Globalists to Devise New System in Wake of Financial Collapse
"World leaders urge new financial rules; Assert measures beyond bailouts might be needed" by Ariana Eunjung Cha, Washington Post | October 26, 2008
SHANGHAI - Leaders from Asia and Europe yesterday called for new rules and stronger regulation of the global monetary and financial system at the close of a two-day summit in Beijing as China assumed a new leadership role in the crisis.
Chinese Prime Minister Wen Jiabao said the world's economic problems had become so massive that measures beyond the many billion-dollar bailout packages already announced might be necessary to avert further damage. The Asia-Europe Meeting, last held in 2006, traditionally does not result in any policymaking. This year's gathering, however, had taken on a new urgency as the world teeters on the edge of a global recession.
All done ON PURPOSE, I might add!
In a joint statement, the more than 40 world leaders in attendance - including Prime Minister Taro Aso of Japan, Chancellor Angela Merkel of Germany, and President Nicolas Sarkozy of France - said they recognized "the need to improve the supervision and regulation of all financial actors, in particular their accountability" and pledged "to undertake effective and comprehensive reform of the international monetary and financial systems."
Although the leaders spoke only of broad principles and did not offer details on specific proposals, it was clear the groundwork was being laid for a Nov. 15 meeting on the crisis that President Bush will host in Washington. The forum will include leaders of emerging markets, such as China and India, as well as the Group of 20 major industrialized nations.
The Beijing meeting appeared to be a victory for Sarkozy, who has taken the lead in representing his European Union colleagues in pushing for an overhaul of the world's financial systems and the creation of a new "regulated capitalism" as soon as possible.
Sarkozy has said such steps cannot wait until a new US president takes office. Sarkozy said Asian leaders have joined their European counterparts in expressing a "willingness for the Washington summit to be a place where we make some decisions, and we have all understood that it would not be possible to simply meet and have a discussion. We need to turn it into a decision-making forum."
The major issues expected to be addressed by world leaders in the coming months and years include the future role of the International Monetary Fund in stabilizing economies, currency reform and measures to help prop up cross-border banks. The participants in the summit said the IMF should play a critical role in assisting countries seriously affected by the crisis. Merkel called for the IMF to become a "guard for the stability of the international finance system."
Officers and gentleman, GLOBALISTS ALL!!!!
The IMF has agreed to lend Iceland $2.1 billion after its banking system collapsed. It is also discussing loan packages with close to a dozen countries, including Pakistan, and is examining ways to speed up the process. Governments worldwide already have pledged about $4 trillion to support their banks and restart money markets. --more--"
