1944

The United States income is running at 183 billion dollars, yet 103 billion dollars is being spent on World War II. This was thirty times the spending rate during World War I. Actually, it was the American taxpayer that picked up 55% of the total allied cost of the war.In Bretton Woods, New Hampshire, the International Monetary Fund (IMF), and the World Bank (initially called the International Bank for Reconstruction and Development or IBRD - the name, "World Bank," was not actually adopted until 1975), were approved with full United States participation.

The principal architects of the Bretton Woods system, and hence the IMF, were Harry Dexter White and John Maynard Keynes. Interestingly Harry Dexter White who died in 1946, was identified as a Soviet spy whose code name was, "Jurist," on October 16, 1950, in an FBI memo. Also, John Maynard Keynes was a British citizen.

What these two bodies essentially did, was repeat on a world scale what the National Banking Act of 1864, and the Federal Reserve Act of 1913 had established in the United States. They created a banking cartel comprising the world's privately owned central banks, which gradually assumed the power to dictate credit policies to the banks of all nations.In the same way the Federal Reserve Act authorized the creation of a new national fiat currency called, Federal Reserve Notes, the IMF has been given the authority to issue a world fiat money called, "Special Drawing Rights," or SDR's. Member nations were subsequently pressured into making their currencies fully exchangeable for SDR's.

The IMF is controlled by its board of governors, which are either the heads of different central banks, or the heads of the various national treasury departments who are dominated by their central banks. Also, the voting power in the IMF gives the United States and the United Kingdom (the Federal Reserve and the Bank of England), effective control of it.