made inter-dependent in phases.
In 1994, the U.N. North American Free Trade Agreement was “fast-tracked” and signed by President Clinton. NAFTA signaled the beginning of a manufacturing exodus. Why? Super-cheap labor, low taxes, fewer regulations, lower prices and quality, and no employee retirement or healthcare. Millions of industrial jobs vanished [millions of government workers were hired]; production declined; and debt ballooned.
In 1995, the U.N. GATT Treaty [General Agreement on Tariffs and Trade] was replaced by a sweeping United Nations management system called the WTO [World Trade Organization].
In the decade leading up to the 2008 collapse, the United States manufacturing exodus accelerated. Almost 50,000 manufacturing plants (with 500 or more employees) moved operations off-shore. High-tech manufacturing disappeared.
Until bubbles popped and the market crashed in 2008, people enjoyed the illusion of growth and prosperity as a result of easy credit at extraordinarily low rates.
The last eight years of Quantitative Easing (QE), 0% interest rates, and various government programs have helped to disguise the fact that more than 95 million Americans are no longer counted in the work-force (an all-time high number of young, eligible workers do not have jobs).
A consumption economy is a dying economy.
The U.S. now exports mainly raw materials (meat, coal, wheat, tobacco, fertilizers) as we did three hundred years ago.** As a result of switching from a manufacturing economy to a service/ consumption economy, America’s preeminent position among the nations of the world has slipped; wages and the economy are stagnant; and the average person’s standard of living is falling.
It is not an accident the United States has become dependent and indebted beyond belief. Lawmakers debased the dollar and hitched America’s wagon to “global governance.”
Agencies of the United Nations are establishing world government –incrementally– by treaties that govern much more than just trade. According to the World Court, trade agreements over-ride the Constitution (U.N. laws have the force to over-rule U.S. law). Closed-door negotiations by un-elected bureaucrats are replacing open government by our own elected representatives.
Each one of the following U.N. treaties serves to destroy America’s sovereignty and national autonomy: The World Trade Organization [WTO] (including the Marrakesh Agreement, Uruguay Round, etc.); North American Free Trade Agreement [NAFTA]; Central America Free Trade Agreement [CAFTA]; Security and Prosperity Partnership of North America [SPP]; Trans-Pacific Partnership [TPP]; Korea Free Trade Agreement; Columbia Free Trade Agreement; Panama Free Trade Agreement, etc.; Transatlantic Trade and Investment Partnership [TTIP], [TISA].
The U.S. House of Representatives alone has Constitutional authority to regulate commerce with foreign nations. The Treaty Provision requires two/thirds U.S. Senate approval [Article II, Section 2].
President George Washington warned against foreign alliances in his Farewell Address. President Thomas Jefferson emphasized the danger of international entanglements in his Inaugural Address.
“The great rule of conduct for us in regard to foreign nations is in extending our commercial relations… our commercial policy should hold an equal and impartial hand… It is our true policy to steer clear of permanent alliance with any portion of the foreign world….” President George Washington, Farewell Address.
“Peace, commerce, and honest friendship with all nations – entangling alliances with none….”
President Thomas Jefferson, Inaugural Address.
by Denise Rhyne
* John Maynard Keynes, The Economic Consequences of the Peace, pp. 148-149, 235-236, (London: McMillan/ St. Martin’s Press for the Royal Economic Society, 1919, 1920, 1971).
** U.S. CONSUMPTION ECONOMY/ Personal Consumption Expenditures (PCE): From 1998 through the third quarter of 2007, government spending plus consumer spending (81.3%) equaled 96% of the growth in GDP; U.S. exports plus business investment accounted for only 3% of GDP growth. In the 25 yrs leading up to the 2007 crisis, consumer spending (debt) accounted for 82.5% of real GDP growth. Each year, PCE grew 3.5% – continuously compounded. William Emmons, Jan. 2012, Federal Reserve Bank of St. Louis.
NOTE: Harry Dexter White was the Father of the United Nations monetary system adopted at Bretton Woods (The White Plan). White’s vision for United Nations global government was a socialist model of economic central planning.
White wrote: “the change will be in the direction of increased control over industry, and increased restrictions on the operations of competition and free enterprise.”
