An Analysis of World

by FiDance

By A. K. Chesterton
One Shilling


K. CHRISTMAS STEPS - BRISTOL. 1 - .THE OF THE An Analysis of W orld Government by Finance . 1946 o§§o YEOMAN PRESS 5. BY A. CHESTERTON • JUNE.

and in particular the relating of the Final Act of Bretton Woods to the fi.. H. ~ The Two Nati ons '' and ~ The Breakdown of Mo ney. is nevertheless weil worth reading because of the wonderful lucidity with which its author deals with perversions of the monetary system . and the volume is of Hansard covering the debate on the Loan Agreement.• • • PREFACE HE final deductions in this treatise. are the author's own. for which he must not fasten any responsibility upon his authorities. Federal Reserve Board.nancial po licy which led to the foundation and perversion of the U. be recommended to the following works : Ali These Things '' and u The Truths About The Slump. N. Another book.'. Those readers .'' by Ludwell Denny ." by W.'' by Christopher HoUis .S. 1 ( 11 11 1 1 41 • • • ." by Major C. although it draws none of the conclusions bere set down. ~~The Mystical Body of Christ and the Reorganisation of Society. who wish to check the facts from which the deductions are made may ." by A. ~~The Money Illusion." by Professor Gustav Cassel . Collin Brooks. Field.'' by Father Denis Fahey. u The Economies of Human Happiness.'' by Professor Irving Fisher . '~ Th a Brief for the Prosecution. The Bankers' Conspiracy '' and A Fraudulent Standard. and indeed draws sorne which are at variance with them. however. '~ Post-War Monetary Stabilisation. America Conquers Britain. Douglas . by Arthur Kitson . ct Analysis of Usury n and" The Modern Idolatory/' by Jeffrey Mark.

In the bands of the creative capitalist it is power over the means to produce goods. and enabling a small band of internationallenders and manipulators to become the virtual masters of the world. with almost incredible candour. In the bands of the finance-capitalist. and at an agreed date receive back the capital sum other things being equal.A. explaining slump and boom. they would be a very long time attaining power. 1934: Bonds and mortgages must be foreclosed as rapidly as possible.S. The method was explained. in an article which appeared in The U. • • The technique of money-lending on its simplest level is to make an advance against security. but power as weil over nations and their governments. or money-lender. If the more ambitious money-lenders kept to this even routine. This truth is well known among our principal men now engaged in fortning an irnperialism of capital to govern the world.• • ' ONEY can only be understood in terms of power. therefore. but that it is in any case an authentic explanation of the aima and methods en1ployed admits of no doubt. These two motifs have long determined · the course of economie history. Thus by discreet action we can secure for ourselves what has been so weil planned. draw interest. is that the money they lend shall either be repaid to them when its buying power has been greatly enhanced. a perfectly honest transaction. Banke1'S~ Magazine* on August 26th. In the bands of the consumer it is power over goods.'" u * Doubt bas si nee been cast on the authenticity of thiS quotation. When through a process of the law the common people lose their homes they will become more docile and more easily governed through the strong arm of government applied by a central power of wealth under the control of leading financiers. it is not only power over producers and consumers. however. 3 • . What they desire. thus enabling them to foreclose on their mortgages and become possessed of their victim's capital assets. By dividing voters by the political party system we can get them to expend their energies in fighting over questions of no importance. or that it shall not be repaid at ail.

