Letter to the General Assembly from the President of the

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Letterhead of World Bank President,Dear Mr President. This is to request the General Assembly to seek an advisory opinion from. the International Court of Justice ICJ on the question whether the authority. of the Board of Executive Directors should not be restored under Section 4 a of. Article V of the Articles of Agreement of the International Bank for. Reconstruction and Development The competence of the ICJ is based on. Article 65 paragraph 1 of its Statute according to which the ICJ may give an. advisory opinion on any legal question at the request of whatever body may be. authorized by or in accordance with the Charter of the United Nations to make. such a request and secondly that the General Assembly may request the. advisory opinion pursuant to Article 96 paragraph 1 of the Charter which. provides The General Assembly or the Security Council may request the. International Court of Justice to give an advisory opinion on any legal. question Article 96 paragraph 2 of the Charter provides further that other. organs of the United Nations and specialized agencies which may at any time. be so authorized by the General Assembly may also request advisory opinions. of the Court on legal questions arising within the scope of their activities The. ICJ has jurisdiction to give the advisory opinion so authorized by the General. This request of the International Bank for Reconstruction and Development. IBRD concerns the economic welfare of the citizenry of the members of the. General Assembly and arises within the scope of the World Bank s and the. General Assembly s respective purposes It is fitting and proper that the General. Assembly authorizes the request for an advisory opinion into matters impeding the. purposes of the United Nations The ICJ is the principal judicial organ of the. United Nations Article 92 of the Charter and exercise of the ICJ s jurisdiction in. this matter is proper and consistent with the ICJ s judicial function. His Excellency,John William Ashe,President of the General Assembly. Moreover there is no reason for the ICJ to abdicate its judicial task. particularly when the beneficial consequences of such opinion are compelling and. would prevent impoverishment and penury for humankind as a result of an. imminent economic crisis of unprecedented magnitude. The Gold Standard, The initial purpose of the IBRD was to finance the reconstruction of war. torn Europe After this was accomplished the IBRD became the primary. financier of development projects The purpose of the International Monetary. Fund IMF was to allocate access to international currency reserves within the. system of par values set values for each member s currency in terms of gold. convertibility of members currencies and fixed but adjustable exchange rates. After World War II the U S dollar became the main currency for international. capital flows outside of Europe, By the early 1960s the U S dollar s fixed value against gold was considered. to be overvalued Increased domestic spending on Great Society programs and. military spending on the Vietnam War gradually worsened the overvaluation of. the dollar In 1971 the United States informed the IMF that it would no longer. buy and sell gold to settle international transactions This resulted in the 1973. decision of the European Community countries and the United States to introduce. a joint float of European currencies against the U S dollar Nevertheless the U S. dollar maintained its role as international money The role of the IMF became. less well defined but in principle turned into one of surveillance and support for. currencies in maintaining a stable link with major currencies. The banking system is under enormous stress as witnessed by the risk of. permanent gold backwardation when all offers to sell gold for dollars are. withdrawn regardless how high the bid price may go On July 7 2013 gold. leasing ended when GOFO the difference between the rate offered for future. leases and the rate that applies to leases already in force became negative The. gold basis the difference between the nearby futures price and the spot price of. gold also became negative This indicates a shortage of deliverable gold and gold. To recapitulate just like in 1971 negative GOFO indicates the risk of. permanent backwardation Without restored confidence in international currencies. a chain reaction leading to a barter economy commences bringing serial. bankruptcies unprecedented unemployment and shortages of food fuel and. medicine This would result in famine pestilence and a break down of law and. order When the value of US Treasury paper erodes no amount of bond buying by. the US Federal Reserve will be able to stop the collapse of the fiat dollar The. monetary reserves of the world s currencies will be extinguished representing the. largest destruction of fiduciary values in all history Much depends on how the. banking system will hold up while the new gold strategy is being implemented. Interference with IBRD s Board of Executive Directors. In 1944 delegates from forty four countries attended a conference in a ski. resort in Bretton Woods New Hampshire to establish a multilateral institutional. framework for the international financial and monetary system The delegates. considered a draft agreement prepared in April 1942 by Harry D White of the. U S Treasury and a draft that was prepared in June 1944 by the United Kingdom. principally by Lord John Maynard Keynes who chaired the U K delegation to the. Bretton Woods Conference Lord Keynes recognized the special role of. international lawyers in founding the Bretton Woods institutions. We the Delegates of this Conference Mr President have been trying to. accomplish something very difficult to accomplish It has been our task to. find a common measure a common standard a common rule applicable to. each and not irksome to any We have been operating moreover in a field. of great intellectual and technical difficulty We have had to perform at one. and the same time the tasks appropriate to the economist to the financier to. the politician to the journalist to the propagandist to the lawyer to the. statesman even I think to the prophet and to the soothsayer I am certain. that no similar conference within memory has achieved such a bulk of lucid. solid construction We owe this not least to the indomitable will and energy. always governed by good temper and humor of Harry White But this has. been as far removed as can be imagined from a one man or two man or. three man conference It has been teamwork teamwork such as I have. seldom experienced And for my own part I should like to pay a particular. tribute to our lawyers I have been known to complain that to judge from. results in this lawyer ridden land the Mayflower when she sailed from. Plymouth must have been entirely filled with lawyers When I first visited. Mr Morgenthau in Washington some three years ago accompanied only by. my secretary the boys in your Treasury curiously inquired of him where is. your lawyer When it was explained that I had none Who then does your. thinking for you was the rejoinder That is not my idea of a lawyer I. want him to tell me how to do what I think sensible and above all to devise. means by which it will be lawful for me to go on being sensible in. unforeseen conditions some years hence Too often lawyers busy. themselves to make commonsense illegal Too often lawyers are men who. turn poetry into prose and prose into jargon Not our lawyers here in Bretton. Woods On the contrary they have turned our jargon into prose and our. prose into poetry And only too often they have had to do our thinking for. Aaron Broches who was then a young counsellor at the Dutch Embassy. went on to work in the legal department of the IBRD ultimately as its longest. serving General Counsel from 1959 1978 Aaron Broches considered the most. important function of the legal department to be that of ensuring that the. Presidency and Board of Executive Directors observed their respective powers. laid out in IBRD s Articles of Agreement Mr Broches ability to mediate. between the presidency and board was severely challenged when Robert. McNamara assumed the presidency of the IBRD After his retirement Mr. Broches counseled When the President of the World Bank comes from the. Pentagon the role of the General Counsel becomes all the more critical in. preserving the authority of the Board 2, On October 3 2007 Ms Karen Hudes3 informed Mr Kenneth Peel in the.
