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Posts Tagged ‘Bill Clinton’

Global financial crisis: does the world need a new banking ‘policeman’?

Posted by Job on October 8, 2008

Global financial crisis: does the world need a new banking ‘policeman’?

By Gordon Rayner, Chief Reporter Last Updated: 1:36AM BST 08 Oct 2008

With war raging across the globe in July 1944, ministers from all 44 Allied nations met at the imposing Mount Washington Hotel in Bretton Woods, New Hampshire, to thrash out a set of rules that would govern world finance once Hitler was defeated.

Knowing that greater international trade would help to prevent future wars, and determined to avoid another Great Depression, the delegates signed the Bretton Woods Agreements, creating the International Monetary Fund and the World Bank. It was a big vision, driven by grand historical figures: Winston Churchill, Franklin D Roosevelt and the British economist John Maynard Keynes.

But a system that was designed 64 years ago has, not surprisingly, proved ill equipped to deal with the fiendishly complex practices of 21st-century banking that led to the current worldwide crisis.

Neither the IMF, the World Bank nor any other institution has the power to police the global financial system in a way that might have prevented the excessive risk-taking which led to the sub-prime mortgage crisis and, in turn, the credit crunch.

A more recent creation, the G8 group of industrialised nations, looks hopelessly out of date without the emerging economic giants of Brazil, India and China among its ranks. And the “beggar-thy-neighbour” policies of guaranteeing savings that have sprung up in Germany, Greece and Ireland in recent days have shown that even in Europe, co-ordinated economic policy is a myth.

“The current system is in crisis and we have an environment where dog eats dog,” said Bob McKee, of the economic consultancy Independent Strategy. “Electorates will expect more regulation, and politicians will push for it.”

The new Business Secretary, Peter Mandelson, argued last week that new global solutions are needed because “the machinery of global economic governance barely exists”, adding: “It is time for a Bretton Woods for this century.”

Gordon Brown argued as long ago as January 2007 that global regulation was “urgently in need of modernisation and reform”.

So, as the world’s central bankers gather this week in Washington DC for an IMF-World Bank conference to discuss the crisis, the big question they face is whether it is time to establish a global economic “policeman” to ensure the crash of 2008 can never be repeated.

Top of the to-do list for any new or reformed body would be new rules to manage the level of risk that banks and financial institutions are allowed to take on.

Major economies already have regulatory bodies designed to keep financial institutions in check, such as the Financial Services Authority (FSA) in the UK and the Securities and Exchange Commission (SEC) in the US. But even if these bodies had done their job properly, opinions differ wildly between different countries over what constitutes an acceptable risk.

Take, for example, the Basle II Accord, a voluntary international agreement which might have seemed a crushing bore when it was published in 2004, but which just might have prevented the credit crunch if the world’s major economies had realised it was actually a good idea.

In essence, Basle II, concocted by the Basle Committee on Banking Supervision, set up by 10 leading economic nations, was designed to make sure banks did not overstretch themselves by lending too much money in relation to the amount of capital they held.

If it had been implemented the moment it was written, Basle II might have prevented the collapse of Northern Rock – which had lent seven times the amount of money it held on deposit – and saved the likes of Lehman Brothers in America. Instead, motivated by national self-interest, not to mention greed, the world’s major economies dithered, so that few, if any, had implemented the agreement by the start of 2008, with 95 countries only able to promise they would adhere to it by 2015.

We can only speculate whether a global policeman would have intervened in another seismic shift in economic policy: the abolition by the US president, Bill Clinton, in 1999 of the Glass-Steagall Act, which had, since 1933, separated retail banks from investment banks.

The Act had been passed during the Great Depression to prevent banks from speculating with depositors’ money, and its repeal by Mr Clinton has been blamed by some commentators for contributing to the current financial crisis, which would have been limited to investment banks if Glass-Steagall had remained in place.

Too late, then, to remedy the missed opportunity of Basle II or to reinstate Glass-Steagall. But a new global regulatory arrangement might come just in time to address another issue troubling the world’s financial watchdogs: mark-to-market accounting, about which we are likely to be hearing a great deal in coming weeks.