This will require the authorisation of 500 millions to 1. If a group of men in any country wishes to secure financial control over that country' s destinies. silver certificates and treasury notes must be retired. will be considered later.000 millions of new bonds as the basis of circulation. of preventing currency contraction. bringing ruin upon thousands of honest producers. but there can scarcely be any debate about its one concrete fact. Advocate an extra session of Congress to repeal the purchasing clause of the Sherman Law. The American Banking Association circulated to members instructions to sabotage the Government's plan : Silver. controllable currency basis. This involves two cardinal principles a single. when financiers achieved more absolute power than they bad ever before enjoyed.later this circular was declared to be a forgery. which reached its apotheosis under the Weimar Republic. ''and national bank notes upon a gold basis made the only money. providing the means. it describes precisely what did happen. Be careful to make a monetary stringency among your patrons. Y ou will at once retire one-third of your circulation and caU in one half of your loans. The financiers moved swiftly into battle. Sorne account must first be given of the way finance works. The Russian Revolution. the most obvious initial step is to gain control of the issue of currency. but out of it ar ose the central banking system of Germany. and a monopoly of the right to circulate notes and otherwise issue cred~ on that foundation. especially among influential business men. In 1890 there was in America a monetary stringency. The contrary is true. This threat to gold. their chosen medium. Revolution throughout has been the friend and ally of finance-capitalism.• Before investigating how this amiable programme bas been. but nobody tt challenged tt when Mr. 4 • • • . could not be tolerated. In any case. Their weapon in every case was a deliberately engineered Stock Exchange panic. The banking history of the United States shows how the manipulators went to work to attain these objectives. and is being. one popular fallacy should at once be explodedthe fallacy that this t t imperialism of capital '' bas been set up in the teeth of Left-Wing opposition. Whether or not the French Revolution increased the sum of human liberty. The Revolution of 1848 brought precious little happiness to ordinary human beings.''* * Fifty years . to counteract which the Government three years later introduced the Sherman Silver Purchase Act. which furnishes a complete picture of the inter• relation between international capitalism and socialism. by Governme~t purchases of silver. Lindberg brought it to the notice of the House of Representatives in 1913. Chas. A. fulfilled. equality and fraternity offers a subject for debate. such as gold.'' ran its fiat. which was the sweeping away of the Monarchial State and the founding in place thereof of the Bankers' State.

At any rate. not because of any general panic actio-n by the ordinary investor. as here. It may or may not have been a coïncidence that Salomon Loeb. and from the ensuing panic his firm emerged as the complete masters of American railway finance : through Northern Securities Company it controlled ~264. of course. moreover. many genuine idealists in the United Stateschief among them Woodrow Wilson and William Jennings Bryan. At the same time the Steel Trust was able to complete its absolute monopoly. Gold henceforward was to be the sole basis of currency.• • Even at that time finance enjoyed a measure of international power. it is to be noted th at tho se at the heart of the conspiracy invariably managed to turn the chaos to their own immense financial advantage. but because manipulators of the millionaire class wilfully created a run on the banks. • • 1 . One direct result of the 1893 panic was the transference of the Union Pacifie Railroad into the bands of Jacob Schiff. Schiff managed to bring the mighty Great Northern Pacifie Railway crashing to the ground.000 worth of stock and became an acknowledged member of the Money Trust which dominated the entire field of American Capitalism. Loeb and Company today the monarchs of international finance. that doughty foe of th. A few years later. for India was brought in to help the campaign. was a member of Knickerbocker Trust. as the bankers bad planned . which she did by stopping the minting of silver. Loeb and Company. the shutting of factories. • • 1 • • Jacob Schiff was now to be joined in Kuhn. Loeb and Company. caused the closing-down of silver mines. of Kuhn. And it so happened that there was a gentleman at hand only too happy 5 . widespread ruin and. which they held to re-sell at par. head of the banking firm of Kuhn. in conjonction with the panic deliberately induced bythe New York bankers.e Money-Power determined upon large-scale reforms to create arder in place of the prevailing brigandage. and together they moved forward to the attainment of the second objective control of ali currency through a central banking system. Loeb and Company by Paul Warburg.200. the repeal of the offending Act. In 1907 there was another great crisis when the Knickerbocker Trust failed. a political motive. Appalled at the ducks and drakes which were being played with the money-system. scion o·f one of the great German banking families. the attainment of a central banking system was brought very much nearer to fulfilment that consummation so devoutly wished by Kuhn. From this debacle they emerged incomparably more powerful. While crashes of this diabolical kind bad often. . having bought up the stock of th~ ruined victims. the crashing of banks. This. • .

