Paul Martin prescribes international regulatory body for ailing fiat economies
Not a global regulator, but an international body to approve national regulators…?
That’s some slick doublethink there Paul. Maybe you mean well with this globalist leaning of yours. But centralizing the world’s economy under international regulators is an assault on Canada’s sovereignty. If we transform the IMF into some sort of global Federal Reserve setup, then the tools of tyranny are simply expanded, and the levers of power are made larger and are put closer to the hands of the most cunning and ambitious. Decentralization of economic power is the answer, the equivalent of firewalls on a network. And the furthest decentralization is to get away from the fiat currency economy entirely – a ponzi scheme in its own right that demands inflation and ‘consumerism’ – and to return to sound money where the market sets its prices and not Goldman Sachs and their ilk.
Campbell Clark, The Globe and Mail
February 12, 2009
G20 countries must persuade Asian consumers to pick up spending from ‘tapped out’ Americans, former PM says
OTTAWA — Former prime minister Paul Martin gives Stephen Harper’s stimulus package a qualified passing grade, but warns the global recession will last if the world’s 20 big economies don’t work together to revamp the global financial system.
The so-called G20 countries must hammer out a deal that will get Asian consumers spending when “tapped out” Americans can’t, and create credible – and mandatory – regulation of all major financial players around the world, the former prime minister and finance minister says.
Mr. Martin said Prime Minister Stephen Harper’s budget moved in the right direction with a stimulus package including infrastructure spending, but should have further expanded employment insurance and devoted more to science and technology to spur new-economy jobs. The economy based on American consumer spending is “over,” he said.
“There’s light at the end of the tunnel. But don’t kid yourself. There’s a paradigm shift here,” Mr. Martin said in an interview before a speech to the University of Ottawa’s Graduate School of Public and International Affairs.
When G20 leaders convened in Washington in November, they pledged major spending packages to stimulate the economy. Mr. Martin said co-ordinated stimulus measures are important to economic recovery, but said the G20, when it meets again in London in April, needs to go further.
The world was able to avoid disaster after the Asian financial crisis in 1997 because American consumers continued to spend, but they’re “tapped out” now, he said.
“Who’s replaced the American consumer? Deficit-ridden governments. And that’s a short-term fix, but it’s not a long-term fix,” he said. [Ed. Note: Good grasp of the root of the problem...]
“The consumer today who is really generating the large savings, but whose consumer needs have not been met, is the Asian consumer….And that consumer is going to have to step in and fill the breach.”
That will require Asian governments to change policies on hoarding reserves, he said – clearly referring primarily to China – so that instead of promoting exports, they encourage consumer spending.
Those are the kind of policy changes that once were made among G8 leaders in gentlemen’s agreements, but now the G20 must emerge as the forum for that deal-making because big emerging nations like China and India must agree to solve the problem, he said. In return, Asian countries will want Western countries to fix their banking systems.
“This is all about confidence. The other part of confidence is, is the world going to get its act together to ensure it doesn’t happen again?”
Mr. Martin said that means moving quickly to regulate all of the world’s big financial players – not just banks but major hedge funds and private-equity funds.
All countries will have to be part of a mandatory, worldwide, regulatory network, though not through a global regulator, which he believes would be unworkable, but by requiring all countries to have their own national regulatory systems approved by a new international body. [Ed. Note: ...Bad fumble on the solution.]
He said countries who argue that is an infringement on their sovereignty now face a new rebuttal: “Your bank regulation should not cause a recession for me.”
Mr. Martin, who initiated G20 finance ministers’ meetings, has long advocated replacing the G8 – the club that includes the U.S., Japan, Germany, Britain, France, Italy, Canada, and Russia – with a broader G20 that includes major emerging economies such as China, India, and Brazil, because the world’s issues cannot be addressed without them.
Now, he says, crisis is causing that shift.
“The G8’s days as the world’s steering committee are numbered,” Mr. Martin said.
