It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
In a press conference after the plenary session the British PM Gordon Brown read the communique of the G-20 leaders where the heads of the states have agreed to make six pledges to improve the world economy and emerge a "new world order."
Brown says that the world leaders have pledged to take global actions together and that a consensus is reached. One trillion dollars will be made available through the International Monetary Fund to boost the world economy
G-20 will take essential actions to rebuild confidence and trust in the financial system. There are no quick fixes, but the leaders pledge to act together to work things out.
The leaders will regulate credit rating agencies so they provide better pictures of economies and companies around the world helping investors to make wiser decisions. The leaders will end tax heavens and will bring end to banking secrecy.
Banking secrecy must come to end, says Gordon Brown. Tough standards and sanctions will be taken against those who don't come to light in the future.
Here are the six pledges that the G-20 made today. It's in brief.
1 Restore confidence, growth, and jobs;
2 Repair the financial system to restore lending;
3 Strengthen financial regulation to rebuild trust;
4 Fund and reform our international financial institutions to overcome this crisis and prevent future ones;
5 Promote global trade and investment and reject protectionism, to underpin prosperity;
6 Build an inclusive, green, and sustainable recovery.
You can read the entire G-20 communique here.
Originally posted by Clairaudience
There is a desperate need for a New World Order and there is no way around it! Although whats worrying me is who will be in charge.
It could be Eden on earth, or it could turn out to be corrupt.
For now, I’d like to share with you another suspicious aspect. For a while in Coffee House we’ve been saying that the markets wouldn’t let Brown borrow more: what if the Arabs and Chinese tire of buying all the debt? This presumed Brown’s hands would be tied by the market. But, as so often, I underestimate him. Now he has his new toys, he can tweak banking regulations to have the nationalised British banks buy his crappy debt instead, and thereby divert the nation’s savings into the Treasury’s coffers. And let’s not forget what the £150 billion “quantitative easing” package does – provides money that is to be spent on, well, government debt. Using the G20 as political cover, Brown now has the tools he needs to launch a massive pre-election tax cut - and post the bill to a Conservative government. So QE could turn out to be the prelude of what economists describe as “helicopter money”.
Complexity is the second-last refuge of the scoundrel (pension funds are the first) and all the banking arrangements make it harder than ever to work out what Brown is up to. But please, bear with me. Look at the below graph. The rest of the world (green line) is running as fast as it can from UK government debt. Ditto the British investors. In any other circumstances, this would leave Brown with a major funding problem – and we’d be in Dennis Healey IMF bailout territory. But look at the grey lines. These nationalised banks have been gripped by a mysterious sense of patriotism and have started to buy Brown’s IOU notes.
In the old days, when banks lent money to people and not vice versa, UK banks would scour the globe looking for the best investments. Now, having been net sellers from 1998-2007, the British holdings of UK gilts and t-bills has surged by £30bn in the last three months – the highest since data began in 1997. No surprise, you might argue: flight to safety. But it’s funny how foreign and non-bank UK buyers seen to be able to find several better forms of safety than buying the debt of a desperate government that has just started to print money. As he so rightly says, it’s a whole new world.