In 1948, the FBI identified Harry Dexter White as the highest ranking espionage agent in the United States. In the 1990s, his guilt was established by declassified Soviet documents; a Senate Committee chaired by Daniel Patrick Moynihan declared the evidence to be conclusive: “The complicity of Alger Hiss of the State Department seems settled. As does that of Harry Dexter White of the Treasury Department.” Quotes from: Harry Dexter White’s unpublished essay, “Political-Economic Int. of Future,” Princeton archives, 1944; Moynihan Commission on Government Secrecy, Wash. D.C., 1997; Daily Mail U.K., #2288294.
Bretton Woods established an international monetary system governed by the U.N.
The following excerpts are from the first-ever list of the conferees at the United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, July 1 – 22, 1944. Who was at Bretton Woods? In effect, private bankers represented 44 countries — only about 14 delegates were elected representatives:
AUSTRALIA Chair: Leslie Galfreid Melville, Adv, Commonwealth Bank of Australia; IMF Exec Dir; World Bank Exec Dir; Alt IMF Gov Frederick Henry Wheeler (knighted) Arthur Harold Tange (knighted)
BELGIUM Chair: Camille Gutt, Min Fin; IMF Gov; IMF Exec Dir; 1st IMF Mng Dir Georges Émile Léonard Theunis Gov, National Bank of Belgium Baron Hervé de Gruben, IMF Alt Gov Baron René Boël, Banker, Industrialist; Delegate, 1st del IMF/ World Bank mtg Joseph Nisot, Legal Adv, Emb, NY Boris Serge Chlepner, Prof Ernest de Selliers de Moranville, Attaché, Emb, WA; IMF Alt Dir, IMF Exec Dir; World Bank Alt Exec Dir
BOLIVIA Chair: René Ballivián Calderón, Counsel, Emb, WA; Pres, Banco Industrial de Bolivia
BRAZIL Chair: Artur de Souza Costa, Min Fin; Adv to Pres Francisco Alves dos Santos Filho, Dir, Forex, Banco do Brasil; IMF Gov; World Bank Gov; later IMF Exec Dir Valentim Fernandes Bouças, Wealthy Businessman, Adv to Pres, Comm of Control for WA Agreements Eugênio Gudin, Mmbr Fin Council; World Bank Gov Octávio Gouvea de Bulhões, Chief, Min Fin; IMF Alt Exec Dir Victor Azevedo Bastian, Dir, Banco da Provincia do Rio Grande do Sul (Brazil - London Bank) Zeuxis Ferreira Neves, Asst to Counsel, Emb, WA Charles Freligh, Emb, WA Santiago Fernandes, Banco do Brasil R. R. Vieira, Treas Del, NY Aguinaldo Boulitreau Fragoso, Asst to For Aff Min Daniel Maximo Martins, Sec to Fin Min
CANADA Chair: James Lorimer Ilsley, Min Fin; Parliament (1926-1948); IMF Gov, World Bank Gov Louis Stephen St. Laurent, Min Justice; P.M. (1948-1957) Douglas Charles Abbott, Parliament; World Bank Gov Lionel Chevrier, Parl Asst to Min Munitions Joseph-Adéodat Blanchette, Parliament Walter Adam Tucker, Parliament William Clifford Clark, Dep Min Fin; Alt Gov, World Bank Graham Ford Towers, Gov, Bank of Canada; Alt Gov, IMF; Alt Gov, World Bank William Archibald Mackintosh, Asst to Dep Min of Fin; Dir, Bank of Canada Louis Rasminsky, Chair, Forex Control Bd; IMF Exec Dir; Exec Dir, World Bank; Alt Gov, IMF; Gov, Bank of Canada Wynne Plumptre, Attaché, Emb, WA; Alt Gov, World Bank; IMF Exec Dir John James Deutsch, Asst to Under Sec State; Alt Gov, World Bank