secured the passage through the House of Representatives of the Federal Reserve Act. they were so ardently pro-Ger~an and so hostile to Britain. was the one adopted. How lucky for them that. the year following the setting up of the Federal Reserve Board. Loeb and Company had become supreme in America. our Ambassador to the United States. In particular. a war should duly have arrived to complete their happiness ! War has severa! advantages. as well as power to fix the discount rate. Mr. which the financiers can bestow on their own terms. and for motives which need not be investigated in this strictly non-racial treatise. the Kuhn. His plan. They had conquered America : they were now ready to conquer the world. Sir Çecil Spring-Rice. Simple people imagine that the Russian Revolution was a protest against just such a system of wic. Carter Glass. when the Bill was introduced. making it easier to change the masters of a people. but no such shame cast a shadow on the happiness of Warburg and his friends. How ironical was it.. the vital clause of which. and on December 20th. . It places the nations engaged therein in urgent need of credits.ked 6 . bad helped to bring into being. • • • • . of course.to help them. in most essentials. that when the Bill emerged these words t to promote stability in the priee lev el '' were surreptitiously dropped ! At subsequent investigations officiais of the Federal' Reserve Board even denied that such bad ever been its function. Loeb bankers bad their eye on one monarch whose head above ali others they wished to see rolled in the sand the head of the Czar of ail the Russias. Two years later. in 1914. was a provision for the fixing of the discount rate to promote stability in the priee level. That is one reason why. and that Paul Warburg was the Federal Reserve Board ! ·William Jennings Bryan lived long enough to stand aghast at the horrified thought of what his name. sincerely denouncing the old laissez-faire order. power to determine the amount of money in existence. who now bad exclusive power of note issue to the reserve banks. And in this particular war it seemed likely that many kings would lose their thrones a pleasurable thought for those who opposed to the Monarchial State the larger beatitude of the Bankers' State. therefore. · 1 • • ' I t has been suggested that revolution is a good friend to the finance-capitalists. Mr. Paul Warburg! What did they want ? To secure stability in the priee level ? Why. The Bolshevik Revolution of 1917 changed ail that. placed on record the fact that the group of financiers associated with ·K uhn. Warburg had the precise specifie up his sleeve a Federal Reserve System which would hold reserves centrally and despatch supplies of credit at once to any necessitons bank in the system that might call for them. but they have an even better friend war. which meant. War makes them the dictators of mankind. 1913. It unsettles things. in all innocence. His name was Mr.

the international bankers sought to bring about a condition of despair here so that they might emerge Il ' 7 . to break our alliance with Japan. is a very incomplete picture of the actual situation. House of Representatives Banking and Currency Committee. . delivering thousands into bankruptcy. And if the war ended with the defeat of Germany and Austria weil. And in the United States itself they went from strength to strength by using the mecbanism of the Federal Reserve Board for purposes diametrically the opposite from that for whicb it bad supposedly been formed : that is. began to acquire our capital assets. There was no longer the same reason for hating Britain. forcing us to surrender our command of the seas. By such means. They were active in India. arguing that it set in motion the whole succession of breakdowns which followed throughout the world. and. referring to the New York Stock Exchange collapse which be gan the American end of the slump. They penetrated into every part of Europe and Africa.000. Orthodox economists attribute this later disaster to the failure of the Creditanstalt in Vienna. in a very short time.ftnancial manipulation as I have described. McFadden. instead of forwarding supplies of credit when necessary to avoid a panic~ they used the opportunity again and again to eut off credit supplies altogether. In China they . They conquered ali South America except the Argentine. The late Lord Reading negotiated wîth the United States a loan of ~1. was gained when Imperial Russia fell. therefore. in the early twenties. that would be at Ieast two more crowned heads out of the way of a bankers' world state. they encouraged the farmers under boom conditions to borrow and expand their enterprises.S. . Mr. especially as Britain bad done that which arouses love in the hearts of ail true money-lenders got hopelessly and inextricably into their debt. and then promptly called in the loans. however. such as General Electric. was the extension of their power to Britain and the Dominions. Precise!y :the same technique caused the panic of 1929 which led to the great crash of 1931. to return to the goldstandard. after which their associated concems. Schiff. declared : It was not accidentai. America duly entered the \Var on our side ! • • ' First fruits of the great victory. What would be their surprise if they knew that the Bolsbeviks were directly subsidized by can they guess? Messrs.000. Chairman of the U. That. Paul Warburg.b ecame supreme in the international financial consortium which was fortned to exploit that country. for the W ali Street financiers. It was a carefully contrived occurrence . Louis T. Max Warburg and the entire Kuhn.000 which that optimistic gentleman promised that we should repay on demand and in gold ! Thereafter there was no need for the Schiffs and the Warburgs to worry about Britain : we were safely in the bag. Loeb and Company outfit ! The first war objective.

