statism watch

Want to fix the economy? Try restricting fractional reserve banking to a 1:1 multiplier, for starters. Doesn’t it seem inherently fraudulent to lend out more money – even illusory fiat money – than you have? Think of how Air Canada overbooks its flights as an analogous situation. Bankers oversell a commodity and have zero accountability to their customers. The Keynesian fraud has to stop. But you won’t see anyone discussing real alternatives to the international system at the G7, G8, or G20. That is control of the dialogue. All of this collegial ‘disagreement’ between finance ministers is a sham, a shadowplay, and serves only to reinforce their fundamental consensus. And if you need to have this any more in your face / this rap smackdown puts Keynes in his place.

Update (2010/02/07): The outcome of the meeting? The ministers agreed to agree upon something at some point in the future. Photo-ops were had by all.

Flashback: Global Bank Insurance Levy Wins Support over Transaction Tax at Davos | Harper urges G20 to follow economic accords | Bankers unite against Barack Obama and Gordon Brown in call for world regulation | IMF warns against retreat from stimulus spending | Banks find gaping loophole in Obama financial reforms | Obama talking tough with banks | EU urged to adopt bank supertax | Obama ponders bank transaction levy to recoup bailout shortfalls | Explosive Leaked Emails Expose Treasury Secretary Geithner’s Deception in ‘Backdoor Bailout’ | Final Copenhagen Text Includes Global Transaction Tax | EU calls for tax on bank transactions | UK: Brown takes campaign for Tobin tax to Commonwealth | UK: Brown proposes global fund to kick-start Copenhagen climate change process | Flaherty, USA say no to global financial tax, yes to continued ’stimulus’ at G20 | Bernanke continues pressing for sweeping new powers for Fed | IMF chief wants global bank tax | G20 nations meet as protests flare on issue of international banking regulation | IMF approves $13bn gold sale to boost lending fund | China Set to Buy $50 Billion in IMF Notes | China calls anew for super-sovereign currency | No one talking about dumping dollar: China minister | China explores buying $50bn in IMF bonds | Chinese economists deem huge holding of US bonds “risky” as Geithner visits | A Bigger, Bolder Role Is Imagined For the IMF | UK PM reveals G20 plan to boost IMF by $1 trillion, hails new world order (again) | UN & IMF Back Agenda For Global Financial Dictatorship | IMF poised to print billions of dollars in ‘global quantitative easing’ | Gordon Brown seeks sweeping reforms to give IMF global ’surveillance role’ | IMF may need to “print money”, act as “world’s central bank” as crisis spreads | Globalists Exploit Financial Meltdown In Move Towards One World Currency | World needs new Bretton Woods, says Brown | IMF prescribes state regulation of ‘global financial order’ | Bilderberg Seeks Bank Centralization Agenda | Banks face “new world order,” consolidation: report

Doug Saunders, the Globe and Mail
February 4, 2010

Finance ministers agree on urgency of regulating economy, but head into Iqaluit summit with contradictory proposals on how to do it

Britain’s Chancellor of The Exchequer Alistair Darling, left, gestures as he talks with French Finance Minister Christine Lagarde during the G20 meeting on Sept. 5, 2009 in London.

A year after the world’s governments agreed to tackle the global financial collapse with a co-ordinated program of big-budget stimulus spending, their top ministers are arriving in the Canadian Arctic Friday in a desperate bid to keep that unity from falling apart.

But detailed interviews with the British and French finance ministers in Paris and London this week reveal that they and their Canadian, U.S., and German colleagues are headed into Iqaluit for a G7 finance ministers’ summit with different and often contradictory proposals to regulate finance and prevent another downturn.

“We’re all people of good will, but we need to be very careful … because what works with one set of banks or one country does not necessarily work with another set of banks or another country,” Christine Lagarde, the French Finance Minister, said in an interview at her Paris office.

Alistair Darling, the British Chancellor of the Exchequer, warned that this could be the last chance to come up with a new bank-regulation system before the G8 and G20 summits of world leaders this summer, also in Canada, and that there is a wide distance between nations on how to proceed. [Ed. Note: G20: Toronto ought to be interesting. This journal would encourage some planning around G20 resistance take place here.]

