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In view of the irresponsibility of the U.S. and other governments, which are doing nothing to protect their people from the catastrophe, many leading American and international figures understand that they must join Lyndon H. LaRouche Jr. to bring about a New Bretton Woods financial reorganization. They have constituted themselves as an Ad Hoc Committee for a New Bretton Woods, which issued the following call on April 6, 2000:
The governments of the G-7 nations have repeatedly demonstrated their unwillingness and inability to prevent the threatened collapse of the global financial system, through a prompt, and thorough reorganization of the system. This renders it urgently necessary that those in all countries who recognize the devastating consequences of a systemic financial crisis, raise their voices.
We, the signators, refer to Lyndon LaRouche as the economist, worldwide, who has analyzed the causes of the systemic crisis in greatest depth, and for the longest time, and who, at the same time, has elaborated a complete package of measures to be taken to overcome it: the anti-crisis program for a New Bretton Woods.
We, the signators, take note of the recent initiative of members of the European Parliament, which states:
The European Parliament,
Whereas the 1944 agreement of Bretton Woods
mechanisms contributed to the realization of
monetary stability and to postwar economic
Whereas there is a divergence between the
real economy and the financial economy since the
decoupling of the dollar from the gold reserve
Whereas financial crises have exploded in
different parts of the world since 1997;
Whereas the international monetary and
financial institutions, in carrying out their
tasks, are malfunctioning;
Whereas it has been ascertained that the
``speculative buble'' has had devastating effects
for the economies of developing countries,
completely transforming the structures of the
world economy, and reaching the level of at least
$300 trillion, compared to the world GDP of about
Invites the European Commission:
a) to propose the convocation of a new
conference, similar to the one at Bretton Woods,
with the aim of creating a new international
monetary system to gradually eliminate the
mechanisms which have led to the ``speculative
b) to evaluate the possibility of
anchoring currency values to an element of real
reference, and to better and more completely
control the movements of currency rates; and
c) to propose the creation of new credit lines
oriented to developing investments in the sectors
of the real economy, and to define infrastructure
projects of continental dimensions.
The most dangerous absurdity of the present situation is underlined by the fact, that the so-called "New Economy'' is being celebrated by the White House in the U.S.A. and by government leaders of the European Union, as a great success, at the very moment that the financial bubble, blown up with this myth, is bursting!
Far from advancing growth and development of the world economy, so-called ``globalization'' has in reality showed itself to be a form of unbridled predator capitalism, which has opened wide the divergence between financial titles and real economy on the one hand, and rich and poor,on the other, in an intolerable manner--both on the national and the international plane.
Considering the increasingly accelerating systemic crisis, we, the signators, have decided to constitute the Ad Hoc Committee for a New Bretton Woods.