Mark to market is a system in which banks must declare the value of assets such as securities on a daily basis, forcing them to be transparent about their balance sheets. The assets must be valued in line with what they would fetch on the open market that day, and if their value has dropped, the banks must raise capital to make up the shortfall, even if they have no intention of selling the assets for another five or 10 years.

Many banks have argued that this is unfair, as those same assets will recover their value in the long term, and marking them down has, they claim, contributed to the current crisis of confidence.

Simon Ward, an economist at New Star Asset Management, said: “This kind of accounting is causing investors to see ghosts in banks’ balance sheets which just don’t exist. If we had suspended mark-to-market accounting a year ago, the current crisis may have been avoided.”

Why has this become such a hot topic in recent days? Because banks in America have exerted such pressure on the SEC that rules on mark-to-market accounting may soon be relaxed, giving American companies an advantage over those in the UK, where the FSA has no intention of following suit.

As chaos reigns in the financial markets, the issue of regulatory reform is never far from the headlines. So what might a new architecture of global economic regulation look like?

In essence, any organisation with the power to police the global economy would have to include representatives of every major country – a United Nations of economic regulation. Robert Zoellick, president of the World Bank, identified the weakness of the current system this week when he said international organisations that excluded countries such as China, India, Brazil, Saudi Arabia, South Africa and Russia were outdated.

Gerard Lyons, a member of the International Council of the Bretton Woods Committee, a steering group for the IMF and World Bank, said: “We need to look at the current crisis and decide what banks have been doing well and what went wrong.

‘The point we’re at now is like the scene in Apollo 13 when one of the mission controllers says they’re facing the worst disaster in Nasa’s history, and his boss points out that it will turn out to be Nasa’s finest hour if they get it right.

“We have an opportunity now to make changes in global banking that make sure we keep all the good bits and eradicate the bad. For example, there is nothing wrong with young people borrowing money against their expected future income if they have genuinely good prospects, but we need to prevent the sort of irresponsible lending to people with poor credit ratings that led to the sub-prime mortgage crisis.

“What we mustn’t do is throw the baby out with the bathwater. The global banking system has helped increase living standards at a faster rate than at any point in history, and we are about to see the emergence of two-thirds of the world’s population into the developed world.”

Danny Gabay, a former Bank of England economist who now works for Fathom Consulting, suggested the answer might already be staring us in the face, in the form of the Bank for International Settlements (BIS), the umbrella organisation for the committee that came up with the sensible Basle II Accord.

“The BIS has been spot on throughout this,” he said. “The problem is that it has no teeth. The IMF tends to couch its warnings about economic problems in very diplomatic language, but the BIS is more independent and much better placed to deal with this if it is given the power to do so.”

The failures of modern global capitalism have been brutally exposed in recent months. Opinion is now hardening around the case for a new global architecture to enforce rules that ensure lessons are learnt and that the actions which have brought free markets to the brink of collapse are never repeated.

It remains to be seen whether the political leaders of 2008 are up to the task. If they are, the first foundations of that new world could be laid in Washington this week.

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Bill Clinton Claims That Barack Hussein Obama Can See The Future?!?!

Posted by Job on September 29, 2008

politicalticker.blogs.cnn.com/2008/09/29/clinton-hesitant-to-call-obama-a-great-man-2/

Clinton said he thought Obama “saw and imagined” how the economic situation could develop. “And I think that the rest of us should admire that. That’s a big part of leadership, being able to sense, as well as see the future,” he said.

Now while the usual interpretation is benign, in the context of this Obama Messiah stuff (and Sarah Palin is a prophet) climate, things like this continue to creep me out.

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Jeffrey Garten, Former Kissinger Policy Planner, CFR Member, Nixon And Clinton Administration Figure, Lehman Brothers Director, Calls For New Global Monetary Authority

Posted by Job on September 28, 2008

Former Wall Street exec wants bailout and more… much much more

Steve Watson
Infowars.net
Friday, Sept 26, 2008

A Council on Foreign Relations member and former policy planner under prominent Bilderberger Henry Kissinger has penned a piece in the Financial Times of London calling for a “new global monetary authority” that would have the power to monitor all national financial authorities and all large global financial companies.

“Even if the US’s massive financial rescue operation succeeds, it should be followed by something even more far-reaching – the establishment of a Global Monetary Authority to oversee markets that have become borderless.” writes Jeffrey Garten, also a former managing director of Lehman Brothers.