“I hope the seven of us this weekend can agree on the urgency of actually implementing changes, and persuading the rest of our G20 colleagues that this is a problem that has not gone away, it needs to be sorted out,” he said in an interview at the British Treasury. “But there are issues where we’re going to need some further debate.”

There is broad agreement among all seven ministers that the recovery is not yet permanent and that deficit spending will need to continue throughout much of 2010 before serious budget cuts can be contemplated. Even U.S. President Barack Obama, who has introduced a budget based on spending cuts, plans to reinvest its stimulus reimbursements in employment programs this year.

“We’re all determined to do the two things: to continue to support the fragile growth we have at the moment with the stimulus packages, to tiptoe out of that, and come back to sound public-finance management,” Ms. Lagarde said.

But there is less agreement on how to impose regulations and rules to prevent another crisis, which everyone agrees is vital because there are signs banks have resumed the trading and lending practices that led to the last crisis.

Jim Flaherty, Canada’s Finance Minister, has proposed a new, immediate set of capital requirements for banks, which would force them to hold enough assets to protect against potential crises and failures.

On the other hand, Mr. Obama has endorsed a set of reforms that would change the structure of banking, forcing banks to split their operations between commercial and merchant banking, and forbid banks from trading on their own assets.

But Ms. Lagarde joined other European governments in rejecting both ideas.

Rather than imposing higher capital requirements now, she said she will implore her fellow ministers in Iqaluit to adopt an emerging set of international capital-reserve regulations, known as the Basel II Accord, which she says are adequate to do the job, though they may take years to come into effect and are not currently applied in the United States.

She, like most European leaders, also rejects Mr. Obama’s ideas of restricting bank activities.

“Some of his proposals just would not work for us,” she said. “For us it wouldn’t make any sense. All our banks have a universal model, so to speak, with both commercial and investment banking … it’s a business model that has really helped them resist the crisis.”

But her British counterpart was equally dismissive of her idea of using the Basel II Accord to fix the banks.

“The last Basel process took 10 years, and we don’t have 10 years. We don’t have two,” Mr. Darling said.

“It’s rather like if your house catches fire because of a fault in the wiring. And everybody works together to put the fire out, and pledges to mend the damage. And then it’s so tempting to leave the wiring repairs for another day. And I think that would be a disaster for us: we need to get a move on.”

Mr. Darling was more open to Mr. Flaherty’s capital-requirement proposals, but the British minister is coming to Iqaluit with his own proposal: A formal resolution procedure, or “living will,” as he calls it, for dealing with bank collapses in advance, with funds and mechanisms ready as a de facto insurance system.

The European governments are bringing a proposal to reinforce the banking system by creating a huge fund to act as a buffer to protect against future crises and fund bailouts. It would likely get its funds from an international transaction tax of a small fraction of a per cent on each trade (sometimes known as a “Tobin Tax,” after its inventor). [Ed. Note: To be controlled by the IMF. An imposition of global financial governance, in effect, a new layer of government.]

That idea, once obscure and unlikely, was endorsed by British Prime Minister Gordon Brown in December, and has been backed enthusiastically by the French and German governments. But both Canadians and Americans have given it the cold shoulder, although former Federal Reserve chairman Paul Volcker, who has become an influential figure in the White House, has spoken in its favour.

Both Mr. Darling and Ms. Lagarde said they would push the idea in Iqaluit.

Also being addressed in Iqaluit is another matter that most of the ministers agree is a serious crisis, but none can agree on how to approach: the large-scale currency and balance-of-payments imbalances between the Chinese yuan and the U.S. dollar.

For the past 10 years, G7 countries have put pressure on China to raise the value of its currency and thus to end its lack of domestic consumption, its vast stockpiling of dollars and its under-pricing of exports. This pressure has had little effect.

Last week, in Davos, Switzerland, French President Nicolas Sarkozy called for a new system of managed exchange rates and an end to the dollar as the international reserve currency.

