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Intellectual Vacuity – Part II


Time to revisit old issues – Columnist – livemint.com

The meeting has quite grandly been called the first step towards a new Bretton Woods, harking back to a similar attempt in 1944 when delegates from 44 allied countries met in the US town of Bretton Woods for the United Nations Monetary and Financial Conference. The system that emerged two years later served the world economy well till 1973. The chance to establish a modern substitute was missed after 1997. It remains to be seen whether there will be more success this time around.

The White Man’s Burden …

This same newspaper had sometime back analyzed Bretton Woods III. – with the same vacuity. The entire analysis was based on the premise that only the West will and can do something about this. The Rest (especially India) can only be a spectator. And little else. This newspaper assumes the fallacy of The White Man’s Burden.

Complete lack of understanding

The biggest issue with this Opinion piece (it is actually tripe) is the fact that th writer believes that the Bretton Woods system ‘served the world economy well till 1973’. He does not mention the faux gold standard that the Bretton Woods promised! The entire article does not mention gold even once. Neither does it mention, Morarji Desai even once – who made the Bretton possible – with his gold controls in India, on the Indian consumer – the largest market for gold in the world.

Is it a wonder that the West keeps getting away with this loot – and all that others do, is complain.

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Categories: Uncategorized

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