CHILE Chair: Luis Álamos Barros, Dir, Central Bank of Chile Germán E. Riesco, Rep, Chilean Line, NY Arturo Maschke Tornero, Gen Mngr, Central Bank of Chile; Pres, Central Bank of Chile Fernando Mardones Restat, Nitrate/Iodine Sales Corp Alfonso Fernández Martorell, Gen Mngr, Amortization Bank of Chile Carmen Señoret, Sec, Consul, Boston Frank Ledesma, Sec to Chair of Delegation Hermann Max Coers, Adv, Central Bank of Chile
CHINA Chair: Hsiang-Hsi, Vice Pres Exec Yuan; Gov, Central Bank of China Tingfu Fuller Tsiang, Permnt U.N. Rep; Amb to US; Chief, Exec Yuan Ping-Wen Kuo, Vice Min of Fin Victor Chi-Tsai Hoo, Vice Min of For Aff; Sec Gen Chinese Del, UN Conf; UN Commiss; UN Sec Gen (1955-1962) Yee-Chun Koo, Fin Min; IMF Exec Dir; IMF Treasurer Kuo-Ching Li, Adv, Min of Fin; Gen Mngr, Wah Chang Trading Corp, NY Te-Mou Hsi, Min of Fin Rep in WA; World Bank Alt Exec Dir Tsu-Yee Pei, Dir, Bank of China Ts-Liang Soong, Gen Mngr, Manufacturers Bank of China; World Bank Alt Gov Hu Shih, Amb to US Kia-Ngau Chang, High Adv, Exec Yuan; Dep Gov, Central Bank of China Ming Li, Chair, Chekiang Industrial Bank Ting-Sen Wei, Leg Yuan Sec Gen Chao-Ting Chi, Sec Gen Forex Control, Central Bank of China Y.C. Wang, Central Bank of China; IMF off Cho-Ming Li, Prof, Southwestern Ass Univ Kunming Chih Tsang, Dir, Shanghai Commercial and Savings Bank C. L. Hsia, Adv to For Aff Min; UN Rep Yu-Chung Hsi, Sec, Min of Fin in WA Shun-Hsin Chou, Central Bank of China C.T. Yen, Dir, Central Bank of China Yen-Tsu Chen, Sec, Central Bank of China Daniel S.K. Chang, Sec, Central Bank of China Ping-Yeh Tcheng, Sec, Central Trust of China Bing-Shuey Lee, Fst Sec, Emb, WA Kien-Wen Yu, Sec Sec, Emb, WA I.C. Sung, Asst Treas, Universal Trading Corp Wan-Sen Lo, Sec Min of Fin WA Ta-Chung Liu, Emb, WA; IMF off, Prof, Cornell Univ Arthur Nichols Young, Fin Adv, Chinese Govt; American citizen; Adv, Saudi Arabian monetary reform; bro of John Young, Conf Secretariat
COLOMBIA Chair: Carlos Lleras Restrepo, Min of Fin Miguel López Pumarejo, Bank Mngr, Caja de Crédito Agrario, Industrial y Minero; Amb to U.S.-bro of Alfonso López Pumarejo, Pres of Colombia Victor Dugand, Banker Antonio Puerto, Banker Salvador Camacho Roldán, Banker, Bogotá Stock Exchange
COSTA RICA Chair: Francisco de Paula Gutiérrez Ross, Amb to US Luis Demetrio Tinoco Castro, Dean, Univ Costa Rica Fernando Madrigal A., Bd, Chamb of Comm Coun: José Rafaël Oreamuno Flores, Inter-American Devlpmnt Comm; Amb to US
CUBA Chair: Eduardo I. Montoulieu, Min of Fin Oscar García Montes, Prof, Univ of Havana; Min of Fin Ramiro Guerra y Sánchez, Adviser, Min of Fin Miguel A. Pirez, Asst to Min of Fin Juan M. Menocal, Prof, Univ of Havana; Adv to P.M. Felipe Pazos y Roque, Attaché, Emb, WA; IMF off; Pres, Banco Nacional de Cuba; Alliance for Progress and Inter-American Development Bank off Luis Machado, Lawyer; Exec Dir, World Bank; Amb to US; World Bank Gov Eduardo Durruthy, Dir Gen, Fin Min Calixto Montoulieu, wife of Eduardo Montoulieu Tech Sec: Irving Gordon
CZECHOSLOVAKIA Chair: Ladislav Karel Feierabend, Min of Fin Dep Chair: Jan Viktor Mládek, Min of Fin; Exec Dir, IMF; Gov, IMF; sr IMF off, head IMF Paris; Dir, Central Banking Service Antonín Basch, Prof, Columbia Univ; Czechoslovak National Bank off; Chief Economist, World Bank Josef Hanč, Dir, Eco Serv US; Consul NY; Alt Gov, World Bank; Emb, WA Ervin Paul Hexner, Prof, Univ North Carolina; IMF Sr Coun Ernest Sturc, Czechoslovak Eco Serv US; IMF Dir, Dept Exch/Trade Rela
