Many Americans dutifully turned in their meager holdings. But not everyone. Many simply ignored the order, assumed the risks and stashed them away knowing that gold was more valuable than the paper given in exchange.
The Joint Forum's parent organisations, the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS), have announced the appointment of Mr John C Dugan as Chairman of the Joint Forum. This appointment is effective immediately and will run until December 2009.
His position as the Comptroller of the Currency in the United States, as a member of the Basel Committee and his extensive experience in financial services places him in an excellent position to chair the Joint Forum.
The activists want to raise global awareness of the neoliberal trade and financial policies of the Bretton Woods Institutions. These policies were established in 1989 in the so-called “Washington Consensus” between the World Bank, IMF and the US Government. In exchange for credits, borrower countries were obliged to implement measures including fiscal discipline, trade and financial liberalization, tax reform and the privatization of state enterprises. These were the principles on which developing countries were to be integrated into the global economy. According to NGOs, however, the policies promote unfettered globalization, causing more poverty and environmental destruction in developing countries.
The International Monetary Fund was founded together with the World Bank in Bretton Woods in 1944. As a reaction to the Great Depression in the 1930s and the devastating consequences of the Second World War, the allies, led by the United States and Great Britain, sought to create an international financial institution to guide the global economy.