Economic Woes: Unseen Foreign Forces Controlling Ghana's Wallet Not Government

"Ghana's economic woes could mainly be blamed on the continuous control of the country's wallet and resources by highly powerful unseen external forces who dictate to successive governments what should be done with our own money," Dr. Emmanuel Tweneboah Senzu PhD., the Executive Director of Bastiat Ghana Institute, a policy ThinkTank, has observed.

According to him, Ghana is very far away from Economic freedom since authorities have relied heavily on the IMF as well as aid and grants from other western interests, all of which does not come for free.

Dr. Senzu revealed this during a presentation at a one-day Economics Freedom Conference, the 2nd in the series of Bastiat Ghana Institute Liberty Lectures, organized by Bastiat Ghana Institute held at the Teachers Hall Complex last Thursday.

The event, which brought together groups of SMEs, students, academicians, civil society groups and the media was on the theme "Linkage Between Monetary Economics And Labour Slavery, Circumventing It To Your Advantage."

The conference was chaired by WO1 Atogna Emmanuel Awuni (Rtd.) and sponsored by ModernGhana, B&FT, BTA and Bastiat Ghana's partners.

Dr. Senzu, doubles as the Professor And Senior Researcher Of Bastiat Institute Visiting Scholar To TUA-University California And Research Scholar To African School Of Economics, Benin.

He made a strong case on the need for economic freedom but bemoaned that Ghana's leaders would continue plunge the nation into crisis if it keeps relying on international economic forces.

We bring to readers some excepts of his presentation:

"The keystone of modern financial world is dominant part of the dollar. That means all price in the world economy are only defined in dollars. That means it is in dollars that price for production are defined. Not only is the dollar the main means of payment in today’s international trade but it is also the means of savings. And it is not the private savings of people around the world that are meant, but savings of countries themselves. The so-called gold and foreign currency reserves, whichever country you take it will have less gold in the reserve than currency. Therefore it would be more sensible to call such reserve foreign currency and gold ounce.

BRETTON WOODS AGREEMENT
The Proof of today monetary order is found in Britton Woods Agreement Signed 1944. The Britton Woods system of monetary management established the rules for commercial and financial relations in the Mid-20^th Century. The system was to fully negotiate monetary order intended to govern monetary relations among the Independent nation-states.

The purpose was to obligate each country to adopt a monetary policy that maintained the exchange rate by trying it currency to gold, and the ability of the IMF was to bridge the temporary imbalances of payments.

Preparing to rebuild the International Economic System while World War (II) was still ranging, 730 delegate from all 44 Allied Nations gathered at the Mount Washington Hotel in Britton Woods, New Hampshire, United States for the United Nations monetary and financial conference. After a 22 days deliberations on the July 1944 Britton Woods agreements was signed. Setting up a system of rules, institutions and procedures to regulate the International Monetary system, these accords established the International Monetary Fund (IMF) and the International Bank of Reconstruction and development (IBRD) which today is part of the World Bank Group.

The organizations became operational in 1945 after sufficient members of countries had ratified the agreement. Around such a date, most of the African countries were still on colonization therefore couldn’t have participated in the conference for their vote to make meaningful sense in global monetary order negotiation and establishment.

On the 15th August 1971 gave birth to the dark side of the document despite the good intention behind the establishing of the International Monetary Management system and that is when the United State unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Britton Wood system to an end rendering the dollar as a fiat currency. This action is referred to as the Nixon Shocks, created the situation in which the United States dollar became a reserve currency used by many states. At the same time, many fixed currency such as pound sterling also became free floating.

The main currency of the world called dollar is not USA property but a private institution called Federal Reserved System and it is even stated on the dollar bill. “Federal Reserved Note”. You are not holding a US dollar; you are holding a dollar of the Federal Reserve System. But this strange situation has not always existed in the USA.

