8 months ago
Thursday, March 18, 2010
Earlier this week
We had the preachers fellowship this past half of a week, and this preacher, Larry Jones, spoke about the G 20 meeting in London, and what came out of it. People talk about the UN being world governance.. the G 20 is worse than the UN (which also attended G 20).
In the new Financial Stability Board, which will now incorporate all G20 members, there is the potential for a powerful new global financial regulator. What will the regulator oversee? All "systemically important" financial institutions, instruments and markets. This will include, for the first time, the most important hedge funds. These will have to register and report their strategy, debt and risk levels. Hedge funds manage about $1tn (£67bn) of assets. What is an "instrument"? MONEY. This page tells more about what this board will do. Tis skeery!
The IMF has their own money - the SDR or special drawing right, which is a basket of currencies including the US dollar, the yen and the euro. The US and European running the IMF will be abandoned, and in return, China will be asked to lend some of its reserves to the IMF - and will continue to push for the idea that the SDR will become a real reserve currency, ultimately replacing the dollar. It has also been suggested that having holders of US dollars convert those dollars into SDRs would allow diversification away from the dollar without accelerating the decline of the value of the dollar.
Great. The dollar just poofs away, to be replaced by a global currency.
Here is a summary of the key points they came out with:
A new Financial Stability Board, with a strengthened mandate, will replace the Financial Stability Forum
Financial regulation and oversight will be extended to all financial institutions, instruments and markets
This includes bringing hedge funds within the global regulatory net for the first time
Members are committed to implementing tough new rules on pay and bonuses at a global level
International accounting standards will be set
Credit rating agencies will be regulated in order to remove their conflicts of interest
A common approach to cleaning up banks' toxic assets has been agreed
TAX HAVENS (i.e. Switzerland, Cayman Islands, etc.)
There will be sanctions against tax havens that do not transfer information on request
The Organisation for Economic Co-operation and Development has published a list of countries assessed by the Global Forum against the international standard for exchange of tax information
IMF (International Monetary Fund)
Resources available to the International Monetary Fund will be trebled to $750bn
This includes a new overdraft facility, or special drawing rights allocation, of $250bn
Additional resources of $6bn from agreed IMF gold sales will be made available for lending to the poorest countries
The G20 also supports increased lending to the world's poorest countries of at least $100bn by the multilateral development banks
There will be a commitment of $250bn of support for trade finance made over the next two years
This will be made available through export credit and investment agencies, as well as through multilateral development banks
National regulators will be asked to make use of available flexibility in capital requirements for trade finance
The G20 has pledged to resist protectionism
There will be a commitment to naming and shaming countries that breach free trade rules
The G20 will notify the World Trade Organization (WTO) of any measures that constrain worldwide capital flows
The G20 has called on the WTO to monitor and report publicly on these undertakings on a quarterly basis
Although there is no new fiscal stimulus, Gordon Brown said G20 countries are already implementing "the biggest macroeconomic stimulus the world has ever seen" - an injection of $5tn by the end of next year
John Chipman of the International Institute for Strategic Studies in London, proposed that the G-20 be given more powers of enforcement in the realm of international security as well as financial regulation
International security.. wouldn't that be like Interpol?
December 17, 2009, The White House released an Executive Order “Amending Executive Order 12425.” It grants INTERPOL (International Criminal Police Organization) a new level of full diplomatic immunity afforded to foreign embassies and select other “International Organizations” as set forth in the United States International Organizations Immunities Act of 1945.
By removing language from President Reagan’s 1983 Executive Order 12425, this international law enforcement body now operates - now operates - on American soil beyond the reach of our own top law enforcement arm, the FBI, and is immune from Freedom Of Information Act (FOIA) requests. Check out the above link, read it all.