DOMINICAN REPUBLIC Chair: Anselmo Copello, Amb to US; Dir, Banco de Reservas de la República Dominicana Roberto Despradel, Coun, Emb WA José Ramón Rodriguez, Coun, Emb WA; Alt Gov, World Bank José Mariano Sanz Lajara, Sec, Emb WA
ECUADOR Chair: Esteban F. Carbo, Counselor, Emb WA; Mngr, Banco Central del Ecuador; IMF Gov; World Bank Gov; Alt Exe Dir, World Bank Sixto Enrique Durán Ballén, Emb WA; Alt Gov, World Bank
EGYPT Chair: Sany Lackany Bey Mahmoud Saleh el Falaky, Alt Exec Dir, IMF; Alt Gov, IMF; Alt Gov, World Bank Ahmed Selim, IMF Alt Gov; World Bank Alt Gov James I. Craig, Min of Fin; British subject Leon Dichy Technical Sec
EL SALVADOR Chair: Agustín Alfaro Morán, coffee plantation owner; Dir, Banco Central de Reserva de El Salvador
ETHIOPIA Chair: Blatta Ephrem Tewelde Medhen, US Amb Del: George Albert Blowers, Gov, State Bank of Ethiopia; American citizen; IMF Gov; World Bank Gov; Gov, Saudi Arabian Monetary Authority
FRANCE (French Committee of National Liberation) Chair: Pierre Mendès France, Min of Econ; IMF Gov; IMF Exec Dir; World Bank Alt Gov; World Bank Exec Dir André Istel, Dept of Fin; prominent banker Jean Rioust de Largentaye, Insp of Fin; Alt Exec Dir, IMF; Exec Dir, IMF André Paul Maury Robert Mossé, Prof, New School for Social Research, NY
GREECE Chair: Kyriakos Varvaressos, Gov, Bank of Greece; Exec Dir, World Bank Athanase Ioannou Sbarounis, Min Fin; World Bank Gov Alexander Loverdos, Min Fin; Alt Gov, IMF; Alt Gov, World Bank; Head, Eco Research, NY André Papandreou, P.M. (1981-1989, 1993-1996)
GUATEMALA Chair: Manuel Noriega Morales, Postgrad, Harvard Univ; Gov, IMF; Gov, World Bank; Gov, Bank of Guatemala
HAITI Chair: André Liautaud, Amb to US (1943) Pierre Chauvet, Under Sec of Fin; UN Del
HONDURAS Chair: Julián R. Cáceres, US Amb; IMF Gov, World Bank Gov Hernán Benegas
ICELAND Chair: Magnús Sigurðsson, Mngr, National Bank of Iceland; Gov, World Bank Ásgeir Ásgeirsson, Fishery Bank of Iceland; P.M.; Pres (1952-1968) Þórhallur Ásgeirsson, Perm Sec, Min of Comm; son of Ásgeir Ásgeirsson Svanbjörn Frímannsson, Chair, State Commerce Board; National Bank of Iceland; Gov, Central Bank of Iceland
INDIA Chair: Sir Jeremy Raisman, Fin Min; British subject Sir Theodore Emanuel Guggenheim Gregory, Adv; Prof, London School of Economics; British subject Sir Chintaman Dwarakanath Deshmukh, Gov, Reserve Bank of India; IMF Gov; World Bank Gov Sir Ramasamy Chetty Kandasamy Shanmukham Chetty, 1st Fin Min Ardeshir Darabshaw Shroff, Dir, Tata Sons, Ltd. Sir David Burnett Meek, Adv; Trade Comm London; British subject Bal Krishna Madan, Asst. Adv; Alt Exec Dir, IMF; Alt Exec Dir, World Bank; Exec Dir, IMF; Alt Gov, IMF; Dep Gov, Reserve Bank of India
IRAN Chair: Abol Hassan Ebtehaj, Gov, National Bank of Iran; IMF Gov; World Bank Gov; Dir: Middle East Dept of IMF Ali Akbar Daftary, CounseL, WA Hossein Navab, Consul Gen, NY Taghi Nassr, Iranian Trade/ Eco Comm, NY
IRAQ Chair: Ibrahim Kamal, Senator Ali Al-Ayyubi Jawdat, WA Amb Is Ibrahim Al-Kabir, Acct Gen, Min of Fin Lionel Maynard Swan British subject (Adv to Fin Min) Claude E. Loombe, Comptroller of Exchange; British subject; was Chartered Bank of India, Australia and China; Reserve Bank of India
LIBERIA Chair: William E. Dennis, Sr., Sec of Treas James F. Cooper, Sec of Treasury Walter F. Walker, Consul Gen, NY Secretary: K. Jefferies Adorkor, Jr.
