“A new global financial environment has unfolded in several stages since the collapse of the Bretton Woods system of fixed exchange rates in 1971.”

— Michel Chossudovsky

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 20, Global Financial Meltdown, p. 309

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Michel Chossudovsky24

Canadian economist 1946

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Michel Chossudovsky (1946) Canadian economist

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“The global crisis is caused by pathologies inherent in the global financial system itself.”

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“The explosion of financial innovation unaccompanied by credible systemic regulation has made the financial system vulnerable. The resulting crisis of confidence threatens global prosperity in the increasingly interdependent world in which we live. There is, therefore, a need for a new international initiative to bring structural reform in the world's financial system with more effective regulation and stronger systems of multilateral consultations and surveillance. This must be designed in as inclusive a manner as possible.”

Manmohan Singh (1932) 13th Prime Minister of India

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“Writing in 1944, the year of the Bretton Woods Conference, Polanyi suggested that the extension of the institutions of the market over the course of the nineteenth century aroused a political reaction in the form of associations and lobbies that ultimately undermined the stability of the market system. He gave the gold standard a place of prominence among the institutions of laissez faire in response to which this reaction had taken place. And he suggested that the opening of national economic decision making to parties representing working-class interests had contributed to the downfall of that international monetary system. In a sense, this book asks whether Polanyi’s thesis stands the test of time. Can the international monetary history of the second half of the twentieth century be understood as the further unfolding of Polanyian dynamics, in which democratization again came into conflict with economic liberalization in the form of free capital mobility and fixed exchange rates? Or do recent trends toward floating rates and monetary unification point to ways of reconciling freedom and stability in the two domains?”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

“For continued system cohesion, the mean rate of system adaptiation must equal or exceed the mean rate of change of environment.”

Derek Hitchins (1935) British systems engineer

Source: Putting systems to work (1992), p. 63 Cited in: Lars Skyttner (2005) General Systems Theory: Problems, Perspectives, Practice. p. 103

“In July 1944, at the Mount Washington Hotel in the resort town of Bretton Woods in the White Mountains of New Hampshire, John Maynard Keynes and Harry Dexter White created the New World Order.”

Patrick Buchanan (1938) American politician and commentator

2000s, Where the Right Went Wrong (2004)

“The inspiring theory for Bretton Woods was suggested by a well known economist, beyond any suspect, John M. Keynes. Lord Keynes - as in the meanwhile he has been appointed by the English Crown - appeared worried about possible troubles in the international system of payments, like those occurred after World War One, which contributed to the new conflict. He has published an article on this subject in 1946. Consequently he gave the blessing of his authority to the agreements. Lord Keynes, as chief of the British delegation, was appointed chairman of the Commission II, charged for the institution of an International Bank for Reconstruction and Development - IBRD (World Bank). The Bretton Woods agreements represented a sort of solemn will for Lord Keynes, since he died out two years later the signature”

Nico Perrone (1935) Italian historian and writer

Source: The international economy from a political to an authoritative drive, p. 129

“We did stop the meltdown. We avoided what would have been, I think, a collapse of the global financial system. That was obviously a good thing. But one thing that I was always sure of and the Federal Reserve was always sure of was that a collapse of some of these big financial firms was going to have very serious collateral consequences. There were people arguing even as late as September 2008, “Well, why don't you just let the firms collapse? There is a system that can take care of it: bankruptcy. Why don't you let them fail?” We never thought that was a good option. Particularly, if the whole system had collapsed, we would have had extraordinarily serious consequences.”

Ben Bernanke (1953) American economist

Lecture 3: The Federal Reserve's Response to the Financial Crisis
The Federal Reserve and the Financial Crisis (2012)

“The presently existing global financial and monetary system will disintegrate during the near term. The collapse might occur this spring, or summer, or next autumn; it could come next year; it will almost certainly occur during President William Clinton's first term in office; it will occur soon. That collapse into disintegration is inevitable, because it could not be stopped now by anything but the politically improbable decision by leading governments to put the relevant financial and monetary institutions into bankruptcy reorganization.”

Lyndon LaRouche (1922–2019) American political activist and founder of the LaRouche movement

"The Coming Disintegration of Financial Markets" (June 1994) http://spanish.larouchepac.com/static/about-larouche.html.

“What is the right exchange rate at one point is not necessarily the right exchange rate at another.”

Norman Lamont (1942) British politician

As he stated on Channel 4 News, 15th December 2008

“A new global financial environment has unfolded in several stages since the collapse of the Bretton Woods system of fixed exchange rates in 1971.”

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Michel Chossudovsky24

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