America’s Fundamental Transformation

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.

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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 boomEquipment 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? 

Monarch 18-30 Neverslip (1916)

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 firstever 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 [1971]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 exodusWhy? 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

END NOTES


* 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.

United Nations Bretton Woods Conference to establish U.N. governance of an international monetary system: Who was at Bretton Woods? In effect, private bankers represented 44 countries — only about 14 delegates were elected representatives.  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:

List of Conferees at Bretton Woods

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.

GOLD IS A PRUDENT INVESTMENT.

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