US Treasury Department that Senator Lugar s office suggested that I contact you. about an escalating perception that the US does not respect rule of law in its. oversight of the World Bank Now the members of the World Bank s Board are. subjected to intimidation for trying to restore rule of law at the Bank. Lord Keynes Chairman Delegation of the U K Address at the Closing Plenary Session July. 22 1944 in Proceedings of the U N Monetary and Financial Conference Doc 542 Vol II. Bretton Woods N H July 1 22 1944 at 1240 41 Lord Keynes went on to say We owe a. great debt of gratitude to Dean Acheson Oscar Cox Luxford Brenner Collado Arnold Chang. Broches and our own Beckett of the British Delegation. Conversation between Aaron Broches and Karen Hudes October 5 1995. Karen Hudes was Senior Counsel in IBRD s Legal Department from 1986 2007 On May 25. 2011 Ms Hudes testified before a hearing of the European Parliament s Committee on. Budgetary Control on whistleblowing The European Parliament s Legal Department. recommended that the European Parliament inform the World Bank about the material to be. used at the hearing and that all Members of the European Parliament attending the hearing. receive a full version of Ms Hudes written contribution including this chronology of. internal control lapses https s3 amazonaws com khudes chronology17 5B1 5D doc. Earlier that day Ms Hudes had informed Keith Luse and Nilmini Rubin in. Senator Lugar s office Jay Branegan on the staff of the Senate Committee on. Foreign Relations Jim Greene in then Senator Biden s office Tom Crohan in. Senator Kennedy s office and Jayme Roth in Senator Bayh s office. I have just returned from Holland and learned there that Messrs Wijffels. and Melkert have informed the Dutch public that they were subjected. to investigations of their private lives as a form of diplomatic blackmail. According to Mr Wijffels other executive directors on the World Bank s. Board have been similarly intimidated This does not augur well for the. upcoming Annual Meetings that will start October 20th I attach translations. and links to the stories in Dutch, Of course the Volcker Panel report has not dealt with INT s record of. whistleblower harassment and only serves to discredit US probity in its. oversight of the World Bank, I would like to speak with you about my discussions with Pieter Stek on. September 25 and 26 and with Riny Bus in the Dutch Ministry of Foreign. Affairs on September 24th,Wijffels angered at digging into his past Novum. 9 22 2007 Herman Wijffels says that his past was delved into in a shocking. manner this year According to the man who formed the current Dutch. cabinet this took place during his work at the World Bank where he chaired. the committee that looked into the controversial dealings of Bank President. Paul Wolfowitz, Wolfowitz had to step down following Wijffels inquiry into Wolfowitz. possible conflicts of interest Wolfowitz had given his girlfriend who also. worked at the bank a very large raise, According to Wijffels third parties tried to surface issues from his past.
which might have discredited him The former head of the Rabobank did. not want to provide details But Wijffels said that the White House had. played a large role in the struggle over the leadership at the World Bank. In my case there was nothing to find but my colleagues on the Board of. the World Bank were dismayed There were definite attempts at. disqualification said Wijffels, Television Interview with Ad Melkert 9 29 07 VPRO Buitenhof Politics. on the World Stage, Ad Melkert Deputy Director of the United Nations Development. Program and former Dutch Executive Director at the World Bank. confirmed during a fifteen minute interview with Clairy Polak on this Dutch. Public Broadcast program that Herman Wijffels private life and bank. accounts were subjected to investigation Mr Melkert added that very. aggravating attempts were also made to discredit him These attempts were. especially intense during the period of May through July 2007. A 2004 stakeholder analysis of IBRD s rule of law and governance warned. that the US would no longer appoint the President of the World Bank under the. Gentlemen s Agreement if the IBRD was not brought into compliance 4 The. 188 members of the World Bank revoked the Gentlemen s Agreement on April 25. 2010 5 Ms Hudes advised state attorneys general of the United States that the. 2004 stakeholder analysis was predict ing a crisis that could lead to a currency. war which would affect all United States citizens 6. IBRD does not refute a single occurrence in IBRD s litany of escalating. impunity in contempt of Congress IBRD disregarded the Joint Economic. Committee s JEC 2005 inquiry into IBRD s corporate governance irregularities. and accounting problems and failed to follow the JEC s advice that professional. Letter to the General Assembly from the President of the World Bank requesting the International Court of Justice to give an advisory opinion on the question whether the authority of the Board of Executive Directors should not be restored under Section 4 a of Article V of the Articles of Agreement of the International Bank for Reconstruction and Development 1 Letterhead of World Bank

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