Creature From Jekyll Island by G. Edward

The method by which gold was to be eliminated in interna-

tional trade was to replace it with a world currency which the IMF, acting as a world central bank, would create out of nothing. The method by which world socialism was to be established was to use the World Bank to transfer money—disguised as loans—to the governments of the underdeveloped countries and to do so in such a way as to insure the demise of free enterprise. The money was to be delivered from the hands of politicians and bureaucrats into the hands of other politicians and bureaucrats. When the money comes from government, goes to government, and is administered by government, the result will be the expansion of government.

The theoreticians who dominated the conference at Bretton Woods were the well-known Fabian Socialist from England, John Maynard Keynes, and the Assistant Secretary of the U.S. Treasury, Harry Dexter White. White became the first Executive Director for the United States at the IMF.

The Fabians were an elite group of intellectuals who agreed with Communists as to the goal of socialism but disagreed over tactics. Whereas Communists advocated revolution by force and violence, Fabians advocated gradualism and the transformation of society through legislation.

It was learned in later years that Harry Dexter White was a Member of a Communist espionage ring. Thus, hidden from view, there was a complex drama taking place in which the two intellectual founders of the Bretton-Woods accords were a Fabian Socialist and a Communist, working together to bring about their mutual goal; world socialism.

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THE CREATURE FROM JEKYLL ISLAND

Capital for the IMF and the World Bank comes from the

industrialized nations, with the United States putting up the most.

Funds consist partly of hard currencies—such as the dollar, yen, mark and franc—but these are augmented by many times that amount in the form of 'credits.' These are merely promises by the member governments to get the money from their taxpayers if the Bank gets into trouble with its loans.

While the IMF is gradually evolving into a central bank for the world, the World Bank is serving as its lending arm. As such, it has become the engine for transferring wealth from the industrialized nations to the underdeveloped countries. While this has lowered the economic level of the donating countries, it has not raised the level of the recipients. The money has simply disappeared down the drain of political corruption and waste.

R E M O U l L D I T | N E A R E R | T O T H E | H E A R T S | D E S I R E

This is an accurate rendering of the stained-glass window in the Beatrice Webb House in Surrey, England, headquarters of the Fabian Society. It depicts Sidney Webb and George Bernard Shaw striking the earth with hammers to 'REMOULD IT NEARER TO THE HEART'S DESIRE.' Note the wolf in sheep's clothing in the Fabian crest above the globe.

Chapter Six

BUILDING THE NEW

WORLD ORDER

The Game-Called-Bailout reexamined and shown

to be far more than merely a means of getting

taxpayers to foot the cost of bad loans; the final

play revealed as the merger of all nations into

world government; the unfolding of that strategy

as applied to Panama, Mexico, Brazil, Argentina,

China, Eastern Europe, and Russia.

Let us return now to the game called bailout. Everything in the previous chapter has been merely background information to understand the game as it is played in the international arena.

Here, finally, are the rules:

1. Commercial banks in the industrialized nations, backed by their respective central banks, create money out of nothing and lend it to the governments of underdeveloped nations. They know that these are risky loans, so they charge an interest rate that is high enough to compensate. It is more than what they expect to receive in the long run.

2. When the underdeveloped nations cannot pay the interest on their loans, the IMF and World Bank enter the game as both players and referees. Using additional money created out of nothing by the central banks of their member nations, they advance 'development' loans to the governments which now have enough to pay the interest on the original loans with enough left over for their own political purposes.

3- The recipient country quickly exhausts the new supply of money, and the play returns to point number two. This time, however, the new loans are guaranteed by the World Bank and the central banks of the industrialized nations. Now that the risk of default is removed, the commercial banks agree to reduce the interest to

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