Garten, now a professor of business at Yale, served on the policy planning staff of Kissinger during his time as Secretary of State. He also served on the White House Council on International Economic Policy under the Nixon administration and went on to become the Undersecretary of Commerce for International Trade under Bill Clinton.

Citing “globalization”, A “clash of philosophies” and the “vacuum at the centre” of the current global institutional apparatus, Garten describes his vision for a new monolithic world authority to oversee all financial activity around the globe.

Here are some of the highlights (emphasis added):

A GMA (global monetary authority) would be a reinsurer or discounter for certain obligations held by central banks. It would scrutinise the regulatory activities of national authorities with more teeth than the IMF has and oversee the implementation of a limited number of global regulations. It would monitor global risks and establish an effective early warning system with more clout to sound alarms than the BIS has.

It would act as “bankruptcy court” for financial reorganisations of global companies above a certain size. The biggest global financial companies would have to register with the GMA and be subject to its monitoring, or be blacklisted. That includes commercial companies and banks, but also sovereign wealth funds, gigantic hedge funds and private equity firms.

The GMA’s board would have to include central bankers not just from the US, UK, the eurozone and Japan, but also China, Saudi Arabia and Brazil. It would be financed by mandatory contributions from every capable country and from insurance-type premiums from global financial companies – publicly listed, government owned, and privately held alike.

In a conclusion that smacks of problem, reaction, solution Garten adds “In terms of US and international politics, a Global Monetary Authority is probably an idea whose time has not yet come. That may change as today’s crisis evolves.”

What he describes is nothing less than a global financial dictatorship, operating across borders and forcing nations and corporations to register and adhere to strict monitoring and obey the same regulations. The implementation of such a system would represent total interventionism and the absolute final nail in the coffin of the free market.

Garten’s call for a GMA echoes a piece published in the FT back in June by Timothy Geithner, president of the Federal Reserve Bank of New York.

Fresh from attending the Bilderberg conference in Chantilly, Virginia, Geithner called for a globalized banking system with “appropriate requirements for capital and liquidity”.

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John Sidney McCain Will Attend Clinton Global Initiative Meeting BEFORE Going Back To Washington To Address Economic Mess!

Posted by Job on September 24, 2008

McCain is trying to suspend the debate on Friday because of the economic mess, but is attending the Clinton global warming meeting on Thursday? It shows that for McCain, globalism is more important than the national interest. See link below:

Heavyweights talk world issues at Clinton event

Please see a liberal criticize Obama for, you know, wanting to be president and campaigning, instead of joining McCain in declaring that globalism is our biggest priority.

Obama, the Clinton Global Initiative is not a WebEx Mome

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Obama AND CLINTON Forged Ties Between Pentecostalism And Black Liberation Theology

Posted by Job on July 11, 2008

See link from Independent Conservative by way of ApostasyWatch:

The Democratic Party’s Religious Outreach, Leah Daughtry and Black Liberation Theology.

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New World Order Billy Graham Cronies Telling White Evangelicals To Vote For Barack HUSSEIN Obama!

Posted by Job on June 9, 2008

Obama Could Win 40 Percent of Evangelical Vote, Says Expert

A well-connected authority in the evangelical world said in an interview this week that Democratic presidential nominee Barack Obama could get up to 40 percent of the evangelical vote. The fascination with the charismatic Illinois senator combined with evangelicals’ effort to not be seen as an appendage of the Republican Party could swing evangelical voters in Obama’s favor, predicted Mark DeMoss – a prominent public relations executive whose clients include Focus on the Family, Franklin Graham, and Campus Crusade for Christ – to Beliefnet.com. (Can we no longer pretend to ignore the clear influence of the new world order types: Council on Foreign Relations, Rockefellers, Bilderbergs, Rothschilds, freemasons, etc. on this crowd? The PR man for Franklin Graham is basically making it OK for evangelicals to vote for Obama, just as Franklin Graham’s father is responsible for the evangelical – Roman Catholic alliance?)

