Posted by seumasach on March 14, 2009
Reason has prevailed and most countries don’t want to channel every penny they have the way of a chosen banker elite. The plan’s other key element, the use of a recapitalised IMF to force through the policies of Washington and London also appears to have come to nothing:
Finance ministers and central bankers said the IMF’s resources should be increased “very substantially”, from their current level, to prevent developing countries suffering disproportionately from the credit squeeze; but they offered no immediate commitment to provide new funds.
Brown is a poor player and his one hour strutting and fretting on the global stage is now up. His plan is “a tale told by an idiot, full of sound and fury, signifying nothing”
Guardian
14th March, 2009
Gordon Brown‘s hopes of uniting the world’s most powerful economies behind a massive new package of tax cuts and public spending increases were in ruins today after he failed to persuade France and Germany to back his plan to revive the world economy.
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Posted in Uncategorized | Tagged: bailout, G20, global bailouts, IMF reform, The Brown Plan | Leave a Comment »
Posted by seumasach on March 14, 2009
This rebalancing of existing global institutions to
reflect multipolarity is a moment in the reform of
these institutions leading ultimately to their
refoundation on the basis of a new paradigm
March 14 (Reuters) – Issuing their first-ever communique at
a G20 finance ministers’ meeting, Brazil, China, Russia and
India have called for a bigger voice on international bodies —
signalling their growing political resolve to influence global
affairs. [ID:nLE152911]
Following is the text of the statement:
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Posted in Financial crisis, Multipolar world | Tagged: BRIC alliance, BRIC joint communique, End of empire, Financial crisis | Leave a Comment »
Posted by seumasach on March 14, 2009
MOSCOW, March 14 (RIA Novosti) – International financial organizations should be more fair in their treatment of the countries with the largest developing economies, including to Russia, President Dmitry Medvedev said on Saturday. Read the rest of this entry »
Posted in Multipolar world | Tagged: End of empire, Financial crisis, new global architecture, new global financial system, new global leadership, Russian diplomacy | Leave a Comment »
Posted by seumasach on March 14, 2009
“The summit is also expected to call for an increase in funding for the International Monetary Fund (IMF).
However, Brazil, China, India and Russia said they would not contribute extra money until their voting power at the IMF rises. The IMF voting structure gives greater voting power to the US and Europe in the agency’s decisions.”
The BRIC alliance has emerged as a counterpole to US/UK hegemony and is here frustrating Brown’s plan to use the IMF to gain control of the global economy
PressTV
14th March, 2009
Finance ministers and central bankers from the Group of 20 have met in London amid rifts on how to tackle the global financial crisis.
The US, supported by Britain, is calling for more government spending to spur growth. European governments, however, want rapid moves to change the rules governing financial markets in addition to massive public expenditure.
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Posted in Financial crisis, Multipolar world | Tagged: BRIC alliance, End of empire, Financial crisis, IMF reform, Multipolar world, The Brown Plan | 1 Comment »
Posted by smeddum on March 14, 2009
The International Monetary Fund is poised to embark on what analysts have described as “global quantitative easing” by printing billions of dollars worth of a global “super-currency” in an unprecedented new effort to address the economic crisis.
By Edmund Conway
13 Mar 2009
Alistair Darling and senior figures in the US Treasury have been encouraging the Fund to issue hundreds of billions of dollars worth of so-called Special Drawing Rights in the coming months as part of its campaign to prevent the recession from turning into a global depression. Read the rest of this entry »
Posted in Financial crisis | Tagged: quantitative easing | Leave a Comment »
Posted by smeddum on March 14, 2009
THURSDAY, MARCH 12, 2009
GeorgeWashingtonblog
China Finally Diversifying Out of the Dollar? Everyone knows that China has $2 trillion in foreign reserves. Two-thirds of those reserves are said to be denominated in dollars.
But – after years of speculation – there are increasing signs that China is diversifying out of the dollar. Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: China | Leave a Comment »
Posted by seumasach on March 14, 2009
Craig Murray’s Blog
13th March, 2009
WITNESS STATEMENT TO THE PARLIAMENTARY JOINT COMMITTEE ON HUMAN RIGHTS
My name is Craig Murray. I was British Ambassador in Uzbekistan from August 2002 to October 2004.
I had joined the Diplomatic Service in 1984 and became a member of the Foreign and Commonwealth Office’s Senior Management Structure in 1998. I had held a variety of posts including Deputy High Commissioner, Accra (1998 to 2001) and First Secretary Political and Economic, Warsaw (1994 to 1997).
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Posted in Uncategorized | Tagged: "War on Terror", Craig Murray, Joint Committee on Human Rights | Leave a Comment »
Posted by seumasach on March 13, 2009
Stephen Lendman
Rense.com
13th March, 2009
The title refers to the Security and Prosperity Partnership of North America (SPP), also known as the North American Union – formerly launched at a March 23, 2005 Waco, Texas meeting attended by George Bush, Mexico’s President Vincente Fox, and Canadian Prime Minister Paul Martin. It’s for a tri-national agreement, below the radar, for greater economic, political, and security integration with secret business and government working groups devising binding policies with no public knowledge or legislative debate.
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Posted in Uncategorized | Tagged: "War on Terror", coup d'etat in America, northern command, Security and Prosperity Partnership of North America (SPP) | Leave a Comment »
Posted by seumasach on March 13, 2009
David Goldmann
Asia Times Blog
12th March, 2009
What happens if insurance policyholders lose confidence in their provider and cash in their policies? It’s a run on the insurance industry, same as a run on the banks — except the regulators have no obvious mechanism to stop it. This could blindside the system in a big way. The academic tinkerers (Roubini, Krugman) who propose nationalizing the banks and haircutting their debt didn’t think about this one. But AIG did. An AIG presentation to Congress on the consquences of its failure was posted today on the Financial Times “Alphaville” blog. It is one of the more entertaiing things to circulate in the course of the crisis.
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Posted in Financial crisis | Tagged: financial collapse, run on AIG | Leave a Comment »
Posted by seumasach on March 13, 2009
Here the so-called flight to safety, to US government bonds, is presented as the next bubble to burst bringing a second wave of economic destruction in its wake.
W.Joseph Stroupe
Asia Times
14th March, 2009
Increasingly ominous clouds are gathering in what could soon be the perfect storm against the United States dollar and against the present dollar-centric global financial order.
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Posted in Financial crisis | Tagged: bond bubble, dollar collapse, financial collapse | Leave a Comment »
Posted by smeddum on March 13, 2009
By Tony Gray
Friday 13 March 2009
LLoyd’s List
AN apocalyptic vision of a future in which dysfunctional shipping markets trigger an outbreak of protectionism in trade and the creation of national fleets is outlined in a review of the current crisis by Consultants on Maritime Transport, an independent partnership. Read the rest of this entry »
Posted in Financial crisis | Tagged: shipping crisis | 1 Comment »
In These New Times 