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April 03, 2009

Obama Signed Away US Economy ~ G20 Summit Final Communique

Medvedev posing with Obama and Italy’s Silvio Berlusconi in London on Thursday. China’s president is below.

G20 Summit final communique....

World Economic System

America NOT to be a Leader any longer. ~ Wild Thing

LONDON (Reuters)

Leaders of the G20 largest developed and emerging economies agreed on Thursday to a $1.1 trillion program to restore global growth and rebuild a financial system, ravaged by the worst financial crisis since the 1930s.

Here are the key points in the final G20 communique.

-- "To treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs (multilateral development banks), to ensure $250 billion of support for trade finance, and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries."

That constitutes "an additional $1.1 trillion program of support to restore credit, growth and jobs in the world economy."

-- The measures taken will "by the end of next year, amount to $5 trillion, raise output by 4 percent, and accelerate the transition to a green economy."

-- "Central banks have pledged to maintain expansionary policies for as long as needed and to use the full range of monetary policy instruments, including unconventional instruments, consistent with price stability."

-- To put in place "credible exit strategies from the measures that need to be taken now to support the financial sector and restore global demand ... thereby reducing the scale of the fiscal consolidation necessary over the longer term."

-- "To establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission.

"The FSB should collaborate with the IMF to provide early warning of macroeconomic and financial risks and the actions needed to address them."

-- "To extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds."

-- "To endorse and implement the FSF's tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms."

-- "To take action against non-cooperative jurisdictions, including tax havens. We stand ready to deploy sanctions to protect our public finances and financial systems ... We note that the OECD has today published a list of countries assessed by the Global Forum against the international standard for exchange of tax information."

-- "To extend regulatory oversight and registration to Credit Rating Agencies to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest."

-- "We reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports.

"We will minimize any negative impact on trade and investment of our domestic policy actions including fiscal policy and action in support of the financial sector. We will not retreat into financial protectionism, particularly measures that constrain worldwide capital flows, especially to developing countries."

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Source

Sanctions for non–cooperative tax havens and tougher world–wide financial regulations.

• Greater international regulation of hedge funds and credit ratings agencies.

• Stricter control and regulation of pay and bonuses for bankers.

• The poorest countries in the world would receive $100 billion in economic aid in addition to top of the $5 billion economic stimulus already agreed to by the G–20 nations.

• The formation of a Financial Stability Board to work with the International Monetary Fund with a goal of ensuring international cooperation and providing early warnings about threats to the financial system.

“This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for its delivery,” United Kingdom Prime Minister Gordon Brown said. “We have agreed to tough standards and sanctions for use against those who don’t come into line in the future.”

According to a posting Thursday on the Financial Times of London website, a blacklist of four jurisdictions had been drawn up. Another 39 countries or territories were placed on the list of jurisdictions that have committed to internationally agreed tax standards, but which have not substantially implemented those plans yet.

The blacklisted four were Costa Rica, Malaysia, the Philippines, and Uruguay.

Cayman was one of the 39 on the middle list of committed jurisdictions where plans had not been substantially implemented. However, the Organisation for Economic Cooperation and Development noted that Cayman’s legislation regarding tax information exchanges was being reviewed.

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LONDON, England (CNN) -- Leaders of the world's largest economies agreed on Thursday to a package worth more than $1 trillion to tackle the global economic crisis.

Barack Obama called the deal "a turning point in our pursuit of global economic recovery." The plan calls for reform of the international banking system and the injection of more than $1 trillion into the world financial system.

The Group of 20 is taking "unprecedented steps" to attack the global economic downturn, stimulate growth and expand loans to troubled nations, Obama said at the close of the group's meeting in London.

"The challenge is clear," the U.S. president said. "The global economy is contracting. Trade is shrinking. Unemployment is rising. The international financial system is nearly frozen."

French President Nicolas Sarkozy and German Chancellor Angela Merkel, who had voiced concerns prior to the summit about the wisdom of pumping further public money into economies already in recession, welcomed Thursday's agreement -- though hinted at unresolved disagreements behind the scenes.

There had been concerns that a rift was opening up between the approach being championed by the U.S. and Britain -- more economic stimulus -- and that favored by France and Germany -- more banking regulations.

Sarkozy said the agreement represented "great progress" on reform of financial institutions and said "a page had been turned." Merkel described the deal as "a very, very good, almost historic compromise."

But Brown said: "Our message is clear and certain. We believe that in this new global age our prosperity is indivisible. We believe global problems require global solutions," Brown said.

"I think a new world order is emerging and with it the foundations of a new and progressive era of international cooperation."

Obama said: "We owe it to all of our citizens to act and to act with urgency. We have agreed upon a series of unprecedented steps to restore growth and prevent a crisis like this from happening again."

"We have rejected the protectionism that could deepen this crisis. ... This cooperation between the world's leading economies signals our support for open markets," he said. "Second, we are committed to comprehensive reform of a failed regulatory system."

Obama added: "We can rebuild our global prosperity if we act with the sense of common purpose, persistence, and optimism that our moment demands."

Obama said the United States would also provide $448 million in additional aid to vulnerable nations which he described as "future drivers of world economic growth."

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Wild Thing's comment........

OK so the way I understand this is the U.S. taxpayer dollars to flow straight to the pockets of corrupt third world leaders.

"Central banks have pledged to maintain expansionary policies for as long as needed and to use the full range of monetary policy instruments, including unconventional instruments, consistent with price stability."

We are now going to live in an economic oligarchy.

And so the full implications of this are HUGE. Amongst their myriad of other problems, the main reason Great Britain has so many foreigners draining Britain's generous welfare state is because they are required to allow free immigration within other EU members. They have no say whatsoever, the numbers are dictated by Brussels.

Like Obama said in Berlin last year, he is a "citizen of the world." His loyalty to the United States is tenuous at best. And when we speak of "Enemies foreign and domestic," that's what our founding fathers meant by "domestic enemies."

The Global Economy dictated by the IMF (New World Order),,,,this is what Kissinger was talking about Obama bringing in. In less than 100 days???

PLEASE tell me I am misunderstanding this.

Posted by Wild Thing at April 3, 2009 07:40 AM

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Comments

Posted by: TomR at April 3, 2009 10:12 AM

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Posted by: JohnE PFC U.S. Army at April 3, 2009 01:27 PM

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Posted by: Wild Thing at April 3, 2009 07:05 PM

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Posted by: Wild Thing at April 3, 2009 07:07 PM

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