Busted: Bankers and The Global Economy

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

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February 15, 2009

Rome: Central Banking, Finance See Crisis in Power

banking-goldNew U.S. Treasury Secretary, policy maker for the International Monetary Fund and former Federal Reserve presidential drone Timothy Geithner claims that the world faces the worst economic and financial crisis in decades . In his mind, government, facing growing domestic unease over the millions of jobs being lost, must respond forcefully. Geither has reassured the concerned central bankers and panicked finance ministers at the crisis meeting in Rome that President Barack Obama has ensured that implementing the new stimulus package would be done in a way that respects America’s international obligations.

“We are confronted with a broader and deeper slowdown than has been experienced in decades,” said U.S. Treasury Secretary Timothy Geithner at the G7 Economic Crisis Summit this weekend in Rome. “We will work closely with our colleagues in the G7 and the G20 to build consensus on reforms that match the scope of the problem revealed by this crisis.” Mr. Geithner working to win the hearts of skeptical fellow bankers and finance ministers as they seek to stabilize their own interests and continue to propel globalism and the power of central bankers to new heights. They want a new “Bretton Woods” monetary agreement that promises to change the world and build a New World Order.

At the same time, Geithner has admitted his lack of original thinking. He revealed to G7 ministers that he wants to “get it right” before launching the U.S. stimulus and bailout program so that he would not need to shift strategy midstream, while requesting their thoughts on U.S. strategy. Geithner is apparently still thinking inside the box of Wall Street training to the chagrin of his globalist friends. In fact, few of them are thinking outside of any box beyond their own self-interest.

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Fearing a resurgence of protectionism and an obstacle to globalism, crisis talks ended in Rome Saturday with a unified pledge to do all that can be done to combat recession without distorting the myth of global free trade.

The media has proclaimed that Treasury Secretary Timothy Geithner came to the Rome this weekend to prove to Group of Seven colleagues that he was up to the job of fixing the U.S. financial system. The only item that he proved was that he is one of them, a brotherhood of bankers in lockstep meeting where control of the banking economy firmly rests: the halls of Rome and the Vatican.

Deutsche Bank Securities chief economist stated: “It’s not big enough. There are few details. The administration is trying to buy time and they don’t get the fact that we need to get something yesterday.” The underground criticism is that the Federal Reserve and the U.S. Government are not playing into the hands of globalists and Roman-based central bankers fast enough. In the meantime, Geithner is speaking out of two sides of his mouth. ~ E. Manning

November 10, 2008

The Global Finance Summit Rush to Rhetoric

bretton-woodsInternational hullabaloo from UK, France, and Germany for a new international financial architecture moved the G7 Finance Ministers into action. US president George Bush has snubbed the U.N. proposal to host an international summit, instead promoting an G8 summit of key leaders in Washington D.C. on November 15th. If successful, this may be the greatest chance since 1944 to influence the structure of international finance since the Bretton Woods accord. The proposals so far want to put the world’s leading industrialized economies and a select few emerging economies in charge, generally referred to as the G20. The role of central bankers is curiously absent in publicity. Doubtless, central bankers have the pulse of the situation and probably are largely responsible for a more conservative response to the European Union’s vivid promotion and sweeping enthusiasm last month.

global-financial-agreement1Activists have urged world leaders not to lose sight of perceived international challenges like climate change and poverty as authorities focus their efforts to repair the world’s financial system. Politicians are concerned about such things. Central bankers are not.

Not to be outdone or completely humiliated, the president of the U.N. General Assembly announced a high-level task force to review the global financial system, including the World Bank and IMF. ~ E. Manning

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