Ms. Lagarde seemed to distance herself from that proposal, but both she and Mr. Darling spoke strongly of the need to get China on side, and expressed hope of using the G7 to put the issue on the agenda of the more powerful G20, which includes China.

“I do think that China will realize that it’s in its interest to have a better equilibrium than they’ve got at the moment,” Mr. Darling said. “There’s no country in the world that’s big enough now to pull down its shutters and say ‘We’ll go it alone.’ You simply cannot do that. The United States cannot do that, no country can do that.”

Source | See also under Economics: The Federal Reserve as Giant Counterfeiter | The US budget: Barack Obama’s $3.8 trillion red ink blueprint | EU cautions Greece about its deficit | Global Bank Insurance Levy Wins Support over Transaction Tax at Davos | Consumer debt loads are the new concern | No solution in dispute over Iceland deposits | Bloomberg: Secret Banking Cabal Emerges From AIG Shadows | Davos 2010: George Soros warns gold is now the ‘ultimate bubble’, calls for IMF to handle climate fund | Harper urges G20 to follow economic accords | Davos: Global climate fund threatens aid to developing world, campaigner warns | Obama Likely to Rebrand Climate Bill as Jobs Bill | Bankers unite against Barack Obama and Gordon Brown in call for world regulation | Geithner Told To Quit After E Mails Reveal Involvement In AIG Cover-up | IMF warns against retreat from stimulus spending | Why Did the ‘Stimulus’ Fail to Help the US Economy? | One quarter of US grain crops fed to cars — not people, new figures show | Terence Corcoran: Ontario puts $10B in the wind | Banks find gaping loophole in Obama financial reforms | Ontario Premiere McGuinty heralds Samsung ‘green energy’ deal | Obama talking tough with banks | High dollar to slow recovery, central bank says | EU Embargoes Canada’s GMO-sabotaged Flax Industry | Could Greece drag down Europe | EU urged to adopt bank supertax | Record surge in UK inflation | Iceland sets date for Icesave vote | ‘Green jobs’ are key to U.S., Canadian recovery: US Ambassador | Flaherty to use February G7 in Iqaluit (or Ottawa?) to push for global changes to financial system | ‘Significant chance’ of second financial crisis, warns World Economic Forum | Iceland says IMF aid likely delayed | Wall Street’s leading bankers admit: we made mistakes | The next big scam: Fraud endemic to carbon market | Flaherty’s economic plan blasted as leading to taxation or cuts | Idle job market hurting recovery, Flaherty warns | No new stimulus, economy ’stabilized’: Harper | Obama ponders bank transaction levy to recoup bailout shortfalls |TSX trades above 12,000 before retreating | Explosive Leaked Emails Expose Treasury Secretary Geithner’s Deception in ‘Backdoor Bailout’ | America slides deeper into depression as Wall Street revels | Tipping point at CanWest | Sarkozy says world currency disorder unacceptable | UK: Interest rates and quantitative easing on hold | Iceland blocks central bank debt repayment deal | Bernanke defends Fed’s actions, forecasts interest hikes | US Bankers Get $4 Trillion Gift From Barney Frank | Review panel green-lights Mackenzie pipeline | Flu Inc.: How vaccines became big business | Canada’s rate hikes will be tied to the Fed | Canada warms to idea of a tougher ‘perimeter’ | ABCP penalties near $140-million | Mint’s missing gold now accounted for | Climate summit showcases new world order | Final Copenhagen Text Includes Global Transaction Tax | Lower tax haul helps widen Ottawa deficit, $56.2B shortfall expected | Canada puts for sale sign on nuclear reactors | Federal Reserve Chairman Bernanke’s 2nd term clears hurdle | Beyond ACTA: Proposed EU — Canada Trade Agreement Intellectual Property Chapter Leaks | Financial Crisis Perpetrator Bernanke Hailed As World’s Saviour By TIME | Ontario eyes sale of crown corporations | Canadians struggling to dig out of debt | Financial reform bill passes U.S. House | Can’t say if federal stimulus is working: watchdog | Copenhagen climate summit releases draft final text | EU calls for tax on bank transactions | IMF could fund climate adaptation: Soros | US Environmental Protection Agency Threatens “Command-and-Control” Economy to Push Climate Change Agenda | HST bill passes, 13% tax starts July 1 | Copenhagen climate summit in disarray after ‘Danish text’ leak | Harper confirms June G20 summit in Toronto | Taibbi: Obama’s sellout to Wall Street creates ‘permanent bailout’ | Tories, Liberals, Bloc approve HST for Ontario and B.C. | Who’s afraid of high-frequency trading? | Liberals call stimulus numbers ‘fiction’ | Tory HST protest halts Ontario question period | Gold surges above $1,200 | Building Blocks Towards an Asia-Pacific Union | UAE markets dive on Dubai debt woes | Dubai’s ‘big pyramid scheme’ grounded by debt load | A world awash in debt | UK: Brown proposes global fund to kick-start Copenhagen climate change process | UK: Brown takes campaign for Tobin tax to Commonwealth | Ottawa on track for largest-ever deficit | Federal HST tax bill to be introduced, plays politics with law | U.S. markets fall on Dubai crisis | U.S. banking troubles far from over | Ontario Tories walk out to protest lack of hearings on HST | Fed Sicks Attack Dogs On Ron Paul After Audit Amendment Passes | 1 in 10 Americans delinquent in paying mortgage | Personal bankruptcies still soaring | Americans Deserve a Transparent Federal Reserve | Is G20 more than Toronto can handle? | With only seven months to go, G20 site may be moved to Toronto | Top Mountie says Huntsville too small for G20 | Current And Former IMF Heads Call For New Global Currency | U.S. urges China to strengthen currency | Contentious HST bill introduced in Ontario | US Demands Banks Prepay Insurance as More Failures Expected | Leaked G20 Documents Shed Light on Global Carbon Tax | Food under $4 to be HST-free, Ontario says | GPS Tracked Road Tolls Back On Agenda for Toronto Metrolinx | Report suggests road tolls, parking and fuel taxes for GTA | George Soros Calls for World Currency and “New World Architecture” | U.S. dollar sags on global financial leaders’ omission | Flaherty, USA say no to global financial tax, yes to continued ’stimulus’ at G20 | Gold rallies to record above $1,100 | G20 to pledge continued ’stimulus’, examine international reserve fund | Economic picture still not very bright, and more layoffs are in store, manufacturers say | Czech President: Copenhagen to be ‘Largest tax increase in world history’ | Bank of England extends quantitative easing to £200bn | Friends of the Earth attacks carbon trading as banker scam | G20 Meet To Finalize Dumping Of Dollar This Weekend? 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| Derivatives rear their ugly head again: Leveraged ETFs outed | Former NY governor Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’ | Federal deficit hits $7.5B in April-May | Hands off the Fed, Bernanke warns Congress | BC, like Ontario, moves to harmonize taxes | Think Tank Report: Obama Will “Press The Reset Button” On North American Union Agenda | Bank of Canada declares recession over | Global demand for gold investment soars 38% in past year | Cost Of US Bailout Hits A Whopping $24 Trillion Dollars | Ottawa considers culling 20% of pork industry | Timothy Geithner: travelling bond salesman | Paulson Threatened Great Depression, Food Riots To Get Bailout Bill Passed | Ontario to subsidize electric cars as auto-sector boost | Record quarterly profits and bonuses: Goldman Sachs makes out like a bandit on taxpayer’s dime | Fed ‘Independence’ or Fed Secrecy? | Investors in alleged Ponzi scheme fear millions gone | Medvedev Unveils “World Currency” Coin At G8 | Nationalized General Motors emerges from bankruptcy after 40 days | Headed to National Socialism | Budget officer ‘can’t tell’ if stimulus plan working | G8 leaders see no early end to stimulus | Second wave of economic crisis coming, international regulation necessary Brown warns | US Senate Blocks Bill To Audit The Fed As Government Prepares For Second Round Of Looting | Goldman-Sachs: Pilfered trading code could be used to ‘manipulate markets’ | Nationalized General Motors gets go ahead from US judge | Taibbi: NYSE ends transparency to protect Goldman Sachs | More Canadians in arrears on credit