its perpetrators knew that it could not last. Douglas. '' asserts th at the motive of the financiers was to crush the many industrialists who.as the rulers of us ali. however. This is not to argue . . . Major C. The game could not last : wh at is more. I refer to the Federal Reserve Board and Federal Reserve This evil institution has impoverished and ruined the Banks. '' tt • • This time. the Federal Reserve Board group had overreached itself. 8 • • . Although the result of the world-wide crashes had been to strengthen the power of the big combines everywhere. Throughout the evil Weimar regimé in Germany. that the crisis in the Gertnan banking system did not deepen and broaden the slump : the defaulting on reparations in 1931 led directly to the London crash. This is what happens when a country forsakes its constitution and gives its sovereignty over public currency to private interests. Give them the flag and they will sell it.000. people of the United States. Iargely through the instrumentality of Paul Warburg. Herbert Hoover would never have been elected President of the United States. had begun to " muscle-in " on the money-lending racket.'' Describing the agency by which the business had been engineered. and greatly to increase bank holdings of industrial stock. in collaboration with their associates in Germany. said : u If the German international financiers of Wall Street had no·t bad this job waiting ta be done. in his brilliantly penetrating book.'' Nothing could be less equivocal than that. H. through Germany into '' anti-capitalist 'J Russia) to make for international usury the most joyous gala period of its long and unsavoury his tory. Worthless German script and much of very little worth were freely accepted. They have been peddling the credit of this Government and the signature of this Government to the swindlers and speculators of ali nations. as security for towering cash advances computed by Mr. he told Congress: '' We have in this country one of the most corrupt institutions the world has ever known. What cannot be denied is that in 1928 the Federal Reserve Board was feverishly expanding credit to create a boom~ and next year as feverishly restricting credit to create a slump. and had persuaded President Hoover in 1931 to stand by with a moratorium to tide their friends in Germany over the worst of their difficulties.000 dollars beyond the value of ali the German bonds and these advances were poured into Germany (sorne. because of prosperons times. the slump nevertheless went tao far.000. rouch further than it was intended togo. McFadden. . But even here a decisive part had been played by the Wall Street manipulators. of course. speaking of the moratorium. Mr. the American group. The Brief for the Prosecution. had been conducting a colossal fraud at the expense of the American people. McFadden as over 30.

