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 all those 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 over the longest time, and who, at the same time, has elaborated a comprehensive 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 post-war economic reconstruction;
- WHEREAS a divergence was created between the real economy and the financial economy after the decoupling of the dollar from the gold reserve system;
- WHEREAS financial crises have exploded in different parts of the world since 1997;
- WHEREAS the international monetary and financial institutions have malfunctioned, failing to carry out their tasks;
- WHEREAS it has been ascertained that the "speculative bubble" has had devastating effects for the economies of the developing countries, transforming completely the structures of the world economy, and reaching the level of at least $300 trillion, compared to a world GDP of about $40 trillion;
INVITES THE EUROPEAN COMMISSION:
a) to propose the convocation of a new Conference, similar to the one at Bretton Woods, with the purpose of creating a new international monetary system, capable of gradually eliminating the mechanisms which led to the "speculative bubble";
b) to evaluate the possibility of anchoring the currency values to a real reference point, and to exert more effective control over exchange rates;
c) to propose the creation of new credit lines oriented to develop investments in 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 USA and by government leaders of the European Union, as a great success, at the very same 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 shown itself to be a form of unbridled predator capitalism, which has exacerbated 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.
By adding my signature below, I endorse this Ad Hoc Committee for a New Bretton Woods and authorise my name to be used in conjunction with this statement in newspaper and other publicity for the statement.