Busted: Bankers and The Global Economy

March 11, 2009

U.S. Economy: Prepare for Depression and Inflation

Central Bankers Support More Inflation Now

European Union Rejects Breakneck Fiscal Stimulus

economic-knife

Article on Associated Content by E. Manning

We are living on the edge of an economic knife. The U.S. government is bailing virtually everyone in the financial system out. If this continues, the U.S. can expect hyperinflation that hasn’t been seen since post-war Germany down the road.

February 23, 2009

PM Brown: New Global Economy

pm-brown-berlusconi-romeBritish Prime Minister Gordon Brown has stressed the importance of April’s G20 ‘Economic Recovery Summit’ in London in the bid to strike a “global deal” that will “speed up the recovery of the world economy”. He and other European Union members are advocating a new global financial system, but have backed off somewhat due to the reluctance of U.S. support. His recent statement in Rome revealed that all nations need to inject resources into their own economies as well as agree on ways to reform international institutions.

Currently, he is recommending new policies that he calls ‘fairness principles’ against “old excesses” in the banking community, a standard of stewardship instead of speculation. In the meantime, Brown and other European Union members are advocating unity in opposing moves towards protectionist trade policies. They see the U.S. as a major opponent where such policies are concerned.

Back in the United States, international bank holding company, Citigroup continues its precipitous decline. The U.S. government is looking at boosting its’ controlling interest in the banking firm to boost confidence and maintain solvency from toxic debt, part of the speculation that PM Gordon Brown was referring to.  Britain is dealing with similar issues relating to the Royal Bank of Scotland. ~ E. Manning

October 24, 2008

The Fear of EU Leaders

U.S. quietly key player

U.S. quietly key player

President Nicolas Sarkozy of France, the current placeholder of the rotating EU presidency, is spearheading the planned global summit in New York City. He expects concrete decisions to come out of the economic summit next month, which must address the underlying causes of the crisis rather reciting world crisis effects. “We have all understood that it will not be possible to simply meet and have a discussion. We need to turn it into a decision-making forum.”

Most of the world economies seem keenly interested in creating a new global solution to save the global economy and themselves from much economic pain. EU leaders and some other world leaders have voiced a certain amount of fear regarding the cooperation of the United States, who has remained very much on the back burner of the global summit considering its usual role. The election is undoubtedly playing a role in U.S. hesitation and resistance. 

Even Japan and China have become very interested in global economic solutions. Sarkozy told Chinese President Hu Jintao that he fears the United States, which is wary of excessive regulation, would be content if the summit produced “principles and generalities.” That is the real fear of EU leaders since they seem to be looking for radical global change and protection rather than placation and stop gap measures. ~ E. Manning

Global Financial Overhaul Recommended

October 19, 2008

United Nations wants in on Economic Authority

As the world basks in turmoil of a global financial crisis and proposals of special summits by various world leaders, the United Nations has offered French President Nicolas Sarkozy the U.N. headquarters in New York access and use of their facilities for an international summit. Not long ago, the European Union and Sarkozy sought out U.S. President George Bush. The resulting insider news is that George Bush will be sponsoring a global economic summit in hopes of responding better to the crisis. Sarkozy has appealed to prime economic world leaders to act aggressively and in unity to address the economic meltdown at a summit by December.

The United States has been somewhat hesitant to initiate many of financial policies that some European Union leaders are eager for and relunctant to get involved with the U.N. and Europe. Instead, the Bush administration is working feverishly to put out the nation’s economic fires and to deal with them successfully behind the scenes.

What does the United Nations say? The United Nations considers itself as “the symbol of multilateralism.” U.N. leadership believes that it holds the keys to a universal legitimacy to the endeavor to “demonstrate a collective will to face this serious global challenge.” The United Nations needs the good publicity and a way to wield global influence as well. What better way wield influence than to sponsor a global economic summit in a time when the world scene looks so dark?

Sarkozy is calling to overhaul the global financial system so that it can be better supervised in the wake of the crisis. “Together we need to rebuild a capitalism that is more respectful to man, more respectful to the planet, more respectful to future generations and be finished with a capitalism obsessed by the frantic search for short-term profit.” Those seem to be poetic words for a hurting world that is seeking solace and security from a global debacle wrought by speculation and greed. What will national leaders give up to secure a better future in the eyes of politicians and global economists? The future of currency systems seems to be in question now with some “new ideas” that are likely to be presented. ~ E. Manning

Create a free website or blog at WordPress.com.