payments | U.S. sheds 467,000 jobs in June | Canada to match U.S. climate change rules | The search for the mint’s missing gold | US Congress Passes the 1,200-page Climate Bill that it was not allowed to read | John Manley to ‘bridge divide’ between business and government as new CCCE chief | China calls anew for super-sovereign currency | Central banks to take off ‘training wheels’ | Goldman Sachs: The Great American Bubble Machine | Fed mulls slowing down bailouts as fears of inflation are raised | Is the World Bank too optimistic? | Bankster “Holiday” Planned for September? | Canada is now on the national securities regulation bandwagon | TSX sinks below 10,000 on World Bank outlook | Congressman Ron Paul Slams Federal Reserve’s New Dictatorial Power | Central Bank of Canada ‘considering’ regulatory changes, ‘continuous private liquidity creation’ | US Treasury Secretary Geithner defends plan to step up oversight | Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship In United States | Obama unveils overhaul of financial system oversight | 10 U.S. banks to repay U.S. bailout money | Federal Reserve To Be Given Sweeping New Powers | Financial crisis: Worst may be still ahead, says IMF chief | Flaherty looks for way to end stimulus | Canada, U.S. will renegotiate Great Lakes water treaty | The next cellphone trick: transferring money | US cities may have to be bulldozed in order to survive | HR 1207: Battle To Audit The Fed Has Only Just Begun | Stimulus cash is flowing — down a hole? | ‘New world order’ needs better economic grounding: Carney | Harper lays out stimulus spending in progress report | Fiat closes Chrysler deal | Elitist Confab in Montreal: ‘Adapting to a New World Order’ — Day 1 | Bullion and Bandits: The Improbable Rise and Fall of E-Gold | No one talking about dumping dollar: China minister | U.S. top court delays Chrysler sale | ‘Reduced pace of deterioration’ indicates economy on the mend: Flaherty | Protests against Putin sweep Russia as factories go broke | China explores buying $50bn in IMF bonds | $100 Billion Bailout For IMF Tagged On To War Funding Bill | Harper ‘not counting on’ recouping billions loaned to GM | Government to acquire ’substantial’ stake in Citigroup | ‘New GM’ to emerge from bankruptcy | Chinese economists deem huge holding of US bonds “risky” as Geithner visits | Germany OKs Magna bid to acquire GM’s Opel | Soaring loonie adds to anxiety over economy | Auto bailout costs soar, contribute to $50B deficit | Ontario Liberals pressing to hide new ‘harmonized’ tax in prices | US could own 69% of GM as bankruptcy looms | Economist Warns Fed Will Bring About Zimbabwe Style Hyperinflation | Federal deficit to top $50B | Ranks of EI recipients jump by 10% in March: StatsCan | Canadian households $1.3-trillion in debt | Autoworkers accept GM deal in 86% vote | Economic stabilization may rely on carbon economy, economist says | Crisis spurs spike in ’suburban survivalists’ | Digital Money Forum Pushes For Electronic Currency | Report from the 2009 Bilderberg Conference | GM, CAW reach new labour deal | Canada eyes arms sales to Pakistan | CNBC analyst echoes warning of ’sucker’s rally’ | GM Canada plans to cut 40% of its dealer network | Oshawa truck plant closes | Geithner To Take Orders From Global Elite At Bilderberg | Quebec pension fund managers boosted derivatives holdings despite warnings | GM execs dump stock, shares plummet | The rich, shadowy Bilderberg group | Recovery within sight, central bankers say | Leaked 1955 Bilderberg Docs Outline Plan For Single European Currency | GM bankruptcy likely, CAW says | 10 U.S. banks fail stress test, but regulators confident | Leaked Agenda: Bilderberg Group Plans Economic Depression | Fiat aims to be global powerhouse by acquiring Chrysler, Opel | Chrysler Canada assembly plants shut down | Banker at heart of credit crisis leads plan to buoy auto sales | With interest rates at zero, Fed looks at going negative | Almost 80,000 jobs lost in February | US Economy Shrank 6.1% in First Quarter | Ontario mulls equity stake in GM | US government may take controlling share of General Motors | EU approves free-trade talks