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.
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