Brown: Time for New World Order

Enoch · Nov 10, 2008

http://www.foxnews.com/story/0,2933,449264,00.html

LONDON — Britain's Prime Minister Gordon Brown will push for a new international financial system that updates the Bretton Woods agreement in a speech to be delivered Monday evening.

Brown will call for the reforms at the G20 summit to be held in Washington next weekend.

"The British Government ... will begin to begin a new Bretton Woods with a new IMF that offers, by its surveillance of every economy, an early warning system and a crisis prevention mechanism for the whole world," Brown will say at his speech at the annual Lord Mayor's banquet in London.

Brown will also say the U.S and Europe must provide the leadership for the creation for a new international order.
"The trans-Atlantic relationship has been the engine of effective multi-lateralism for the past 50 years. I believe the whole of Europe can work closely with America to meet the great challenges which will test our resolution and illuminate our convictions," he will say.

Brown's calls for a reformed IMF will echo calls by Nobel Prize-winning economist Joseph E. Stiglitz of Columbia University. Stiglitz told a U.N. General Assembly panel on the global financial crisis last month that the system created at the 1944 conference in Bretton Woods, New Hampshire, which established the international monetary protocols governing trade, banking and other financial relations among nations, needs to be updated.

Brown has already discussed IMF reforms with French President Nicolas Sarkozy and German Chancellor Angela Merkel and has called on countries such as China and the oil-rich Persian Gulf states to fund the bulk of an increase in the International Monetary Fund's bailout pot.

Brown will also say the world faces five major challenges — to promote democracy, fight terrorism, strengthen the global economy, tackle climate change and resolve conflict.
Click to expand...

The world is looking better everyday...

donnA · Nov 10, 2008

hummm
getting closer all the time to being one unified world.

Cliff B · Nov 10, 2008

Sounds like the "Old Old Story" is quickly nearing the end. GLORY!

Enoch · Nov 14, 2008

http://www.foxbusiness.com/story/ma...nment/world-leaders-prepare-financial-summit/

Apprehensively awaiting the results of this meeting...

With economic damage piling ever higher, President George W. Bush and other world leaders are gathering to explore options for relief and to work on ways to prevent similar credit and financial calamities from happening again.
It's a tall order, but Bush is hopeful that some common ground for action can be found at the extraordinary summit, which begins with a dinner Friday followed by closed-door deliberations on Saturday.

Ahead of the summit, Bush warned his counterparts on Thursday not to crush the global economy under a raft of strict new financial regulations. "We must recognize that government intervention is not a cure-all," Bush said. "Our aim should not be more government. It should be smarter government."

Bush put forward his own prescription, which includes bolstering accounting rules, reviewing anti-fraud provisions for trading in stocks and other securities, and improving regulatory coordination among countries. But he stopped short of the more far-reaching oversight and regulation that Europeans leaders want.

"We want to change the rules of the game in the financial world," said French President Nicolas Sarkozy said prior to the gathering.

The Europeans want to close loopholes that allow some financial institutions to evade regulation, and ensure supervision for all major financial players, including credit ratings agencies or funds carrying high amounts of debt.

"There is a need for urgency," said British Prime Minister Gordon Brown, who is seeking a new network of global regulators who would scrutinize the world's largest financial institutions.

Europeans also are advocating an early warning system that would watch for financial bubbles like the one that enveloped the U.S. housing market. The housing bubble eventually burst and created the mess the world leaders are now trying to clean up. They also want a pledge for concrete changes in just 100 days.

Critics blame lax oversight and failures by regulators in the United States and elsewhere to detect problems as one of the prime reasons behind the financial crisis.

The crisis, which erupted in the United States around August of last year as mortgage investments soured with the housing market's collapse, quickly spread to other countries. Banks and other financial companies suffered huge losses and foreclosures skyrocketed. Troubles then snowballed to other areas crimping, auto and student loans and locking up lending for many consumers and businesses worldwide.

All the fallout has pushed the global economy to the brink of recession. Unemployment in the United States bolted to 6.5 percent in October, a 14-year high.

Still, Bush put up a stout defense of capitalism.

"It is true that this crisis included failures, by lenders and borrowers, by financial firms, by governments and independent regulators," Bush said. "But the crisis was not a failure of the free market system. And the answer is not to try to reinvent that system."
Click to expand...

Among the forces that could impede progress is the fact that Bush is on his way out of office, which could make other leaders hesitant to cut any deals with a departing administration. President-elect Barack Obama, who takes over on Jan. 20, won't attend the summit.

However, Obama has authorized former Iowa Rep. Jim Leach and former Secretary of State Madeleine Albright to represent him. Obama's transition team says they primarily will be listeners on the periphery of the meetings.
Click to expand...

Brown: Time for New World Order

Enoch New Member

donnA Active Member

Cliff B New Member

Enoch New Member

Useful Searches

Brown: Time for New World Order

Enoch New Member

donnA Active Member

Cliff B New Member

Enoch New Member