with Canada | Fed says U.S. banks breezed through stress tests | Will recession spark global food crisis? | Bank of Canada poised to print money to buy bonds | Credit companies seek to avoid regulation, create global debit system | After Three Amigos rendezvous, White House confirms there’s no plan to reopen NAFTA | Stocks in triple-digit losses on Bay, Wall streets | A Bigger, Bolder Role Is Imagined For the IMF | US govt considers becoming bank shareholder | US to put conditions on bank bailout repayments | Harper Pledges to Double Funding to International Bank at Americas Summit | NRTEE Carbon Market Panel is ‘Round Table on Socialist Planning’ | TSX moves up for 6th week | Climate panel presses for federal cap-and-trade system | Congressman: Reckless Spending And Taxation Prolonged Great Depression | Barclays, Lloyd’s, RBS join Goldman-Sachs in the black | U.S. retail sales fall unexpectedly | Goldman-Sachs to repay TARP loan, resume private operations, bonuses, at “earliest time” possible | Which Banks Will Rule? | Ontario can’t cover GM pensions, premier says | GM chief says company is preparing in case it files for bankruptcy | Another 663,000 jobs lost in March in U.S. | G20 deal part of ‘unprecedented’ response to crisis: Harper | UK PM reveals G20 plan to boost IMF by $1 trillion, hails new world order (again) | Global stock markets surge | World Bank President Admits Agenda For Global Government | Financial Rescue Nears US GDP as Pledges Top $12.8 Trillion | Gordon Brown chooses pulpit as latest platform to push New World Order | Whitehouse fires General Motors CEO | Will U.S. financial woes lead to new world order? | U.N. ‘Climate Change’ Plan Would Likely Shift Trillions to Form New World Economy | US backing for world currency stuns markets | UN & IMF Back Agenda For Global Financial Dictatorship | Geithner wants a bigger stick | Geithner Plan Will Rob US Taxpayers: Stiglitz | Ontario to merge GST, PST in ‘harmonized’ tax hike | EI, individual bankruptcies spiked in January | US unveils P3 plan to monetize debt, nationalize banks | G20 warned unrest will sweep globe | Bank crisis spawns new kind of gold rush | Wall Street’s Big Takeover | U.N. Environment Head Wants Global Warming Tax | Ottawa considering aid for private broadcasters | Financial Post editor: America’s future at risk of ‘inflationary outburst’ | U.N. panel says world should ditch dollar | IMF poised to print billions of dollars in ‘global quantitative easing’ | G20 officials pledge ‘whatever action necessary’ to revive economy | Changes to law could affect navigation of Canadian waters, critics say | Mainstream Financial Publication Finally Admits that Austrian Economists Were Right | Global recession deepening, Geithner says | Obama calls for G20 joint action | UK Central Bank begins using ‘new’ money | Brace for sharp slump, IMF warns Canada | IMF, World Bank predict a global recession | Worst crisis since 1930s says Fed, calls for ‘forceful action’ | Jobs data grim, Flaherty says | Atlas felt a sense of déjà vu | UK government takes control over Lloyd’s bank | Canada expects EU free-trade talks soon: Stockwell Day | GM pensions: Who’s responsible? | Stimulus needed now, Bank of Canada says | GM says it will go bust in days without new US bail-out | Terence Corcoran: Ontario’s green energy plan sneaks in feed-in taxes | Time to emulate Roosevelt’s New Deal and create green jobs | Central bank tactics pushed to brink | Ontario facing massive deficit | Obama outlines ‘hard choices’ budget | UK: Loss-making Northern Rock to pay bonuses to managers | IMF emergency fund is doubled to $500bn, Northern Rock bank granted $14bn bailout | EU backs sweeping new financial rules, more power for IMF | GM wants twice as much taxpayer’s money | Volcker sees crisis leading to global regulation | Gold Tops $1,000, First Time Since March as Recession Deepens | Stocks Drop Around the World; Stoxx 600 Falls to 6-Year Low | Greenspan backs bank nationalisation | Behemoth budget bill to be rammed through parliament unread | Obama signs stimulus bill | Congressman warns unread ’stimulus’ bill will prolong agony | Gordon Brown seeks sweeping reforms 