Please take the time and read this article. It was written this morning. They are prepping us for the new, global monetary system. Does anyone
think its kind of funny that this has all happened in Bush's last 2-3 months in office??? This was planned a long time ago... God help us.
Here is the link... sorry if this has already been posted, as I didnt see it.
By Howard LaFranchi Howard Lafranchi – Mon Oct 20, 4:00 am ETWASHINGTON – When President Bush hosts a world financial summit in the coming weeks,
one of the least multilateral American presidents in decades will set in motion what could result in a full reordering of the global financial
The series of summits that Mr. Bush announced over the weekend at Camp David with European leaders at his side suggests a broad understanding among
them: that the current crisis requires the kind of global regulatory reforms that have eluded major powers in the past.
Europeans especially are speaking of a "Bretton Woods II" that could do for financial markets what the 1944 summit at a resort in New Hampshire did
for monetary policy.
But the call for a summit also underscores the degree to which a once go-it-alone presidency has shifted to embrace not only the necessity of
international cooperation, but also a role of global leadership.
"Talk of a Bretton Woods II has been around to different degrees for 30 years. But the fact it is getting started with an outgoing administration and
especially one that was at the center of a significant crisis between America and Europe, between America and the rest of the world, suggests the
recognition that there is urgency in the air," says Simon Serfaty, an expert in US-Europe relations at the Center for Strategic and International
Studies (CSIS) in Washington. "It also adds legitimacy to the coming process."
That process, which is expected to stretch into next year and a new American administration, will get under way with a summit that Bush will host
sometime after Nov. 4, the date of US elections, according to a statement issued Saturday by Bush, French President Nicolas Sarkozy, and European
Union Commission President José Manuel Barroso.
The initial summit is expected to be a kind of expanded Group of Eight meeting, assembling the leaders of the most industrialized nations and those of
major developing economies like China, India, Brazil, and South Korea. It would aim to assess the current global crisis and to come up with a set of
principles of reform.
Actual agreements on reforms could come at subsequent summits, but the initial meeting would allow Bush to place his stamp on the process before
leaving office, while also facilitating a continuity of American leadership.
Saturday's meeting offered a picture of transatlantic unity, but that hardly means the road ahead will be discord-free. Bush says future reforms and
new international regulations must improve but not fetter the free market, while European leaders hint at much more robust state intervention with
Bush recognized the need for "regulatory institutional changes" but added, "It is essential that we preserve the foundations of democratic
capitalism – commitment to free markets, free enterprise, and free trade."
In response, President Sarkozy said, "The president of the United States is right in saying that protectionism and closing one's borders is a
catastrophe.... But we cannot continue along the same lines," he added, "because the same problems will trigger the same disasters."
Mr. Barroso was more succinct: "We need a new global financial order."
Those words could send shivers through a White House that is suspicious of the current chorus of world leaders – European, Russian, and others less
friendly to the US – who are hailing the current economic crisis as a moment to usher in a multipolar world. Bush indicated h