A new Bretton Woods Agreement is the institutionalizing of the US Federal Reserve as the lender of last resort for NATO economies as well as a few others.
It is a very sick joke and the ABSOLUTE DEATH FOR PAPER MONEY, PRIMARILY THE US DOLLAR.
The lockup of credit is thawing according to Libor. Take a look at this article yesterday on what should be named “Lie”-bor.
“Fundamentally, the Europeans are not simply hoping to modernize Bretton Woods, but instead to Europeanize the American financial markets. This is ultimately not a financial question, but a political one. The French are trying to flip Bretton Woods from a system where the United States is the buttress of the international system to a situation where the United States remains the buttress but is more constrained by the broader international system. The European view is that this will help everybody. The American position is not yet framed and wonâ€TMt be until the new president is in office.”
The United States, Europe and Bretton Woods II
October 20, 2008 | 2200 GMT
By George Friedman and Peter Zeihan
French President Nicolas Sarkozy and U.S. President George W. Bush met Oct. 18 to discuss the possibility of a global financial summit. The meeting ended with an American offer to host a global summit in December modeled on the 1944 Bretton Woods system that founded the modern economic system.
The Bretton Woods framework is one of the more misunderstood developments in human history. The conventional wisdom is that Bretton Woods crafted the modern international economic architecture, lashing the trading and currency systems to the gold standard to achieve global stability. To a certain degree, that is true. But the form that Bretton Woods took in the public mind is only a veneer. The real implications and meaning of Bretton Woods are a different story altogether.