LUXEMBOURG Chair: Hugues Le Gallais, US Amb; IMF Alt Gov; Alt Exec Dir, IMF; Alt Gov, World Bank
MEXICO Chair: Eduardo Suárez Aranzolo, Treaury Sec Antonio Espinosa de los Monteros, Exec Pres, Nacional Financiera Bank; Amb to US; Dir, Dir, Banco de México; IMF Gov, World Bank Gov Rodrigo Gómez Gómez, Mngr, Banco de México; IMF Exec Dir; Alt Gov, IMF; Gov, IMF; Dir Gen, Banco de México Daniel Cosío Villegas, Dir, Banco de México; Pres, UN Eco/ Soc Cncl Salvador Duhart W., Sec, Emb, WA Julián Sáenz Hinojosa, Consul, NY Víctor Luis Urquidi Bingham, Banco de México
NETHERLANDS Chair: Johan Willem Beyen (Adv) Dir, UNILEVER; Alt to Pres, Bank for International Settlements (1935-1937); Pres, Bank for International Settlements (1937-1939); Exec Dir, World Bank Daniël Crena de Iongh, Pres, Bd for Netherlands Indies, Surinam, Curaçao in US; Pres, Netherlands Trading Co (Nederlandsche Handel-Maatschappij); IMF Alt Exec Dir; Exec Dir, World Bank; IMF Treas; World Bank Treas; IMF Exec Dir; World Bank Exec Dir Hendrik Riemens, Attaché, Emb, WA Adriaan Hendrik Philipse, Netherlands Economic, Financial, and Shipping Mission in US A. Andriesse, Banker Anton Dirk Bestebreurtje, Pres, Netherlands Chamb of Comm in NY, Inc. Jacques Jacobus Polak, Netherlands Economic, Financial, and Shipping Mission in US; League of Nations off; Sr IMF off; IMF Exec Dir (1947- 1986) C.H. Schoch, Netherlands - Indies Exchange Control, Adv to Chair J. Jerome Williams, Emb, WW I.H. Capriles, Mngr, Maduro & Curiel’s Bank W.J.A. de Heer, Sec, Netherlands Antilles Forex Comm Aron Broches, Sec, World Bank, Gen Coun
NEW ZEALAND Chair: Walter Nash, Min of Fin; PM (1957-1960); (knighted 1965) Bernard Carl Ashwin, Treas Sec; Chair, Eco Stabilization Comm; (knighted 1956) Edward Coldham Fussell, Dep Gov, Reserve Bank of New Zealand; Gov, Reserve Bank of New Zealand Allan George Barnard Fisher, Coun, WA; IMF off, Ed IMF Staff Pprs Bruce R. Turner, Sec Sec, Adv, WA
NICARAGUA Chair: Guillermo Sevilla Sacasa, Amb to US; Gov, World Bank León DeBayle Sacasa, Lawyer, Banco Nacional de Nicaragua; Amb to US J. Jesús Sánchez Roig, Vice Chair, Banco Nacional de Nicaragua; Gov, World Bank; Dir, Banco Nacional de Nicaragua
NORWAY Chair: Wilhelm Christian Ottesen Keilhau, Dir, Bank of Norway - London (Norges Bank) Ole Colbjørnsen, Embassy, WA; Dir, Norges Bank (Bank of Norway); Alt Gov, IMF; Alt Gov, World Bank Arne Skaug, Emb, WA; Asst Prof, Univ Wisconsin; World Bank Gov Kaare Petersen (Adv), Norwegian Shipping & Trade Mission NY; U.N. Torfinn Oftedal, Emb, WA
PANAMA Chair: Augusto Guillermo Arango, Pres, Investors Service Corp of Panama; Amb to US Narciso E. Garay, Jr. Sec, Emb, WA
PARAGUAY Chair: Celso R. Velázquez, Amb to US Néstor M. Campos Ros, Emb, WA
PERU Chair: Pedro Gerardo Beltrán Espantoso, des Amb to US; Fst Vice Pres, Banco Central de Reserva del Perú Manuel B. Llosa, Second Vice Pres, Chamb Deps Andrés Francisco Dasso Hoke, Lima Senator Alberto Alvarez Calderón, Lima Senator Juvenal Monge, Cuzco Deputy; Prof, Natl School of Engineering Juan Chávez Dartnell, Couns, Emb, WA Emilio G. Barreto Latzeh, Adv [Pres], Banco Central de Reserva del Perú Alvaro Rey de Castro, Thrd Sec, Emb, WA