was a sad disappointment toits promoters. War would have come in any case. There bad been pioneers before Hitler. As it happened. even if no other evidence were available 1 that it was from the beginning the kept creature of the Money-Power. Great Britain. It challenged the entire concept of internationallending and established as the basis of trade the mu tuai exchange of goods. He was to have successors in Sp~in and Portugal. Kemal Ataturk had carried through the reconstruction of Turkey without borrowing a penny from abroad. Hitler was only too happy to oblige. by careful planning. to ensure that such rebellions never again occurred." the League of Nations. however. or if they did occur that they should be put down by international armed force. The war was to fulfil tl 9 • • • . To this mild but not incompetent British insurrection was added a much more terrifying phenomenon.. Next time the chosen instrument should have u teeth" to enforce the Wail Street writ. breathed again : now they would be able. but. Repeated attempts bave been made by the dollar-manipulators to crash the sterling area : only now are they about to succeed. When the opportunity came to coerce the reb~el nations. As Joseph Stalin has put on record : lt would be incorrect to think that the war arose accidentally or as the result of the fault of sorne of the statesmen. not a gun. Hitler's revoit was not mild. they had grafted their wicked designs upon President Wilson' s idealism to sec ure their precious central banking system. which leaves little room for doubt. not only to retrieve ali the ground they had 1ost. Mussolini had safeguarded Italian currency against foreign speculators and striven as far as possible to build up for his people a self-contained economy. without recourse to the usurers. After the emergence of Hitler. This was decided long before the war came to an end at Dumbarton Oaks. One of the first actions of the League was to reèommend ali member states to return to the gold-standard. Out of a Germany devastated by the Money-Power arose Adolf Hitler. and war came. in a desperate attempt to extricate berself. First.• • • Two signal events proclaimed this fact. so in 1919 they had done precisely the same thing to secure that hope of ail the ages. As in 1913.' il r The master-financiers of America. was forced off gold (as were thirty-four other nations !) and obliged to insulate her economy within a sterling area and a system of Imperial Preference." was available for the job. it became clear that the international financial system was in mortal danger and that only by another war could it ever regain control over its vast empire the empire built and maintained by debt. the war arose in reality as the inevitable result of the development of the world economie and political forces on the basis of monopoly capitalism. however. and their associates elsewhere. Geneva. Although those faults did exist. " not a ship.

as our Ambassador in Washington reported. The last rebel to be vanquished for in this sense Japan did not come withîn the rebel class was Germany. Then came a gath. he and his friends had become the financial masters of America. with { teeth. much more ambitions plans were prepared to ensure ber complete subjection to Wall Street. a condition essential for the practise of largescale usury. which the masters of the world were able so relentlessly to use against ber for ber own destruction. Within two years. as we shall see presently. so that the controllers of the national system could become the financial masters of the whole world ? The suecessors of Schiff and Warburg on the Federal Reserve Board evidently asked themselves this question and answered with an emphatic Y es. and establish the same deviee on an international scale. a more extreme measure which failed to get through the Bouse of Representatives. Thereafter.• everything else that had been expected of it. It would almost seem in each case that the extreme measure was put first. This Act was preceded by the Aldrich Bill. so that her foreign markets might be captured by the United States. would it not enable the world's strongest national reserve banking system to control its activities. ~~ formed to keep the Money-Lenders' Peaee these be rich gains for Wall Street. but they are not the only gains. So was the Final Act of Bretton Woods preceded by the more drastic White Plan.'' While the Second World War bad still a long way to go to its determined end. However that might be. If it were possible to go further. whose foreign assets were taken over by New York almost en bloc~ and who was for the most part forbidden to export. all rebels on the other side shattered. The fust rebel to be brought to heel was Great Britain. an international organisation. By this time the reader will scarcely require to be told th at its a vowed object was to secure stability in the priee level ! There was one other similarity to the campaign for the passing of the Federal Reserve Act. '' experts '' suddenly be gan. Lord Keynes arrived back in tt ' tl 10 • ' • • • . to make the succeeding compromise seem the more gracions. to prepare plans for a sound '' monetary policy after it was over. Germany~s fate does not need to be deseribed : the one consoling feature of her plight is that she brought it upon herselt by virtue of her warrior-dream. the Final Act of Bretton Woods was duly presented to the nations for approval. He represented it as a deviee for securing stability in the priee level. Britain restored to the comity of international finance. but as soon as it was set up he used it to maintain instability of priees. 1 • We have seen how Paul Warburg managed to foist his idea of a central banking system on Woodrow Wilson and other sincere refortners. both here and in America.ering at a sylvan spot called Bretton Woods.

