Detroit evening times. (Detroit, Mich) 1921-1958, 1944-07-13
SAMUEL
,CROWTHER
The Monetary
Conference
QRETTON WOODS. n. H..

- July 13-The public mind
is greatly confused AS to what 4
is going on AT this so-called
monetary conference
II is confused because of the
ballyhoo led by the President
and Secretary Morgenthau TO
the effect that an agreement
here will show that the United
Nations are united and that a
perfect postwar world is only a
matter of signing a scrap Of
paper with the right words
written on II.
II seems 10 be taken for
granted that the United States
has both the means and the
duty 10 underwrite both the war
and the peace which is only
another way of saying that the
resources of the United States
should again he levied upon 10
restore the world 10 condition
where II can get ready for an
other war.
THERE is iHst he-way- of tell.
L ing how much of a price is
due 10 the supply and demand
OF the commodity itself and how
much * due 10 the value Of the
money in which the commodity
is measured.
Prices have i'm the past often
been rugged by bankers controll-
ing the supply of money. But
II was not until after the first
World War that governments
through their central banks
took over the rigging of money
IN big way.
They did. as a matter Of high
public policy and without shame.
what before had been criminal
for private bankers 10 do. When
a private banker defaulted, he
went bankrupt and sometimes
went 10 jail.
When a government defaHlted
by deNaluatlon or by repudlatlng
the gold contracts. II became
plouS and talked about helping
the common people.
The SOundncSs of Coun'rys
money depends fundamentally
on It's domestic policies.
II is possible 10 gNe an arii-
fetal value 10 money that Is,
to keep money balloon in the
air by getting together a big
gold fund and rigging the for
clgn exchange markets
II IS now certain, however.
that the financial Corrymander-
INC Of the "tWenlIcS including
the Dawes and Young plans
did more narm than good and
only postponed the reckoning,
lust rs the Roosevelt admlnlS-
tra'lor win all IT'S plans.
schemes and spending only
made 2 polrIca! institution out
of what started a, a depression
THE scheme bo.nc discussed
L A. Breton Wood, differs
from the VARIOUS >chemSe q the
"iWcniIeS only n pretending
tina, bl agreement and manlpu-
lauon countries with unhal-
anccd budget, and unbalanced
foreign accounts can do huSi-
moss Just a. though they we're
solvent
The new dca Of what is
crandly called a compensated
economy. advanced hv Lord
Keynes and eagerly taken up
hl our New Dealers recognizes
national bankruptcy as a per-
mancnt and desirable condition.
Through the operation OF the
fund bankruptcy could ne made o
universal and those who con-
trolled the fund could cventu-
ally by controlling foreign7
trade. control all national oconl
omIcs The New Dealers have
maya 10 control
TIE provisions Of The fund arc
L extremely complicated and
intentionally 50
The plan con'cmpla'eS that
the promoters VIII no 20 wise
that they can give values 10 all
CurrcnClcS even 20 the cur
rcnClcS OF countries that are
now in German hands and may.
with the peace, SHIFT 10 Russian
hands.
Each country has a quota
which II y supposed 10 contrib
Ute to the fund IN gold or IN
It's own paper money
The United States would con-
tribute gold 10 the extent Of
about onc-quartcr Of the fund.
# II be ton billion dollars. but
The promoters have power 10
take enough paper money so
that tho United states might
find itself contributing well over
half the fund.
Since tho paper monies are
Just indefinite promises 10 pay
IN more paper money. the et-
feet Of the fund would he 10
give a huFng power ~ a paper
money that might otherwise be
worthless.
I'VE United States is about
L the only country which after