The Waterbury Democrat., 1945-06-06
Bretton Plan Played Again
BY FREDERICK c, OTHMAN

Washington, June 6SUP)-The gentlewoman from Illinois, Jessie Sumner, says Breton Woods is the worst swindle in American history. Rep. Brent Spence of Kentucky says Breton Woods is the only way to make an everlasting peace. Rep. Jesse P. Wolcott of Michigan who is in favor of Breton Woods, says he doubts if anybody under stands it perfectly.
 You get the idea. The lawmakers are debating Breton Woods today; they'll probably adopt it tomorrow. While they're giving with the ora tory, I'll jot down my explanation of Breton Woods for the special benefit of people-there must be a few-who aren't any smarter than I am
 Breton Woods isn't a document, its 8 summer resort in New Hamp- shire with a hotel where you can get medium sized room with bath and three reasonably good meals for $30 day. The financial big shots from A countries met there last July and after g days of kicking the gong around came up with a plan. They called it the Breton Woods agreement to establish an international monetary fund and an international bank for recon struction and development.
 guess they were lawyers. Their plan covers S5 closely-printed pages that mostly make no sense to me. Here's one sentence:
 If the funds holdings of the currency of a member have re- mained below 75 per cent of its quota for an immediate preceding period of not less than six months. such member, if it has not been declared ineligible to use the re- sources of the fund under Sec. of this article, article VI, Sec. 6. Article V, Sec. 5, or article XIV, Sec. PA, shall be entitled, notwith- standig provisions of Sec. IA of this article, to buy the currency of another member from the fund with its own currency for any pur- pose, including capital transfers
 That's enough of that. We will consider first the international monetary fund:
 This IS an ss,soo, ,ooo, 300 nr-y m which all hands chip in to keep money on an even keel throughout the world. If kopeks or francs or pounds go down, Russia France or England borroWs enough from the fund to bring the money up again.
 That means when you go to Paris on a vacation with $500 to spend you'll get your moneys worth. A jug of cognac won't cost the whole $500. Neither will you be able to buy 1t for eight cents. The price will be normal, or about $50, and the same goes for everything else for sale in the world. If the deal works there won't by any infla- tions, or deflations either. So much for the international monetary fund.
 Let us now consider the Interna- tional Bank, which will have $9,- 100, GOO, 900 to play with. Remember the Federal Housing Administra- tion? When you bought your house you borrowed the money from the bank and the FILA guaranteed re- payment?
 This International Bank thing is the same deal. If anybody in Cze- ci.oslovakia or Poland or Belgium wants to rebuild his bombed -out furniture factory he borrows the money from an ordinary bank. Along comes our worldwide FILA and guarantees the loan.
 It charges a percentage for this and, with luck, should come out of the rebuilding of Europe with a profit. That takes care of the bank.
 If you have any other questions, I advise you against reading the congressional record: 1t would eff you're still with me and hence ad- nit you're on an Othman mental !eveD just get you mixed up.