statism watch

You’d think it might bother the allegedly ‘Conservative’ leaders of this nation that avowed socialists – eg; Dominique Strauss-Khan – are at the helm of these globalizing financial institutions, but apparently this is not the case. At the top, ‘left’ and ‘right’ reduces to theatre in the crucible of power. The real story here is that the IMF, a hedge fund staffed by executives and bureacrats from the same central banking industry that manufactured the credit crisis in the first place is making a massive power grab – and you’re being told it’s for your own good. It’s a joke of global proportions.

Flashback: Banking reforms urgent, Harper says at G20 sherpas’ meeting | G20 ’sherpas’ meet with IMF, World Bank on Ottawa | Tories hand out $75 billion worth of ’spending restraint’ | Gordon Brown’s plan for global bank tax ‘a step closer’ | 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 | No new stimulus, economy ’stabilized’: Harper | 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

Huw Jones, Crispian Balmer, Reuters
March 30, 2010

IMF’s Strauss-Kahn: time running out on global regulation

Key Group of 20 leaders and the International Monetary Fund urged governments on Tuesday to redouble efforts in tightening up financial rules as some countries lag in curbing bank pay.

World leaders congratulated themselves in Pittsburgh last September after agreeing to a sweeping set of reforms that apply lessons from the worst financial crisis since the 1930s.

Turning pledges into co-ordinated action is facing resistance over timing and substance from some banks and countries.

“One of the lessons of the crisis is that facing global challenges we need to have global answers,” IMF Managing Director Dominique Strauss-Kahn told the Romanian parliament during a flying visit to Bucharest.

“This lesson is about to be lost,” he said.

The IMF chief said individual countries were working on new regulations and creating new supervisory bodies.

“The only problem is, they don’t fit together,” he added.

The G20′s steering countries said in a letter to all group members that governments must recommit and deliver on reforms they agreed to in Pittsburgh.

“We all have a mutual responsibility to deliver on all our commitments to address the weaknesses that led to the financial crisis,” the letter said.

“This will require that we maintain our vigilance to address the required reforms and guard against complacency as our economies recover,” it added.

The leaders said there can be no let up on efforts to agree a new set of bank capital and liquidity rules — dubbed Basel III — for implementation by the end of 2012.

They singled out the need to still include a leverage ratio or cap in Basel III as some countries like France have expressed concerns about its impact.

The letter also said all countries must have adopted the existing Basel II bank capital framework by 2011, a reminder to the United States which has yet to implement it in full.

They also reiterated the need to regulate over-the-counter derivatives by the end of 2012 and implement the G20′s principles aimed at curbing big bonuses for excessive risk taking at banks.

The Financial Stability Board, tasked by the G20 to implement its regulatory pledges, said several countries have yet to fully apply the remuneration principles.

They were agreed in part to help quell public outrage at the return of big bonuses in a sector that had to be shored up by taxpayers during the financial crisis. [Ed. Note: And the IMF will be only too happy to manage the resultant pool of capital.]

“Firms will need to maintain momentum towards reforming their compensation practices through 2010 and beyond,” FSB chairman, Mario Draghi said.

Many of the major financial centres like the United States, Britain, Germany, France, Japan and Hong Kong have taken the regulatory or supervisory steps needed to implement the code.

Argentina, Brazil, Singapore, India, Indonesia, Mexico, Russia and Turkey lag, the FSB said.

British Bankers’ Association chief executive, Angela Knight, said on Tuesday there is a “dramatic difference” between what the G20 has agreed and what is being implemented.

“If there is different implementation on pay then we move from one set of regulatory arbitrage to another set of regulatory arbitrage,” she told a corporate governance seminar.

G20 finance ministers will review options from the IMF next month in Toronto on how to make the banks pay for rescues, the G20 letter said.

Mr. Strauss-Kahn said in Bucharest he would present proposals for imposing a levy on banks, signalling growing support for such a measure as initial hopes for a “Tobin style” transaction tax area all but dead.

The United States is already planning a bank levy and such a measure is now finding support in Britain, France and Germany.

“I am more optimistic now that we can get an international levy or tax than I was six months ago,” British Finance Minister, Alistair Darling told parliament.

“I think you will find the finance ministers .. are far more amenable now at looking at seeing if we can put in place a system that works,” Mr. Darling said.

French Economy Minister Christine Lagarde travels to attend a meeting of the German cabinet on Wednesday where proposals for a bank tax will be discussed.

Progress on a global bank levy deal next month could help the G20 show critics that it can’t be written off just yet.

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| 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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