Source | See Also under New World Order: World Economic Forum elite blame ‘profit’, not fraud, for crisis | Rewriting the rulebook for 21st-century capitalism | Gordon Brown hails UK job cuts as birth pangs of new world order | Kissinger Calls for a New World Order | UK PM unveils ‘New Deal’ plan to create 100,000 jobs | Kissinger Calls For New International System Out Of World Crises | The ugly spectre of ‘new Keynesianism’ and the self-appointed Guardians | UK Environment minister calls for international food treaty, GM foods at Fabian Society address | Financial Times: And now for a world government | CFR-Brookings to Dominate Obama Strategy | Neo-cons still preparing for Iran attack | Harper halts parliament amid row | Afghan government sacks Kandahar governor | Obama’s planned troop surge in Afghanistan could lead to more violence: ISAF | Author wins award for work identifying categories of state corruption | Counterterrorism squad rounds up UK opposition member over whistleblower incident | Congressman Warns Of Secret Plans To Create International Central Bank | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | 5 injured during protest in Iceland over economic meltdown | IMF: G20 meeting underscores need for greater surveillance, changes in global governance | A New World Financial Order: It Better Work This Time | This weekend’s G-20 meeting: Shaping a new world order | Flaherty calls for mandatory IMF surveillance | Document Outlining IMF Economic Dictatorship Uncovered/Leaked? | Gordon Brown calls for new world order to beat recession | Obama, like McCain, surrounds himself with elite CFR powerbrokers | Baron Rothschild tags along with Gordon Brown, expects new world order | Hope for Obama’s US and Europe to drive a ‘new deal’ for a ‘new world’: Barroso, Brown | Sitting US Congressman: Expect shift towards world government under Obama | Russian government calls for new World Order | Change should be more than a slogan | The Bush gang’s parting gift: a final, frantic looting of public wealth | IMF may need to “print money”, act as “world’s central bank” as crisis spreads | Draft letter calls on IMF to play critical role in financial crisis | ‘Stick together or sink together’: European Commission president invokes ‘global governance’ | UN announces green ‘New Deal’ plan to rescue world economies | Global financial summit set for Nov. 15 in Washington | History: How the US Government Was Overthrown In Three Easy Steps | Globalists Exploit Financial Meltdown In Move Towards One World Currency | Wanted: a new financial order | EU leaders to meet Bush and plan “refoundation of capitalism” | Bush outlines radical plan to part-nationalise banks | World needs new Bretton Woods, says Brown | IMF prescribes state regulation of ‘global financial order’ | Behind the panic: Financial warfare over the future of global bank power | G7 finance officials pledge action to end financial crisis | Global markets plummet in growing stock sell-off | Brown wants ‘global’ bank support | US considers following British example of taking stakes in banks | New World Order: Global co-operation, nationalisation and state intervention – all in one day | Calls For New EU Financial Order Increase As Total Meltdown Becomes Likely | Paul Martin calls for ‘global solution’ | Private Federal Reserve Makes Power Grab as Bush, McCain Urge Congress to Approve Plan | Towards a new world order: Canada-EU trade proposal rivals scope of NAFTA | Bank of Canada piles on in global inflationary swindle | Central banks continue inflating global economy | Central Banks Move to Transfer Wealth from Taxpayers to Banks | Russia’s defiance in the Caucasus has brought down the curtain on Bush senior’s new world order | Paul Martin promoting a new League of Nations on the road | US must share power in new world order, says Turkey’s controversial president | Global ‘liberalization’ illusion under threat. Economist calls for world economic regime, Keynesian saviour. Irony? | Federal Reserve cites global stakes in Fannie and Freddie rescue | Financial ’super cop’ role for Fed | The Resurgent Idea of World Government | What Really Killed Bear Stearns? | Soros points out regulated markets fail to operate on market fundamentals, calls for more regulation | Competition study calls for lowered barriers to foreign ownership, bank mergers | Massive overhaul urged on foreign investment in airlines, media, and banks | Bilderberg Seeks Bank Centralization Agenda | Secretive Bilderberg Group Reverses Policy, Releases Press Release and Attendance List | Actually, it’s time to imagine a new world order | Banks face “new world order,” consolidation: report
February 16th, 2009 at 12:28 pm
[...] | See Also under Economics: Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
February 19th, 2009 at 11:17 am
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
February 19th, 2009 at 11:35 am
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
February 19th, 2009 at 2:00 pm
[...] under Sovereignty: Gordon Brown seeks sweeping reforms to give IMF global ’surveillance role’ | Paul Martin prescribes international regulatory body for ailing fiat economies | Increasing Number of States Declaring Sovereignty | Iceland to be fast-tracked into the EU | EU [...]
February 20th, 2009 at 2:25 pm
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
February 22nd, 2009 at 8:16 am
[...] | See Also under New World Order: Paul Martin prescribes international regulatory body for ailing fiat economies | World Economic Forum elite blame ‘profit’, not fraud, for crisis | Rewriting the rulebook for [...]
February 22nd, 2009 at 10:18 am
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
February 24th, 2009 at 12:29 pm
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
March 5th, 2009 at 11:02 am
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
March 5th, 2009 at 5:26 pm
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
March 11th, 2009 at 11:41 am
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
March 23rd, 2009 at 6:44 am
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
March 26th, 2009 at 1:40 pm
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
March 27th, 2009 at 11:36 pm
[...] new financial rules, more power for IMF | Volcker sees crisis leading to global regulation | Paul Martin prescribes international regulatory body for ailing fiat economies | World Economic Forum elite blame ‘profit’, not fraud, for crisis | Rewriting the rulebook for [...]
April 20th, 2009 at 2:50 am
[...] deal | Ignatieff on Obama visit: Crisis an opportunity for continental, global integration | Paul Martin prescribes international regulatory body for ailing fiat economies | Iceland to be fast-tracked into the EU | How realistic is a North American currency? | Gordon [...]
April 20th, 2009 at 3:22 am
[...] new financial rules, more power for IMF | Volcker sees crisis leading to global regulation | Paul Martin prescribes international regulatory body for ailing fiat economies | World Economic Forum elite blame ‘profit’, not fraud, for crisis | Rewriting the rulebook for [...]
April 21st, 2009 at 11:23 am
[...] to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. [...]
October 1st, 2009 at 1:44 pm
[...] [...]
November 1st, 2009 at 1:51 am
[...] [...]
June 21st, 2010 at 6:44 am
[...] new financial rules, more power for IMF | Volcker sees crisis leading to global regulation | Paul Martin prescribes international regulatory body for ailing fiat economies | World Economic Forum elite blame ‘profit’, not fraud, for crisis | Rewriting the rulebook for [...]
June 21st, 2010 at 4:55 pm
[...] new financial rules, more power for IMF | Volcker sees crisis leading to global regulation | Paul Martin prescribes international regulatory body for ailing fiat economies | World Economic Forum elite blame ‘profit’, not fraud, for crisis | Rewriting the rulebook for [...]