“Rightly, many of my African friends today complain of the Bretton Woods system because of its unfair treatment especially, towards the developing sector. However, the International Monetary Fund-IMF and World Bank today are not what Franklin Roosevelt intended when he created these institutions in 1944. His intent which is clear from all of his discussions during the course of the war, was for the elimination of the colonial-imperialist system, and for development of all nations. Here we will discuss what the actual principles our Franklin Roosevelt’s Bretton Woods system were. We should look at two presentations by Franklin Roosevelt in 1941, months before the US officially entered the war, which reveal his philosophy, the intent of his Grand Design following the end of WWII.”
“Keynes, and the British colonial empire wanted to the keep these countries economically backward, to make them permanent agrarian economies, and opposed their industrial development. Sadly, this condition of African nations being largely agrarian based and not industrialized still exists today. It reflects the hegemony of the British financial system after the death of Franklin Roosevelt under the leadership of the new president, Harry Truman.”
“The British system, the British imperialists wanted the post WWII order to be controlled by the City of London dominated financial system. They did not want to see nations, especially in the developing sector, having sovereign independent development strategies supported by the Bretton Woods system.”
“It should be obvious to my African friends, that this method, of a war type mobilization to raise the standard of living of African nations, applying Hamiltonian credit is more than feasible for the continent. It has already been done successfully by President Roosevelt. With the creation of an African Infrastructure Development Bank-a credit bank, we can accomplish the elimination of hunger and poverty on the African continent today. Hopefully, this lecture will aid in the rediscovery of the Bretton Woods, and President Franklin Roosevelt’s strategic understanding of credit and economic development.”
re posted from AFRICA AND THE WORLD
For the Development of Africa: Know and Apply Franklin Roosevelt’s Credit Policy
Please watch my one hour and twenty minute presentation in the video above, and read the transcript.
June 10, 2022
President Roosevelt used the Reconstruction Finance Corporation to bring the U.S. economy back to life from the Great Depression. He intended to generate economic growth throughout the world with the creation of Bretton Woods. He had a Grand Design to end British and French colonialism following the end of World War II, and free the developing sector to become sovereign nations determining their own economic future.
My presentation provides the concepts for African nations to create economic growth. Using the principles of Alexander Hamilton and President Roosevelt, we can establish an Africa Infrastructure Development Bank that can finance the infrastructure necessary to end hunger and poverty across the continent.
I am available to present additional lectures on this subject. Also, as a physical economist and a consultant with decades of experience, I can provide unique insights on Africa development and U.S. policy towards Africa.
Watch my earlier presentation on Alexander Hamilton: Alexander Hamilton’s Credit System Is Necessary for Africa’s Development