the linking of aB currencies to gold. instead of doing what Wilson had intended. gentlemen of the kidn·e y of the late Paul Warburg to declare the defaulte! an outlaw among nations. will be obliged to include gold. h·e r own Dominions. in a given ratio. We know. often deliberately withheld credit where it was needed in order to create a panic. in their quotas to the International Monetary Fund. that it enabled the strongest group within its complex of inter·ests to· gain control of its policy and of the economie policies of the American nation.• this country to commend it with great eagemess. We know now that the Federal Reserve system. too. Wh en sterling is fixed in terms of gold it will not be allowed to fluctuate above one per cent. The mechanism which it proposed to set up would conduct funds lying idle to irrigate the currency of any necessitons area which might need them. _ · • 1'he first objective of Bretton Woods is. in 1931. would be required to employ economie sanctions against her : similarly if a Dominion defaulted the Mother Country would be called upon as Truth forcefully pointed out to " repay the blood-loyalty and sacrifices of two wars by declaring an 11 1 . as weil as in the ir contributions to the International Bank the lodging of security against loans th at have still to be advanced ! The New York bankers have thus won on a world-scale the battle which they won on a national scale in 1893 : Henceforward gold is to be the measure of things. The seriousness of this enactment can only be understood by recalling that when. she found it necessary to devalue up to 27 per cent. of course. If Britain were to default. And they control the gold ! Potentially even more catastrophic is the provision that nations \Vill be unable. It would. moreover. he assured us. without the express consent of the Lords of Gold~ to devalue their currencies above ten per cent. There will be an obligation to huy and sell gold at a fixre d buying and selling priee. They can order member States not to trade with ber. and so starve her people into submission. secure stability of priees. on pain of dire penalties. Member nations. Few things are mqre astonishing in economie history than the apparent failure of the late Lord Keynes to lay the moral to his heart. What means? Th~ answer takes one's breath away by virtue of Power bas been vested in its truly monumental impudence. it was vital for Britain to sever the link which bound her to the evil New York system. Wall Street is determined that such a thing shall not be allowcd to happen again. Should Britain or any other hardpressed country attempt an unauthorized devaluation the international bankers will possess means of securing immediate redress. In precisely this kind of language did Woodrow Wilson commend the Federal Reserve Board system.

when the assault on our sovereign independence as a Great Power had to take second place to the more urgent assault on Hitler's Reich . he made the eategorical assertion that Britain would be treated as a ~~case a part. Datton !) will be able to stop it carrying out the policy of the same group. Its course during the first decade ean be traoed in a grimly interesting book alled ~~America Conquers Britain. There can be little doubt that the forces controlled by International Finance will be invoked to concentrate lg • - 1 • . Our surrender of the command of the seas and our non-renewal of the Japanese Allianoe have been noted. During the inter-war period the New York financial bosses waged incessant economie warfare against us. of the British Commonwealth of Nations as the bulwark of democracy.'' and so. Every one of the appointments of senior officiais to the Federal Reserve Board was made by President Wilson. which after the defeat of Imperial Gerrnany and of Tsarist Russia was given fust priority for liquidation.'' intolerable ? Could anything be more Sorne may draw comfort from the fact that Britain will be represented among the official controllers of the International Monetary Fund. but that fact did not prevent it becoming the chosen weapon of Kuhn. When Paul Warburg announced after the fust World War that other debtor co untries might hope for leniency. the British Labour majority made Great Britian a party to the creation of a World Bankers' State. again through the instrumentality of the Federal Reserve Board's overwhelming financial leverage. After we had been forced out of the Wall Street orbit the attacks on us were redoubled and kept up until the outbreak of war. for ali practical purposes. armed with powers beyond anytbing hitherto enjoyed by men. When we called upon America for a loan to fight the ravages of the depression the terms dictated were deliberately framed to create proletarian discontent and did in fact lead to the mutiny at Invergordon. she \vas treated. So will it be with the new Fund. • Comprehensive almost beyond belief as is the Bretton Woods enactment. indeed.economie war on that Dominion. which it did without debate and in a hurried two hours. Simultaneously it made Britain a party to ber own ultimate destruction. it was still not considered sufficiently specifie in its detail to guarantee the money-lenders against the continuance of British sovereignty.'' by Ludwell Denny. Loeb and Company and their affiliated interests. But it was never abandoned. By passing the Bretton Woods Bill. the Alberta Social Credit Board stated : u The evidence is overwhelming that the objective of International Finance in the present struggle centred in the war is the destruction. Reporting to the Legislative Assembly of the Province of Alberta in 1939. No power at present on earth (not even Dr.

