The devastation by World War II in countries right across the world was enormous, so enormous in fact that the Royal Families of the World knew that the Global Debt Facility had to be utilised far greater and extensively than it had been utilised previously. However, the Royal Families of the World were ill-equipped to cope with this, so an alternative method of use had to be devised.
The Royal Families decided that the Allied Nations (America, United Kingdom, France and their Allies) would be designated to assist the Royal Families in all funding provided by the Global Debt Facility for the reconstruction and development of affected countries, but under strict conditions.
In addition, the whole international financial system needed to be completely restructured to be able to cope with the vast task before them. This was happening even before the complete end of World War II.
The Bretton Woods Agreement/Treaty was negotiated in July 1944 to establish a new international monetary system, the Bretton Woods System. The Agreement/Treaty was developed by delegates from 44 countries at the United Nations Monetary and Financial Conference held at the Mount Washington Hotel, Bretton Woods, New Hampshire, USA.
The development of the Bretton Woods System allowed for an obligation of each country to adopt a monetary policy that maintained its external exchange rates within 1 percent by tying its currency to gold and the ability of the IMF to bridge temporary imbalances of payments. Also, there was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies as well.
There were, built into the Bretton Woods Agreement/Treaty, several side Agreements/Treaties that allowed for the establishment of:
The International Monetary Fund (IMF) which was supposed to be the “lender of last resort” to bridge temporary imbalances of payments. The IMF has adjusted its objectives several times since 1945, and has effectively become an operating arm of the American Government, and now effectively “surplus to requirements”.
The International Bank for Reconstruction and Development (IBRD), later to be known as the World Bank and then the World Bank Group. This Bank was responsible for providing the funds for many major Reconstruction Projects within many of the devastated countries of the world. Over the succeeding years since 1945 the World Bank has extended its operations quite extensively, some say unnecessarily, so, like the IMF it has become a monolithic structure to which all members pay an extortionate amount of tax payers money to become members of. Again, it is an organisation that has become “surplus to requirements”.
Unknown to many, there was also another Agreement/Treaty that was rarely spoken about and unknown to all but a select few people, which is still held “Secret” today and for which the highest security clearance, usually held by a Head of State and/or Prime Minister is required to access the “Secret” files of this Agreement/Treaty. This was the Agreement/Treaty to form a Commission, known as the Trilateral Trillenium Tripartite Gold Commission (TTTGC), having a 50-year term to act as the “go between” of the Bretton Woods System, the IMF, the International Bank for Reconstruction and Development, and the G7 Nations of the World, to ensure that the funds needed to undertake the greatest reconstruction and development the world would ever see, were made readily available by the Global Debt Facility.
The Bretton Woods Treaty was praised for its ideas and principles, but then criticised for its total failure. What should have been, never happened and many countries lost out on the available financial assistance and were totally ignored, which has, in part, led to the existing and ever increasing “great divide” existing today throughout the world between rich and poor countries.
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