- -

1944,
Mount Washington Bretton
Woods, New Hampshire.
Bretton Woods

John Maynard Keynes

Harry White.

1930

(Great Depression).
(Gold Standard).
, Bretton Woods : (i)
(IMF), (ii)
(World Bank), (iii)
(fixed exchange rates)
, $35
.
, Bretton Woods

.


(International Reserve
Currency).


1930.*
, ,
(speculator)
.
Bretton Woods
(moneylenders) (international
finance), 1930
.


.


(gamble) .

,
.

. Harold Wilson,
,
. Richard
Nixon, ,
.
, Lord Jenkins,
(predatory packs of salivating spectators).
, Michel Sapin,
.
*

(Devaluation)
, (run out of Gold).

1929, Wall Street Dow

Jones 90% 1932
. Roosvelt
.
,
.

 ,

.

1950. (The Quest for Wealth)
1956, Robert Heilbroner,
.
, ,
,
,
: ,
,

.*
O Heilbroner (anti-mammonism)
, Great Depression
. , Great Depression,
World War II.
1929, 25%
, 80%

50% 1934,
,
laissez-faire .
, ,

1920. ,
.
. , ,
,
.


*

Robert Heibroner, The Quest of Wealth, New York, 1956, p.213

.
.
1950 1960,


(invisible hand)
Adam Smith.
, ,
,
180
.
1960 1970,
Dow Jones 1968.
Go-Go*
. Warren Buffet
,
. Dow Jones
1974, S&P 50%
, !

Go-Go Years
.
(high flyers) Klonatex,
Stabilton, Dol, , , .
Bretton Woods


.

,
*

go-go , ,
.
- trading
. (John Brooks, The Go-Go Years, Wiley Classics, 1973,
p.128.)

 1965 Vietnam.
Charles De Gaulle
300 U.S .*
1971.
Nixon
.

(floating exchange rates).


Float : .
Adam Smith.

,
(market forces)
. ,
Hedge Funds,
.
, ,
/
(intrinsic value) .
, (money)
(Gold backing), (faith)

.
(fiat money)
.
(sleight of hand)
(paper)

*

Ellen Hodgson Brown, The Web of Debt, Third Millennium Press, Louisiana, p.209

, IMF $ 300 billion . .
U.S 1/3
. , , Nixon
.

, John Law.
1720
*,
. Voila! John Law
.
(Banque Generale)
. ,
.
,
Nixon 15 1971,
(financial revolution)
, !

(Federal Reserve)

.
(global reserve currency)
.
(unpegging)

.

.
. ,
,
. ,
,
,

Janet Gleeson, Millionaire, Simon & Schuster, New York, 1999, p.15
Edward Chancellor, Devil Take the Hindmost, Penguin Books, 1999, p.236

1860
Jay Gould, 19
(his touch is death). 1860 Gould
corner $130 1869 $300
1864.
(Black Friday, 23 1869).

 . 1970

, .
Bretton Woods ,

.

.
,
.

.

: $2
2%

. 98% .

Mexico 1994-5, 1997, 1998.*
1980,
,
.
, Bretton Woods,
Keynes 1946, .
(Keynesianism)
Milton
Friedman, .
Friedman
19 ,
- .
,
. (Free to
*

Bernard Lietaer, The Future of Money: Creating New Wealth, Work and a Wiser World, Century,
2001.

Choose),
, Friedman
, ,
.
, Adam Smith* :


, .
Friedman,
(Wealth of Nations) Adam Smith :
,
,
. ,
Friedman
,
.
Playboy :
...
...
.
, Friedman,

.
, ,
(Social Darwinism)
.
, .

Free to Choose: A Personal Statement, Milton & Rose Friedman, 1979.

Reagan (superb) , William Simon:
, .
*
Adam Smith, The Wealth of Nations, Penguin Books, 1986.

: People of the same trade seldom meet together, even

for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some
contrivance to raise prices, p.232.

Playboy, 1973.

 , ,
. , ,
, , (vulture capitalists).

1999-2000. ,
100 .
o
.
o
o
.
.
50% ,
.
Milton Friedman
.

,
.
1970,
, ,
Ronald Reagan Margaret Thatcher, . ,

(unfettered capitalism) Friedman
.*
Reagan
.

O Keynes :
.
.
o ,
(The General Theory of Employment, Interest, and Money,
1936, Harcourt Brace, New York, p.159)
*
Milton Friedman , Nixon, Ford
Reagan. , . Thatcher
.

 - IBM.
1930,
. Glass-Steagall

.*

. (budget)
(Securities Exchange Commission) ,
.
, Wizard of Oz,
Alan Greenspan Reagan

(money supply) .
, ,
.
,

,
.
Adam Smith ,

, .
Greenspan,

Friedman,

, ,
, Federal Reserve.

Glass-Steagall 1990.
Alan Greenspan, The Age of Turbulence, Penguin Books, 2007, p.86-89.

Adam Smith (, George Goodman,

The Money Game, Institutional Investor New York Magazine), The
Roaring 80s, New York, 1988, p.26.

Alan Greenspan,
50. Nixon 1968,
2008. 18
(Federal Reserve) (500
) , ex-offic
.

10



*
.
,
, .

.
.

.
, (trickle-down)
. ,
: private
vices producing public benefits.
21 ,
(The Age of Turbulence), Alan
Greenspan. .
-: .
.

Bill Clinton. , ClintonGreenspan (the odd couple).

, O Greenspan, Clinton. Clinton
Federal Reserve , ,
.
*
(futures), (options), Options
futures, (structured products), Naked Shorts ( ) ...
... .

, ,
, President
Reagans State of the Union , 1987. Dow
2000 .

Reagan. Lewis Lapham, Money and Class in America,

New York, 1989, p.8

11

 . ,

.
,

Merill

Lynch

$13

20% (
93 ). General Motors
$39 -
$38
$23. -, UBS, Morgan Stanley,
(subprime loans)
.
, Benoit Mandelbrot*:

, ?
: blowing in the wind ,
.

24 2008

Benoit Mandelbrot, The (Mis)Behaviour of Markets, Profile Books, London, 2004, p.111
The (Mis)Behavior of Markets, p.111

. ,
. 14 (trading
days) FTSE-20 20% . , ,
. 30% ! .
, . .
*

12