It will soon be 100 years since the American government decided to privatize emission of the dollar. The Fed was established in December 1913 when President Wilson signed the Federal Reserved Act. When money was issued by government and not by Private Institution, dollar bills said a different thing? Why not “United States Note”. Can you feel the difference? There used to be state money (bills) and now there is corporate money (bills). But, alas, there is no state money in the USA any more. Even on the Federal Reserved Official website you will find public information about its private nature.

You can often hear statements that the “Fed” is controlled by the US government, which allegedly makes it a state organization. Refuting this statement is very easy. All it takes is to look at the founders. The Fed was established by twelve Federal Reserve Banks scattered across the USA. It would seem that Fed is a Federal Organization since it consists of Federal Banks, but it just a façade and mimicry as asserted by Starikove (2013).

There is not a single state-run bank in USA, All the banks that have the word Federal in their names were actually established by ordinary commercial banks which has been grouped according to their location. Who are the founders of the American Commercial Banks via a chain of companies, shares, trusts and funds it is always individuals. Therefore, the twelve Federal Reserve Banks comprising the Fed are owned by unknown individuals, and not the American State, observed by Starikove(2013). And each of these twelve Federal Reserve Banks has the rights to issue dollar bills. If you are curious, search for the dollar bill and read where it comes from.

Starikove (2013) further assert that for an outsider all properties are observed. And an illusion is created that the Federal Reserve is controlled by the State although it is actually independent.

It is about the Independence of the Federal Reserve that you will read in all reference books and it will be presented as a great advantage. The Fed is an “Independent Financial Institution established in order to function as the Central Bank and performed centralized control over commercial bank system.

So what is the Federal Reserve System Independent from? From the government! If the head of a corporation can appoint or dismiss the head of one of the companies within its corporate group, we can hardly talk of any independence. And if the head of the corporation has no right to dismiss him or make him to pursue a policy needed by the group, what kind of head of corporation is that? This is not authority any more but mere illusion. Similarly, speaking of the independence of the Fed on the one hand and of the control exercised by the state, on the other, is creating an illusion. One cannot be slightly pregnant; it is either one thing or the other. Each of the Federal Reserve Bank is assigned it owned number and the letter.

If you look at the front of the Dollar Note you will see the mark on the left side of the note:

A1-Boston, B2- New York, C3- Philadelphia, D4- Cleveland E5- Richmond F6 -Atlanta, G7- Chicago, H8 -St. Louis 19 Minneapolis J10- Kansas City, K11-Dallas, L12-San Francisco

Could the President of America appoint or Sack the head of Fed? That answers all….

The Federal Reserve Banks established the governing body of the FED called the Board of Governors is appointed for a term of 14yrs. These governors then elect the Chairman of the FED. He is appointed for four years and the US President confirms him at the Position. What do we see? This is an imitation of subordination. This is what you will find in the book written by the Fed Chairman, Alan Greenspan: ‘Federal Reserve System, formally independent from the White House. What is informal dependence then? In a world where the whole management structure is strictly vertical, such dependence simply does not exist. The head of the White house does not own any shares and therefore cannot vote but granted the honorable right to sign for the confirmation of the head of the Company as Starikove(2013) observed.

The situation with the Fed is exactly the same because the appointment of the FED Chairman is the most important appointment in today’s economy and hierarchy, far more important than that of the US President according to Starikove (2013)

Ghana like any other State is tied to Federal Reserve for enslavement through IMF. Because any country which is a member of the IMF is obliged to guarantee single-step exchange of the total amount of national currency in dollar and pounds using its own gold and foreign currency reserves. This rule has to be observed at any given moment. Otherwise a country cannot be accepted to the IMF. And without being in the IMF one cannot be part of the “civilized society”

As a result, the Ghanaian Economy does not have as much money as required for it proper operations but equal to the amount of dollars in the reserves of the Central Bank. The Amount of cedies that can be issued depends of the amount of dollars Ghana received for export of it natural resource. That is why a drops in it export rate causes a collapse of everything. This is not due to insufficient tax collections."