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. bank plan | Next US bailout could top $1-trillion | Geithner Said to Have Prevailed on the Bailout | Canada lost 129,000 jobs in January: StatsCan | Economic crisis: The shakeup Canadians need? | Pass stimulus or watch out, Obama warns | Canadian credit card delinquencies rising | Iceland to be fast-tracked into the EU | France responds to economic downturn with a general strike | U.S. House passes $819B economic stimulus | World Economic Forum elite blame ‘profit’, not fraud, for crisis | Fed infrastructure money requires provincial spending | Ignatieff lets government stand with budget amendment demand | Rewriting the rulebook for 21st-century capitalism | Obama urges Republicans to support economic plan | The budget: Global shock therapy | All maxed out? Budget measures would improve credit access | $12B for infrastructure forms key pillar of stimulus package | Few surprises as government turns on the spending taps | U.S. Senate confirms Geithner as treasury secretary despite reservations | Iceland’s government collapses | Optimistic central bank expects speedy economic rebound | Ottawa risks erasing decade of debt reduction | Canadian, U.S. energy policies to be inextricably linked: Prentice | Business Development Bank will get $350M injection, Clement says | Prominent Economist: Crisis Caused By Government Interventions | New UK bank bailout | Vancouver dodges public referendum requirement for funding to finish Olympic Village | Zimbabwe unveils 100 trillion dollar banknote | Financial crisis: Bank of America given $138bn rescue package | Q&A: Prime Minister Stephen Harper speaks with The Post’s John Ivison | Premiers to press Harper for infrastructure boost | Vancouver mayor to recall legislature to handle Olympic Village crisis | Bring in a Canadian securities regulator: Flaherty’s handpicked business panel | Merged Citigroup, Morgan brokerage would be largest | Obama to visit Canada, Tories to propose ‘integrated carbon market’ | Brace for a big, ‘comprehensive’ budget: Harper | Canadians starting to save cash, shun debt | GM’s U.S. bailout deal bars strikes | European Leaders Call For New Global Order | Transport Minister Baird calls for dramatic action on stimulus package | Obama calls for ‘dramatic action’ on stimulus package | UK PM unveils ‘New Deal’ plan to create 100,000 jobs | Flaherty vows short-lived deficit, consults corporate chiefs on spending initiatives | Analyst: One Third Of Banks Could Collapse or Merge In 2009 | Auto bailout gives Federal, Provincial governments incremental nationalization powers | Banks won’t say where U.S. bailout money going | UK: Bailiffs get power to use force on debtors | Kissinger Calls For New International System Out Of World Crises | Canadian auto bailout could reach more than $4-billion | U.S. to spend $17.4-billion to ‘rescue’, nationalize auto industry | Harper government plans deficits as deep as $30 billion | Flaherty appoints business leaders to economic advisory council | IMF Chief Warns Of Riots In Response To Economic Crisis | Bank of Canada ready to monetize distressed equities | Canada may backstop ABCP rescue: Flaherty | The ugly spectre of ‘new Keynesianism’ and the self-appointed Guardians | Army ‘Strategic Shock’ Report Says Troops May Be Needed To Quell U.S. Civil Unrest | Federal government, Ontario agree on $3.3B auto bailout package | ‘Outrage’ greets banks’ failure to match rate cut | State to bail out, control US auto industry | Get close to Obama on economy and security, paper says | Financial Times: And now for a world government | Terence Corcoran: It’s Twilight for Detroit and the U.S. economy | Mexico to downsize metal in coins to save a few cents | Automakers seek $6B aid package from Ontario, federal government | Bank of England mulls “nuclear option” of cash injection | Zimbabwe tackles cash shortage amid riots and looting | Icelanders storm central bank in protest | Liberals and NDP sign unprecedented pact; to pursue stimulus, carbon taxes | UN Climate Change Conference open with call for ‘co-operation’ | UK closer to joining euro, EU commission president says | Iceland turns 90 amid economic ruin, currency freeze | TSX drops 600 points, N.Y. also falls | Britain buys control of Royal Bank of Scotland | Iceland inflation soars to 17.1% | Canada in recession: OECD | Maybe we should look at Zimbabwe before trying to print our way out of a money crisis | Britain to introduce massive stimulus package | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | Citigroup seeks ‘emergency cash’ | Deficits ‘essential,’ Harper says | Harper vows Canada will remain open to international trade | 5 injured during protest in Iceland over economic meltdown | ‘Hard decisions’ needed during economic crisis: throne speech | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | After G20 meeting, Ottawa ready to spend to spark economy | Congress Accuses Federal Reserve Bagman Of Bailout “Bait and Switch” During Angry Hearing | Flaherty eyes sale of Canadian government assets | Analysts Predict Hyper-Inflation To Push Gold To $2000, Oil to $300 | Terence Corcoran: Rescuers pulling market under | U.S. government won’t use bailout fund to buy troubled assets | Ottawa to pour another $50B into mortgage markets | Bank of Canada adds $8B to credit markets | Merrill CEO: Economic Environment Recalls 1929 | Fed Hides Destination Of $2 Trillion In Bailout Money | PM, premiers agree to speed up infrastructure investment | Flaherty lauds Keynesian global ‘economic stimulus’ strategies | Who are the Architects of Economic Collapse? | 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 | Morgan Chase Exec Brags Bailout Is for Takeovers, Restructuring, Not Lending | Draft letter calls on IMF to play critical role in financial crisis | Ottawa to guarantee interbank lending | More cash needed to save economy: Bernanke | Wall Street banks in $70bn staff payout | German parliament backs bail-out | Regulator says brokers failed on ABCP, sets new guidelines | US Bailout Cost Heads Towards $5 Trillion | Market Euphoria Dissipates | Loonie leaps, then reverses course | $25B credit backstop for banks ‘not a bailout’: Harper | 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 | TSX closes up 226 points in wild day after rate cuts | Federal Reserve Moves to Monetize Commercial Paper Debts | Stocks recoup some losses after markets hit by panic selling | Star column blames ‘Capitalism’ for market woes, offers false choice: Authoritarianism or Socialism | Bank of Canada greases financial system with $12B in new cash | Stock markets drop despite bailout | Why Paulson’s Plan is a Fraud | Representatives Were Threatened With Martial Law In America Over Bailout Bill | Congress Rejects (First) Bail-Out Plan | Congressman Ron Paul: Bailout Will Destroy Dollar, World Economy | Paul Martin calls for ‘global solution’ | Markets sink as woes spread | UK banking shares plunge as crisis deepens | Congressman Ron Paul Schools Fed Chairman Bernanke on the Bailout Plan | Bailout is “petty cash”, Inflation is the Federal Reserve’s real crime | Private Federal Reserve Makes Power Grab as Bush, McCain Urge Congress to Approve Plan | Canadian Supreme Court refuses to hear appeal in ABCP case | Last major investment banks in U.S. change status | U.S., British market regulators ban short-selling | Next Federal Reserve bank bailout round could cost taxpayers 1$ Trillion Dollars | 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 | Crisis on Wall St. as firms collapse | Goldman-Sachs Alumni Hold Reins of Financial System | Frontrunners emerge in scramble to save another major bank | Lehman Brothers on Verge of Collapse, Wall Street Fears | US Treasury nationalizes Freddie Mae, Fannie Mac | Cities Debate Giving Away Public Infrastructure to Bankers | Court Grants Big Banks Immunity from Lawsuits over Derivatives Losses | Bush Calls for New Highway Tolls, More Private Funding of Roads | US mortgage firm bailout includes rider clause to expand police state: all credit card transactions now to be reported to IRS | 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 | 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 | Banks face “new world order,” consolidation: report

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