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Central Bankers Decided Suez Crisis, Historical Example of Power

tnemelckram
post Mar 10 2010, 08:39 PM
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Jio All!

We all agree that recent events again justify looking at the Banksters and their unseen power with a jaundiced eye. Here's a historical example of their power. No less an authority than The Naval War College Review (house rag of the US Naval War College) conludes that the bankers decided the 1956 Suez Crisis.

Link:

http://www.usnwc.edu/getattachment/8cde880...ation-Compromis


Money Quotes:

QUOTE
The Anglo-French forces now on the ground were aware of the possibility of a cease-fire and made every effort to move as far south along the canal as possible. However, the final outcome of the battle was being decided not by the military or by the politicians but by anonymous central bankers in capitals as far flung as Washington, New Delhi, and Beijing.36

In 1956 the pound sterling was the currency most widely used in world trade. It was also an important reserve currency, particularly with respect to the British Commonwealth and those countries that did not wish to trust their financial assets to Washington.Willingness to hold sterling was very much a matter of trust, loss of which could well precipitate major sales by central banks and speculators. This is what happened in November 1956: for London to maintain trust required holding the prevailing sterling dollar parity, and doing so in the face of
massive selling pressure required aggressive use of Britain’s own reserves, which had begun to hemorrhage. In theory the reserves could be replenished from Britain’s balances with the International Monetary Fund, but this would require American approval, and the Eisenhower administration made it clear that such would not be given until all Anglo-French troops were withdrawn from Egypt. Astonishingly, this development took the British by surprise; the French, less trusting of Washington, had prudently arranged a stand-by credit three weeks before the invasion. Eden attempted to bargain for time but with little success; faced with the possibility of national bankruptcy, he had no choice but to agree to a cease-fire. The French reluctantly went along. It was all over.37


QUOTE
Although the British Empire suffered a gradual decline throughout most of the twentieth century, many would say that Suez marked its end. As historian Niall Ferguson argued in his account of the Suez affair, “It was at the Bank of England that the Empire was effectively lost.”


QUOTE
Fifty years have gone by, yet it appears that some of the lessons of Suez still require
relearning.
. . . .
And finally, debtor nations that value their currency’s reserve asset status
must be very, very, careful when they choose to go to war.39
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GroundPounder
post Mar 10 2010, 08:49 PM
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well, good riddance to reserve currencies!
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