COMMONWEALTH OF THE PHILIPPINES Chair: Colonel Andrés Soriano y Roxas, Sec of Fin, Ag, Comm Jaime Hernandez, Aud Gen; Prof, Far Eastern Univ Joseph H. Foley, Mngr, Philippine National Bank, NY Agency; American citizen; IMF Alt Gov; World Bank Alt Gov Ismael Mathay, Sr., Asst to Aud Gen, Comm Budg/Fin
POLAND Chair: Ludwik Grosfeld, Min of Fin Leon Baránski , Dir Gen, Bank of Poland; Exec Dir, World Bank; first Gov, Central Bank of Kenya Zygmunt Karpinski, Dir, Bank of Poland; Alt Exec Dir, IMF Stanisław Kirkor, Dir, Min of Fin Janusz Zółtowski, Emb, WA; Alt Gov, World Bank Michal Angelo Heilperin, Assoc. Prof, Hamilton College Władysław Roman Malinowski, Emb, WA; UN Sec (instrumental in founding UN Conf on Trade/ Devel) Gustaw Gottesman, Sec to Min of Fin
UNION OF SOUTH AFRICA Chair: S. Frank N. Gie, Min to US John Edward Holloway, Fin Sec; Prof, Gray University College; Alt Gov, IMF; Alt Gov, World Bank; Amb to US; IMF Gov; World Bank Gov Michiel Hendrik de Kock, Dep Gov, South African Reserve Bank; Alt Gov, World Bank; Gov, South African Reserve Bank; World Bank Gov Willem Christiaan Naudé, Adv Attaché, WA; Amb to US
UNION OF SOVIET SOCIALIST REPUBLICS (USSR) People’s Commissariat for Foreign Trade (PCFT) Chair: Mikhail Stepanovich Stepanov, PCFT Comm Pavel Andreyevich Maletin, Fin Comm Nikolai Fyodorovich Chechulin, State Bank of the USSR, Dep Pres Ivan Danilovich Zlobin, PCFT Chief, Mon Div A.A. Arutiunian, Prof; PCFT Del, UN Eco/ Soc Coun; Chief Del, UN Eco Comm Europe A.P. Morozov, PCFT Chief, Mon Div Aleksei Mikhailovich Smirnov, Prof, Inst Foreign Trade P.I. Titov, N.S. Ivanov, A.V. Borisov, L.M. Andreev, M.A. Chekmarev, N.I. Kuznetzov, N.K. Panchenko, Mrs. L.J. Gouseva, M.M. Idashkin, PCFT Adv Fedor Petrovich Bystrov, Prof, Institute of Foreign Trade
UNITED KINGDOM Chair: Lord John Maynard Keynes, Adv Chanc of Exch; Dir, Bank of England; (Baron Keynes of Tilton 1942); Gov, IMF; Gov, World Bank; V P, World Bank Hon. Robert Henry Brand, Treas Rep WA; Mng Dir, Lazard Brothers and Co; Dir; Lloyd’s Bank; (Baron Brand of Eydon); Alt Gov, IMF; Alt Gov, World Bank Sir Wilfrid Griffin Eady, Joint Sec Sec; Head, Overseas Fin, UK Treas Nigel Bruce Ronald, Asst Under Sec St FoR Affairs; (knighted) Dennis Holme Robertson, Treas (2nd to Keynes) Cambridge Univ; (knighted) Lionel Charles Robbins, Cabinet; Prof, London School of Economics; (Baron Robbins of Clare Market Redvers Opie), Couns, Emb, WA Eric Beckett, chief legal expert, (knighted 1948) George Lewis French Bolton, Adv, Bank of England; IMF Alt Gov, Exec Dir, IMF; Bank of England Dir, Exec Dir, Bank of England; (knighted) Charles H. Campbell, 1st Sec, Emb, WA John W. Russell, 2nd Sec, Emb, WA Ralph H. Thomas, 2nd Sec, Emb, WA Secretaries H.E. Brooks, UK Treas Arthur Wendell Snelling, Dominions Off, (knighted) Richard T.G. Miles, 3rd Sec, Emb, WA; Adv, Br Del to UN Additional: Lydia Lopokova, Baroness Keynes