“I will not be surprised if he gets one third of the evangelical vote,” DeMoss said in the interview. “I wouldn’t be surprised if it was 40 percent.” For comparison, the public relations guru pointed out that one-third of white evangelicals had voted for former president Bill Clinton in his 1996 re-election bid during the “height of [the] Monica Lewinsky mess.” (Keep in mind: BILLY GRAHAM WAS A HUGE SUPPORTER OF BILL CLINTON!)

“That’s a statistic I didn’t believe at first but I double and triple checked it,” he said, “I would not be surprised if that many or more voted for Barack Obama in this election.” In terms of Republican presidential nominee John McCain, DeMoss spoke about the lack of enthusiasm within the evangelical circle for the candidate. He said that for months now he hasn’t received an e-mail, letter, or phone call from fellow evangelicals urging that they unite behind McCain and “put aside whatever differences we have.”

“It’s just very quiet. It could mean there’s a real sense of apathy or it could mean they’re waiting for the general election to begin,” he said. “But it’s a surprise, given the way e-mail networks work now.” On McCain’s part, he hasn’t done much to reach out to DeMoss either. DeMoss said he has received one phone call from a McCain staffer about a month ago asking if he would like to help campaign for McCain. But the evangelical leader, who had enthusiastically campaigned for former presidential candidate Mitt Romney, turned down the invitation. (So … Billy and Franklin Graham supported Mormon Mitt Romney. Check, and got it.)

“I told him that I’m a conservative first and a Republican second,” he said. “I was inclined to vote for Senator McCain but not to get involved beyond that.” (And you are a Christian … where? And … Obama is a conservative or a Republican … where? Seriously, people, if I wanted to make this stuff up I couldn’t).

DeMoss briefly mentioned the 2000 incident when McCain lashed out at his former boss, Jerry Falwell, and Pat Robertson. He later commented that McCain’s recent rejection of the endorsements of Pastors John Hagee and Rod Parsley was a “mistake.” (So … rejecting the support of blaspheming demonic heretics is a mistake?) Although the two pastors have some controversial views on theology, both, in terms of values, support what many evangelicals hold dear, DeMoss contends. (Which is precisely why movements centered around “values” instead of Jesus Christ TAKES PEOPLE TO THE LAKE OF FIRE FOR ETERNITY.)

“Here were two conservative religious pastors who were probably out on a limb supporting him,” he said. (What, so they didn’t PRAY and CONSULT THEIR BIBLES before acting? You mean they acted outside of God’s Will? Shocking. Who would have figured it! Then again, that isn’t quite what you said, now is it?) “And he responds to criticism over comments they made and rejects them. That was a slap in the face to evangelicals who are already somewhat suspect of Senator McCain.”

But whatever happens in this election, one thing DeMoss wants to make clear is evangelicals are not “absolutely Republican.” “Polls don’t show that to be true,” he said. (Whatever happens in this election, it is clear that a lot of evangelicals are not following Jesus Christ and comprehending and obeying the Bible, and, well, the polls prove it. And hey, so does the fact that so many evangelicals are following people like you and your bosses!)

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James Carville Says Bill Richardson Choosing Obama Over Clinton Is Like Judas Betraying Jesus Christ!

Posted by Job on March 23, 2008

See evidence that the people that alleged Methodist Church Sunday school teacher Hillary Clinton surrounds herself with honestly do not love or fear Jesus Christ in this link:

Carville Compares Hillary Clinton to Jesus Christ

Full story here: Clinton, Richardson, Obama

I still say that the Council on Foreign Relations types prefer Obama, but things like this makes me wonder if the real goal is to force evangelical Christians to accept John McCain. But soft … that fits their agenda too, which is to get evangelical Christians to weaken and compromise their faith through politics. So, getting evangelical Christians to invest their faith and vote in McCain despite knowing full well that it is wrong only to have the fellow lose to Obama anyway … what better way to use Christians to advance the anti – Christ agenda and do further harm to the evangelical Christian faith in America using the false political/military/economic god?

Still, it does seem like whenever Obama gets into real trouble, something happens to bail him out, doesn’t it?

Posted in abomination, apostasy, Barack Hussein Obama, Barack Obama, Bill Clinton, blasphemy, Christianity, church state, government, heresy, Hillary Clinton, John McCain, politics | Tagged: , , | Leave a Comment »

 
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