Bretton Woods Monetary Institute & Festival
“The aim of the Bretton Woods Conference was the creation of a dynamic world community
in which the peoples of every nation will be able to realize their potentialities in peace.”
Henry Morgenthau, Chairman 1944 Bretton Woods Conference & United States Secretary of the Treasury.
One can’t solve a problem with the same thinking that created it in the first place.
To try to do so, the father of modern science went on to add, is “insanity.”
“Too much of what young scholars [economists] write these days is theoretical drivel,
mathematically elegant but not about anything real.”
Alan Blinder, former Vice-Chairman of the FED,
Professor of Economics, Princeton University
“The economics profession has not, to say the least, covered itself in glory these past six years. Hardly any economists predicted the 2008 crisis — and the handful who did tended to be people who also predicted crises that didn’t happen. More significant, many and arguably most economists were claiming, right up to the moment of collapse, that nothing like this could even happen… Furthermore, once crisis struck economists seemed unable to agree on a response. They’d had 75 years since the Great Depression to figure out what to do if something similar happened again, but the profession was utterly divided when the moment of truth arrived.”
Paul Krugman, Nobel Prize Laureate in economics and New York Times Columnist
Recognizing the truth of the foregoing words — the unfortunate legacy of the “dismal science” of economics — The Bretton Woods Monetary Institute will be compiling resources that address our monetary misfortunes. Initial resources are introduced below; more are to come. The resources distinguish themselves in the following recognitions:
^ A new thinking, as Einstein notes, is called for — in order to address the problems-challenges–opportunities facing our monetary and financial systems.
^ If our monetary and financial systems are to serve humane ends, serve humanity itself, that thinking needs to become truly human.
^ To become truly human, our thinking is called to give expression to our full humanity. Not to our brain-bound intellect alone, the “theoretical drivel” that Blinder speaks of in his foregoing words. Rather, such one-sided thinking must be enlivened by the inspirations of the human heart and “schooled” by the devotions of the will.
^ Winston Churchill spoke to this fullness of our humanity in his words: “Man is a spiritual being, advancing on an immortal destiny, and science, politics, economics are good or bad as far as they help or hinder the individual on its eternal journey.”
^ In simple terms, the human being is more than a “cost,” “head-count,” “hand” to be exploited, factored into corporate ledgers. The fulfillment of our humanity rather is what gives meaning to our economy, as it does to all human endeavor.
^ This will become clear with the realization that the end of business is not to make money. Making money is, rather, the means to a greater end: the creation of “goods” that are truly good, the rendering of a service that is a true service — in a way in which all stakeholders in the enterprise prosper, above all the community that provides businesses’ very foundation.
^ This realization leads, in turn, to the recognition that, in a healthy social order, money is not a commodity to be speculated with in our “money markets,” in order to “make a killing.” Rather, money is the essential medium of exchange, the “life-blood” of our nation, common wealth. As such, money must be allowed to circulate unimpeded throughout the entire society, body-social, enriching every cell in the organism, as opposed to being pooled in privileged and selection organs (the 1%), where it becomes, in effect, a blood-clot, undermining the system.
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R E S O U R C E S
I. How the Economy Works:
The following video < https://youtu.be/PHe0bXAIuk0 > explains how our economy works, not in theory but in practice — as suggested by America’s most successful investor, Ray Dalio, founder of Bridgewater Associates. Bridgewater’s unprecedented success has arisen out corporate culture, whose two central pillars are: radical honesty and radical transparency. This bracing tonic is illuminated in Ray Dalio’s book Principles.
II. New Economic Order
Introduction and exploration of a debt-based monetary system is offered by Richard Kotlarz, trustee of The Center for American Studies at Concord. Other articles and past blog writings by Richard are at: http://.richardkotlarz.com
Article available at New Economic Order
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Photo Gallery from 2015 Bretton Woods Convocation (if password required, enter concordium)