UNITED STATES OF AMERICA Chair: Henry Morgenthau, Jr., Treas Sec (1934-1945) Vice Chair: Frederick Moore Vinson, Dir, Off Eco Stab; Treas Sec (1945-1946); IMF Gov, World Bank Gov Dean Gooderham Acheson, Asst Sec St; Acting Treas Sec (1933); Sec St (1949-1953); drafter World Bank agrmnt Edward Eagle Brown, Pres, Fed Adv Coun, (drafter World Bank agrmnt); Pres, First National Bank of Chicago; Federal Reserve Board of Governors Leo Thomas Crowley, Admin, For Eco Admin: Alien Prop Admin; Chair, Fed Dep Ins Corp Marriner Stoddard Eccles, Chair, Federal Reserve Board of Governors Mabel Newcomer, Prof, Vassar College Brent Spence, House of Reps, Chair, House Comm Bnkg/Currency Charles William Tobey, Senate; Senate Comm Bnkg/ Currency Robert Ferdinand Wagner, Sr., Senate; Chair, Comm Bnkg/Currency Harry Dexter White, Asst to Treas Sec; chief WWII monetary negotiator; Asst Treas Sec; IMF Exec Dir (1946-1947); member of spy cell Jesse Paine Wolcott, House of Reps; House Comm Bnkg/Currency Foreign Eco Admin: James Waterhouse Angell, Adv (a drafter of World Bank agrmnt), Prof, Columbia Univ Dept of Treas, Asst Dir: Edward Morris Bernstein, Exec Sec Del (3rd most important contributor to conf) Dir, IMF Research Malcolm Bryan,* 1st VP, Federal Reserve Bank of Atlanta Dept of St, Fin/Mon Aff: Emilio Gabriel Collado, drafter World Bank agrmnt; World Bank Exec Dir Henry H. Edmiston, VP, Federal Reserve Bank of St. Louis Walter Gardner, Federal Reserve Board of Govs; drafter World Bank agrmnt Emanuel Alexandrovich Goldenweiser, Dir, Federal Reserve Board of Govs, Pres, Amer Stats Assn; influential Fed off Alvin Harvey Hansen, Federal Reserve Board of Govs; Prof, Harvard Univ (intro'd Keynesian economics) Dept of St, Eco Aff: Frederick Livesey, Adv Walter Clinton Louchheim, Jr., off Sec/Exch Comm Dept of Comm: William Maffry, VP, Export-Import Bank; consult, Eco Coop Admin (Marshall Plan) Dept of Treas: Norman T. Ness, sr St Dept off Dept of St: Leo S. Pasvolsky, drafter UN Charter Warren Lee Pierson, Pres, Export-Import Bank Chauncey William Reed, House of Reps; Comm Coinage/Weights/Measures Andrew Lawrence Somers, House of Reps; Chair, Comm Coinage/Weights/Measures Menc Stephen Szymczak, Federal Reserve Board of Govs, (1933-1961) Dept of Treas: Ansel Frank Luxford, Chief Adv; World Bank Gen Coun Benjamin V. Cohen, Gen Coun, War Mobilization Dept of St: John G. Winant, Couns For Eco Admin: Oscar Sydney Cox Ethan B. Stroud, VP, Federal Reserve Bank of Dallas, Sec Gen Treas Del: Charles Stewart Bell, Henrietta Stein Klotz, Margaret McHugh, M. Frederik Smith, Arthur Sweetser (League of Nations) UN Secretaries Elting Arnold*, Inter-American Development Bank Richard B. Brenner,* IMF Asst Gen Coun Isador Lubin, UN Eco Council, UN Comm; Labor Stats, Eco. Employment Comm George F. Luthringer, IMF Alt Exec Dir; IMF Dir of Far East/Middle East, Latin Amer Dept; IMF Dir of W Hem Dept Treas, Foreign Assets Control: Emanuel E. Minskoff Joseph P. Dreibelbis, Coun, Federal Reserve Board of Govs; VP, Bankers Trust Co Treas: Dorothy F. Richardson (married Solomon Adler, member Silvermaster spy ring). Dept of Agr, Dir of War Prod Bd: Gregory Silvermaster, member Silvermaster spy cell Lauchlin Bernard Currie, For Eco Admin; influential; Asst Dir Research/ Federal Reserve Board of Govs; member Silvermaster spy ring Solomon Adler, US Treas Rep in China (1941-1948); member Silvermaster spy cell Hawthorne Arey, Dir, Export-Import Bank; Dir, Inter-American Development Bank Arthur Smithies*, Bur of Budg; Prof, Harvard Univ Also on Conference Secretariat: William Ludwig Ullmann*, Asst to Harry Dexter White
