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Following the Bilderberg meeting, there were several interesting announcements made by key participants, specifically in regards to reorganizing the Federal Reserve. On May 21, it was reported that US Treasury Secretary Timothy Geithner “is believed to be leaning heavily towards giving the Federal Reserve a central role in future regulation,” and “it is understood that the Fed would take on some of the work currently undertaken by the US Securities and Exchange Commission.”
On Wednesday, May 20, Geithner spoke before the Senate Banking Committee, at which he stated that, “there are important indications that our financial system is starting to heal.” In regards to regulating the financial system, Geithner stated that, “we must ensure that international rules for financial regulation are consistent with the high standards we will be implementing in the United States.”
Bloomberg reported that, “The Obama administration may call for stripping the Securities and Exchange Commission of some of its powers under a regulatory reorganization,” and that, “The proposal, still being drafted, is likely to give the Federal Reserve more authority to supervise financial firms deemed too big to fail. The Fed may inherit some SEC functions, with others going to other agencies.” Interestingly, “SEC Chairman Mary Schapiro’s agency has been mostly absent from negotiations within the administration on the regulatory overhaul, and she has expressed frustration about not being consulted.”
the IMF reportedly sent a report to Bilderberg advocating its rise to becoming the World Treasury Department, and “U.S. Treasury Secretary Timothy Geithner enthusiastically endorsed the plan for a World Treasury Department, although he received no assurance that he would become its leader.” Geithner further said, “Our hope is that we can work with Europe on a global framework, a global infrastructure which has appropriate global oversight.
i thought that this should get its own space to be read and digested, especially the last paragraph:
Jeffrey Garten, Undersecretary of Commerce for International Trade in the Clinton administration, former Dean of the Yale School of Management, previously served on the White House Council on International Economic Policy under the Nixon administration and on the policy planning staffs of Secretaries of State Henry Kissinger and Cyrus Vance of the Ford and Carter administrations. He also was a managing director of Lehman Brothers and the Blackstone Group, is also a member of the Council on Foreign Relations. As early as 1998, Garten wrote an article for the New York Times in which he advocated the creation of a global central bank.
Amid the current financial crisis, Garten wrote an article for the Financial Times in which he advocated for “the establishment of a Global Monetary Authority to oversee markets that have become borderless,” acting as a global central bank.[40] In late October, Garten wrote an article for Newsweek in which he said that world “leaders should begin laying the groundwork for establishing a global central bank.”
Three days after the publication of Garten’s Newsweek article, it was reported that, “The International Monetary Fund may soon lack the money to bail out an ever growing list of countries crumbling across Eastern Europe, Latin America, Africa, and parts of Asia, raising concerns that it will have to tap taxpayers in Western countries for a capital infusion or resort to the nuclear option of printing its own money.” Further, “The nuclear option is to print money by issuing Special Drawing Rights, in effect acting as if it were the world's central bank.
It seems illogical that the stock market is going up despite all the things that should be pushing it to new lows. For example, the biggest drop in the dow ever occurred when Lehman went bankrupt, but now that GM (the largest company ever to go bankrupt) is going down the market still inches up? Something isn't right... Maybe there is something to builderberg conspiracy theories.
GM is not the largest company to ever go bankrupt. In fact, at this point GM is a puny little company with a mkt cap of less than 1 billion. Facebook is valued at more than 10X GM.
following the Bilderberg meeting, “President Obama has asked Congress to authorize $100 billion in loans to the International Monetary Fund (IMF) to help create a $500 BILLION GLOBAL BAILOUT FUND,” which would give the IMF the essential prerogative of a global treasury, providing bailouts for countries in need around the world. Further, “the bill would allow the IMF to borrow up to $100 billion from the U.S. and increase the U.S. fiscal contribution to the IMF by $8 billion.”
why not, since the bailouts worked so well for the united states.......
Elaborating on the program, it was reported that, “World leaders began on the global bailout initiative, called the New Arrangement for Borrowing (NAB), at the G-20 summit in early April. The president agreed at that time to make the additional funds available. as part of a $1.1 trillion deal to combat the world economic downturn agreed at April’s G20 summit, the IMF will issue $250 billion worth of SDRs, which can be used to boost foreign currency reserves.”
it looks like the taxpayers are all tapped out and we are going nuclear!
Last edited by floridasandy; 05-28-2009 at 01:28 PM..
GM is not the largest company to ever go bankrupt. In fact, at this point GM is a puny little company with a mkt cap of less than 1 billion. Facebook is valued at more than 10X GM.
I checked and found out GM is expected to be the 3rd biggest bankrupty in history. So I guess we're both wrong
Still, I suspect the latest rally is rigged so the big boys can get out before it really gets bad. I'm not a conspiracy theorist, but I have been looking a little deeper into what they have to say.
I believe that the econmy has pretty well stabilsed but is going flat for a long time. Unemplyemnt will contimue to rise tho as IMO we could be looking at a two year lag. Especailly since the chrysler deal the treasury plan to use porivte;governm,nt plan to buy toxic assets has stalled. No one wants to be in any businesss with teh federal governament that changes the rules on a whim.GM was the largest company at one time but has not been for years as they didn't make much profit for years.Large as in grosss sales yes;large as in net profits; no .
I believe that the econmy has pretty well stabilsed but is going flat for a long time. Unemplyemnt will contimue to rise tho as IMO we could be looking at a two year lag. Especailly since the chrysler deal the treasury plan to use porivte;governm,nt plan to buy toxic assets has stalled. No one wants to be in any businesss with teh federal governament that changes the rules on a whim.GM was the largest company at one time but has not been for years as they didn't make much profit for years.Large as in grosss sales yes;large as in net profits; no .
What about all those other mortgages resetting this year and next ?
The Option-ARMs will be coming up in the fall and these are bad..the borrower got to choose how much they wanted to pay..some even went into negative amortization as the payment didn't even cover the full interest payment. I'll bet those folks cannot refi.
Foil, get your foil here! Genuine government proof tinfoil. Perfect for hats, or making your Faraday cages! Foil!
if you want to win an argument, perhaps you would do better by pointing out the flaws of the other person's argument rather than just name calling. otherwise, you have added nothing meaningful to the conversation. are you arguing that there is no NAB? do you want to argue that the IMF is spending money appropriately or that we should keep funding them? do you want to argue that there is no increase in the drawing rights? do you want to disagree with what geithner has said? i noticed that he is on his way to china to try and placate the chinese government.
perhaps you want to go to the IMF home page and look at the chart detailing contributions. http://www.imf.org/external/np/exr/facts/gabnab.htm
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