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At the emergency G20 meeting scheduled for October 11, 2008, the participants are planning to discuss recent developments in global financial markets and work toward solutions to the current crisis and longer-term reforms to international financial architecture...
U.S. Treasury Secretary Paulson... is organizing a special G20 meeting... a special meeting of the G20 that will include senior finance officials, central bankers, and regulators from key emerging economies...
“Today’s global concerns require a level of international co-ordination that is fundamentally different from any other period in history, and the creation of the structures that will oversee the economy of the 21st century has been delayed too long.”
The G7, IMF and FSF do not give enough voice to some of the world’s largest emerging economies and it is dangerous because the next financial crisis could take place in one of those countries...
The financial meltdown in the United States cannot be tackled by the G8 alone, but needs to involve the G20, British prime minister Gordon Brown said. The G20 is better suited to deal with the problem, he indicated...
With the financial markets becoming more global, regulation and supervision needs to become more global as well. “This requires us and others to work closely with the key international coordinating agencies, the Financial Stability Forum, the IMF, the Basel Committee, the G20 and others, to identify key risks and vulnerabilities,” Australian Prime Minister Kevin Rudd said.
Right now what's REALLY happening is the World financial leaders are panicking...
The Group of Twenty (G20) finance ministers and central bank governors was
established in 1999 in the area of finance... The first G20 gathering, hosted by Germany and co-chaired by Canada, took place in Berlin on December 15-16, 1999. The G20’s members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.
The work of the G20 finance group has led to discussions of other “20” groups. Since
2005, under the Gleneagles Dialogue, 20 ministers from the fields of environment and energy have met, most recently in Japan, to discuss the issues associated with global warming.
With the state of the universe increasingly ulcerous, with the Group of Eight and the United Nations Security Council hardly representative of the new global order, Mr. Paul Martin, former Prime Minister of Canada, has intensified his campaign for a new international body of 15 or 20 powers to give global governance a chance. While not divulging details, Martin said his talks with the U.S. presidential contenders, particularly the Democrat, Barack Obama, were most encouraging. “The Obama people … understand this issue. They understand that the United States has to do things differently.” The stated preference of Mr. McCain is for a league of democracies. But Mr. Martin explained that, for a new body to be effective, it can't leave out megapowers such as China. He described how his G20 campaign has picked up support from China, France, Britain and others. It's “going to happen,” he said. It's “inevitable.”
The assumption of a "cyclical," "mortgage crisis," has been premised, essentially, upon a lie, a lie used by the world's biggest bandits of these times, the investment bankers who had created themselves in the self-image of those predatory Lombard bankers, such as the houses of Bardi and Peruzzi, who created the general financial-economic breakdown-crisis known as the Fourteenth-Century "New Dark Age." The truth is, that this crisis had already been, from its outset in 1968-1981, a general, global breakdown-crisis of the present IMF financial-monetary system in progress. No correction of this continuing, downward trend was ever seriously attempted: with the qualified exception of President Bill Clinton's interrupted intention to proceed to a much needed reform of our nation's financial architecture.
It is, as I must emphasize now, again, a crisis of the same essential cause and characteristics as that great breakdown-crisis, if in a different time, of the Fourteenth-Century European Lombard banking system, the system of investment banking houses of the type of the medieval Bardi and Peruzzi, which plunged all of Europe into a vastly genocidal "New Dark Age," then, as the present-day Bear Stearns, Lehman Brothers, Goldman Sachs, et al., now.
That Fourteenth-Century "dark age" wiped out half of the parishes of Europe, and reduced Europe's population by about one-third, net, during a period of, chiefly, approximately a generation. A similar effect is to be expected, soon, unless culprits such as Secretary Paulson, the fox who is looting America's financial chicken-coop, and the very guilty President George W. Bush, Jr., are removed from control of financial-monetary policy now.
Thus, the point which must be emphasized, repeatedly now, is that fact that the resurrection, by a degenerate turn of modern society, of a return to a global form of medieval European financial practices of usury, that over what has been now approximately two decades since the election of U.S. President George H. W. Bush, has produced the present, medieval-like result. The modern system of lunatic, speculative investment banking, revived Greenspan-style, has created, as a dominant form of essentially predatory financier interest, an intrinsically corrupt system of international financier corruption echoing those same practices of the Fourteenth-Century Lombard bankers whose practices plunged all Europe into the genocidal, Fourteenth-Century "New Dark Age."
“The lessons of subprime is – now that capital markets are truly seamless
the world over, and that there will be not one or two, but for the first time in our lives,
five or six giant economies – what is it the world must do to prevent, or at least mitigate,
the consequences of the crises they will inevitably present us with?”
FREDDIE MAC’S IMPENDING FIASCO
The long-awaited financial update for Freddie Mac was held June 30 and proved to be less than expected. The revised numbers show that Freddie broke even for the second half of 2003, after a profitable first half. Losses from its derivatives trading -- the source of the accounting problems and of some $4.3 billion in losses in the second half of 2003 -- were the cause of the poor second-half showing. To refresh your memory, interest rates fell in the first half of 2003, and they rose in the second half. Perhaps you need not be reminded where they have gone since April of this year.