in Bretton Woods. Unless a great upsurge of the national spirit moves her to a speedy revoit against these iniquities.e bt structure as a result of the war. The U .. Therefore they are likely to be the methods used by International Finance at the present time in the pursuit of its objective of world domina1:ion . Both the President and Mr. however. read rn aster " : the picture is th en true. she must become a mere financial colony slum would be a more appropriate word of.S.'' read Wall Street and tor " agent ." perity for America : Brltain too impoverished to meet her commitments ! President Truman contented himself with sayin? that the loan would be good business'' for America.'' Ho\v lamentably true this prediction has been proved ! Apart from its fulfilment inside Britain. Said Mr. Bretton Woods would have made any economie insulation of the British Empire a difficult and precarious undertaking : the Loan Agreement makes it an impossible one.) bas never known.S. : " If the Bretton Woods plan and the U. if they suppose that there is any hope of permanent prosperity for America in this " good business. will become the greatest financial agent the world bas ever known. as she bas already sold them abroad.O. It wipes out the sterling area and uses the euphemism contraction " to define the -abolition of Imperial Preference. is a small priee to pay for the opportunity to plan a period of prosperity such as this country (the U. the introduction of large-scale planning under bureaucratie central control.~on • the weakening of the sovereign power of the people." For U. Abbink are greatly mistaken. chairman of the National Foreign Trade Council of the U .S. John Abbink.S.'' not only because of the tlaw in the heart of the exportcapitalist system. .e pretext of war conditions.N. The rapid increase of the d. Mr . and in the special measure drawn up to give Britain the coup de grace the American Loan Agreement. Great Britain herselt will be forced in repayment to sell more and more of her capital assets . An exaggeration? Perspicacious Americans do not think so. but even more becauseperxnanent prosperitywould H • (1 • tt li (l 13 • • . I confess sorne doubt about the British Unimaginable prosability to comply with ali the conditions. Abbink added : The line of credit to be offered Britain. Henceforward American goods and capital will sweep us from our Empire markets.S. the proofs of the prophesy 1ie in U. the impositions of harsh regulations and the rapid increase of taxation are methods which have already proved successful in consolidating :financial . . together with the settlement of Lend-Lease. the dollar will replace the pound as the monetary plan for world finance. loan to Britain are properly developed. by means . The Federal Reserve Board will dictate our financial policy during the period of the loan-repayment.of a progressive centralisation of power. Wall Street banksterdom. which means that it will enjoy a fifty years' usufruct of the Empire or of what is now about to cease being the Empire.control in the past under tb.at home.