URUGUAY Chair: Mario La Gamma Acevedo, Fin Min; Gov, World Bank Hugo García, Fin Attaché, Emb, WA; Gov, IMF; Gov, World Bank
VENEZUELA Chair: Rodolfo Rojas, Banker, Treas Min Alfonso Espinosa, Pres, Permt Fin Comm Cristóbal Mendoza, Adv, Banco Central de Venezuela José Joaquín Gonzáles Gorrondona hijo, Off Import Control; Dir, Banco Central de Venezuela Manuel Pérez Guerrero, For Aff Min; Prof
YUGOSLAVIA Chair: Vladimir Rybar, Coun, Emb, WA Observers DENMARK: Henrik de Kauffmann, WA Amb Count Kai Benedict Ahlefeldt-Laurvig, Coun, WA, LEAGUE OF NATIONS Alexander Loveday, Dir, Eco, Fin, Transit Dept Alternate: Ragnar Nurkse; Prof, Columbia Univ INTL LABOUR OFFICE Edward Joseph Phelan, Acting Dir Alternates Wilfred Jenks, Adv; Dir, Intl Labour Org Edward John Riches, Chief, Eco/Stat Sec UN COMM FOOD/ AG Edward Twentyman, UK Del UN RELIEF/REHAB ADMIN Observers Abraham Howard Feller, Gen Coun; first UN Gen Coun * = also member US delegation Sec Gen Intl Conf: Warren H. Kelchner Dept of St, Tech Sec Gen: Frank Coe; Foreign Eco Admin; IMF Sec (1946-1952); member Silvermaster spy cell. Philip Caryl Jessup, Asst Sec Gen, Prof, Columbia University; US rep to UN; Judge, Intl Court of Justice Secs of Technical Comms/ Committees Dept of Treas Legal Staff: Elting Arnold*, Asst Gen Coun; Dir, Foreign Assets Control; Gen Counsel, Inter-American Development Bank Treas: Henry J. Bittermann, Assoc Prof, Ohio State Univ Karl Richard Bopp, Federal Reserve Board; Pres, Federal Reserve Bank of Philadelphia Alice Bourneuf, Federal Reserve Board; Prof, Boston College Treas: Richard B. Brenner,* IMF Asst Gen Coun Malcolm Bryan,* Fst VP, Federal Reserve Bank of Atlanta; Pres, Federal Reserve Bank of Atlanta (1951-1965) Treas: Lauren Wilde Casaday, Univ of Arizona Dept of St, Mon Aff: Eleanor Lansing Dulles Charles Henry Dyson, Army Col; established WWII Lend Lease Program; pioneer of leveraged buyouts Treas: Raymond French Mikesell, Prof, Univ of Oregon Treas, Bureau of Foreign Funds Control: Orvis A. Schmidt, World Bank official Bur of Budg: Arthur Smithies,* Prof, Harvard Univ Treas Dept, Admin Asst to Harry Dexter White: William Ludwig Ullmann* Army Captain; on staff of US deL; leading member Silvermaster spy cell (Frank Coe colleague). Arthur P. Upgren, Federal Reserve Bank of Minneapolis; a Dean Dartmouth College Dept of St, Intl Fin: Chief, John Parke Young (bro of Arthur Young, Consultant to China)
http://www.centerforfinancialstability.org/bw/ Who_Was_at_Bretton_Woods? July 1, 2014 by Kurt Schuler and Andrew Rosenberg; the list of delegates and secretariat who attended the United Nations conference was compiled from Bretton Woods Transcripts and U.N. documents.