What is especially disturbing is that little guidance was given for any quarter of 2004 and, despite promises of greater transparency, management stated there would be no reporting of 2004 results until March 2005! The reason given is that the accounting is still not up to snuff. In fact, detailed financials for 2003 will not be published until September, so analysts will have to wait another three months to find out what was not said on June 30. One analyst quizzed Freddie’s CFO on what the effect of rising interest rates would have on its trillion-dollar-plus portfolio of derivatives. His astounding reply: “I don’t know.”
As I have said previously, the concern has always been that rising rates could cause Freddie to implode, much like the Long Term Capital Management hedge fund or the Orange County investment fund. Only, this time, the fallout could cause a systemwide financial panic. In any case, it is fair to say that Freddie’s stockholders are in for some sleepless nights, and Alan Greenspan and the U.S. Congress might be, too. Freddie could be just one car in the slow-motion train wreck that may be coming due to the artificially low interest rates engineered by the Federal Reserve in 2001.
This report on “G20: Plans and Prospects” is compiled by the G20 Research Group largely from public sources as an aid to researchers and other stakeholders interested in the G20.
...and other stakeholders interested in the G20.
The work of the G20 finance group has led to discussions of other “20” groups. Since 2005, under the Gleneagles Dialogue, 20 ministers from the fields of environment and energy have met, most recently in Japan, to discuss the issues associated with global warming. On the margins of the 2008 G8 Summit in Japan in July, a gathering of the Major Economies Meeting of 16 members (MEM-16) at the summit level was held,following official level meetings of this U.S.- initiated forum starting in 2007. In both cases, their membership largely overlaps that of the G20 finance ministers.
Former Canadian prime minister Paul Martin has advocated a “Leaders 20” (L20) forum, but it has not yet been established in forms other than the MEM-16.
As a legacy theme, the G20 will take up South Africa’s Fiscal Space theme, focusing on the creation of fiscal space through the prioritization of government expenditures.
As a new element of the work program, they will introduce competition in the financial industry.
With both of the themes, enhancement of growth, a key concern of the G20, will be addressed.
The level of competition in the financial sector affects the efficiency of the production of financial services, the quality of financial products and the degree of innovation in the sector.
The degree of competition in the financial sector can also influence firms’ and households’ access to financial services and external financing. Most importantly,competition in the financial sector is linked to economic growth and stability.
After an introductory look at best practices in competition policy and the benefits to the economy more broadly highlighting possible differences between the financial and other sectors, the focus will be on the benefits and risks related to increased competition in the financial sector, the relationship between competition and financial stability, the role of regulatory frameworks, the impact of greater openness to foreign bank competition on local financial systems, the implications of consolidation for competition in the financial sector and the role played by non-bank financial institutions in promoting competition in the banking sector, among other topics. In addition, the links between competition in the financial sector and economic growth will be explored.
... working towards a potential double dividend by meeting the energy needs that are essential for economic growth and fighting poverty,...
...requires mobilization from governments, the private sector and the International financial institutions (IFIs).
...energy is a source of poverty reduction and macroeconomic stability worldwide.
Some of these challenges will have distinct economic effects on developed and developing countries.
...fiscal space for growth and social inclusion...
turning to the expenditure side of the budget, specifically, to issues of quality and efficiency in public spending.
a) maximizing crowding-in: government spending and productivity growth;
b) price, output and debt stability: countercyclical fiscal policies, macroeconomic stability and debt sustainability.
..issue of whether current public spending is also linked to productivity growth, and of what kind: education and health or more broadly, social assistance programs including intergovernmental transfers.
... budget procedures, given the long-term objective of creating fiscal space for economic growth with social inclusion through the business cycle.
public sector borrowing requirement (PSBR).
There’s always a risk, but we really haven’t sat down and finalized [our growth forecasts]...
Rising inflation and lingering financial market turmoil will be under the spotlight...
..., dwindling supplies of traditional energy and climate change create new investment opportunities.
With the state of the universe increasingly ulcerous, with the Group of Eight and the United Nations Security Council hardly representative of the new global order, Mr. Paul Martin, former Prime Minister of Canada, has intensified his campaign for a new international body of 15 or 20 powers to give global governance a chance.
Martin said his talks with the U.S. presidential contenders, particularly the Democrat, Barack Obama, were most encouraging. “The Obama people … understand this issue. They understand that the United States has to do things
differently.” The stated preference of Mr. McCain is for a league of democracies. But Mr. Martin explained that, for a new body to be effective, it can't leave out megapowers such as China.
"...a new forum for global governance is essential."
While sovereignty DOES without a doubt cast a certain competition among nations, by using THEIR language, they control the single most fear inducing entity on earth, the finances.
The stated preference of Mr. McCain is for
a league of democracies.
Umm, I'm an American. And these two people, the one's recognized as our 'choices' are generally 'on board" with this plan. Hmmm. Not sure I like this. How bout you?
Mr. Paul Martin, former Prime Minister of Canada, has intensified his campaign for a new international body of 15 or 20 powers to give global governance a chance. While not divulging details, Martin said his talks with the U.S. presidential contenders, particularly the Democrat, Barack Obama, were most encouraging. “The Obama people … understand this issue. They understand that the United States has to do things