• There is. Churchill in his Fulton speech referred to the shadow which has fallen over the Allied victory. But now. perhaps.nd it developing in continuo us association. the Money-Power in the free enterprise country can look. Mr. the Money-Power in the ordinary course can have little objection to other nations establishing socialist economies. is goading mankind into the arros of the international revolutionaries established in Moscow. Bolshevism is a patent ally in undermining the Monarchial or National State." That position certainly existed fourteen years ago : it existed as recently as fourteen months ago. Portugal and Argentina. Red Russia was tbe child of Wall Street finance. Mr. with the forces of the Left. Why this mutual attraction ? One reason. as I say. growth. Thereafter we :fi. summed up in these words the situation as it existed in 1932 : tt The position is that international finance. by enticing the world into enormous debts and then withholding the means of payment. Potential rivais will also be eliminated a first-class attraction. N . What will become perrnanent will be the stranglehold of the money-lenders over mankind . Since then international capitalism and international socialism have planned many campaigns together. who in turn had imported it from Rolland did not begin to come into its own until the French Revolution bad thoroughly watered the ground. at this very time they are presenting a united front against Spain. The modern international banking system . no doubt. A. And Communism bas never shown that it despises money. Moreover. has fallen the shadow. and even today 14 • • • '• . is tbat the Money-Power possess that whicb it may be expected to possess money. Conversely. It is the not inconsiderable shadow of Russia. so long as the headquarters of the financial system are located in the most powerfui industrial state.ruin the entire money-lending racket. therefore.. Field. If every export and every import be made a Government contract. There is sorne evidence that the same shadow bas fallen over Wall Street. which is the only effective rival to the complete Bankers' State. The 1848 revolts strengthened its. to abundant profits and an absolute ultimate control.a lthough its seed was sown in Britain by the financial advisers of William III. who has done more than any man living to expose the wickedness of the financial system. Warburg and his friends nurtured the Russian Communist State with American money which they fed through Gennan channels. whose Bolshevik revolution in 1917 it subsidized. Governments are peculiarly susceptible to the pressures which it knows so weil how to exert : their contracts always go in largest measure to the entrenched vested interests. It may not be a stranglehold over the whole of mankind. a reservation to be made }fere. and so long as free enterprise thercin is assured.

C. Churchill's Fulton speech.evealed to only a small fraction of the British people. This does not mean that the quarre! is necessarily a permanent one : the tremendous anti-Russian build-up" in America during the fortnight before Mr. There is. and " sole sovereign sw. Unless enlightenment cornes within the next few months Britain as a Great Power will cease to exist. Robert Boothby. tl . 'it bas become exceedingly clear that such loans will be used for a purpose different from any thought possible before the war the strengthening of Russia as an Imperialism which may rival and overthrow the Dollar Imperialism of the Federal Reserve Board. and there is no doubt whatever that the ignorance of the rest has been deliberately fostered by the staging of political sham-fights for their distraction. Lord Beaverbrook and the Duke of Bedford in the House of Lords but as yet the picture of world affairs in their totality bas been r. Sorne men have fought bravely against Bretton Woods.1 she is not averse to borrowing from her parents. Richard Stokes and Michael Foot in the House of Commons. facade. may have been caused by sorne purely local dispute such as the division of the spoils in Manchuria and a permanent settlement may weil see the two Imperialisms again at work breaking up and devouring the British Empire. moreover. Now. very little recognition in this country of the facts behind the conventional Press and B..ay and masterdom '' over ali British lands will pass into the keeping o. however. ' 1 15 • • . Norman Smith. - • The quandary in which Britain finds berself is one of the utmost difficulty and menace.B. and be freely sabotaged at home by Fifth Columnists both those serving Moscow and the others on the Right who seek to shelter behind the illusory regis of America. Any attempt to steer her own course by building up an Empire economy on a sane monetary basis would meet with immense opposition abroad. a well-known method of keeping affections sweet and fresh in that family relationship. for instance.f a small group of master-usurers who know the value of everything in the world providing it can be measured in terms of gold ! . it is true at their head Messrs. Christopher Hollis.

Somerset. • • .. Castle Green. May and June. . 1946 - .• • Publlslred original/y ln Blackfriars.. Taunton. • IPrinte4 by The Somerset County Gazette.

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