Antiglobalization economists have turned the problem on its head by absolving governments (except the one in Washington) and instead blaming crises on markets and their institutional supporters, such as the IMF -- "dictatorships of international finance," in the words of the Nobel laureate Joseph Stiglitz. "Countries are effectively told that if they don't follow certain conditions, the capital markets or the IMF will refuse to lend them money," writes Stiglitz. "They are basically forced to give up part of their sovereignty."
Is this right? Are markets failing, and will restoring lost sovereignty to governments put an end to financial instability? This is a dangerous misdiagnosis. In fact, capital flows became destabilizing only after countries began asserting "sovereignty" over money -- detaching it from gold or anything else considered real wealth. Moreover, even if the march of globalization is not inevitable, the world economy and the international financial system have evolved in such a way that there is no longer a viable model for economic development outside of them.
The right course is not to return to a mythical past of monetary sovereignty, with governments controlling local interest and exchange rates in blissful ignorance of the rest of the world. Governments must let go of the fatal notion that nationhood requires them to make and control the money used in their territory. National currencies and global markets simply do not mix; together they make a deadly brew of currency crises and geopolitical tension and create ready pretexts for damaging protectionism. In order to globalize safely, countries should abandon monetary nationalism and abolish unwanted currencies, the source of much of today's instability.
Original ArticleNote: Original Article
Stumble It!
No wonder the CFR is all in a fuss.
Great posting, thanks
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The two most common things in the universe are apparently Hydrogen and stupidity.
<a href="http://en.wikipedia.org/wiki/Monetary_policy">http://en.wikipedia.org/wiki/Monetary_policy</a> <br />
<br />
“Monetary policy<br />
From Wikipedia, the free encyclopedia<br />
<br />
. Monetary policy is the process by which the government, central bank, or monetary authority manages the money supply to achieve specific goals—such as constraining inflation or deflation, maintaining an exchange rate, achieving full employment or economic growth. (Usually the goal of monetary policy is to accommodate economic growth in an environment of stable prices.) Monetary policy can involve changing certain interest rates, either directly or indirectly through open market operations, setting reserve requirements, acting as a last-resort lender (i.e. discount window lending), or trading in foreign exchange markets. <br />
Monetary policy is generally referred to as either being an expansionary policy, or a contractionary policy, where an expansionary policy increases the total supply of money in the economy, and a contractionary policy decreases the total money supply. Expansionary policy is traditionally used to combat unemployment in a recession by lowering interest rates, while contractionary policy has the goal of raising interest rates to combat inflation (or cool an otherwise overheated economy).<br />
<br />
<br />
Usually the short term goal of open market operations is to achieve a specific short term interest rate target. In other instances, however, monetary policy might instead entail the targeting of a specific exchange rate relative to some foreign currency or else relative to gold. For example in the case of the USA the Federal Reserve targets the federal funds rate, the rate at which member banks lend to one another overnight. However the monetary policy of China is to target the exchange rate between the Chinese renminbi and a basket of foreign currencies.”<br />
<br />
This might be what’s making the BIS shit it’s self<br />
<br />
<br />
<a href="http://en.wikipedia.org/wiki/Renminbi">http://en.wikipedia.org/wiki/Renminbi</a> <br />
"This article is about the currency of the People's Republic of China. For other uses of the word "Renminbi," see Renminbi (disambiguation). <br />
"CNY" and "RMB" redirect here. For other uses, see CNY (disambiguation) and RMB (disambiguation).<br />
The renminbi (Simplified Chinese: 人民币; Traditional Chinese: 人民幣; pinyin: rénmínbì; literally "people's currency") is the official currency in the mainland of the People's Republic of China (PRC)., whose principal unit is the yuan (Simplified Chinese: 元 or 圆; Hanyu Pinyin: yuán; Wade-Giles: yüan). It is issued by the People's Bank of China, the monetary authority of the PRC. The official ISO 4217 abbreviation is CNY, although also commonly abbreviated as "RMB". The Latinised symbol is ¥.<br />
The two special administrative regions, Hong Kong and Macau, have their own respective currencies. According to the one country, two systems principle and the basic laws of the two territories, national laws generally do not apply. Therefore, the Hong Kong dollar and the pataca remain the legal tenders in the two territories, and Renminbi, although accepted, is not legal tender."<br />
<br />
<br />
<p>---<br>"It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities."<br />
—Sir Josiah Stamp
<br />
With much thanks to David Creighton<br />
If you haven't seen this already, it would seem that the cat is finally out of the bag - and not a peep from our government or the media.<br />
As I am sure you know, when a state loses control of its currency, it loses its ability to finance and determine its own domestic and foreign policies.<br />
The corporate push for the North American Union and the Amero (undoubtedly to be controlled by the U.S. Federal Reserve) is now in its final promotional stage - and both Liberals and Conservatives are on side..<br />
Derek Skinner<br />
<br />
This seems to me like a last desparate attempt to institutionalize--i.e. spread the risk of--the failing neoliberal model.<br />
dc<br />
_______<br />
<br />
IT'S TRUE....VERY TRUE.... Two days ago my <br />
latest issue of Foreign Affairs arrived and I'm half way through the article well covered below--which saves me the review that was underway. The Economist, (of the London School of Economics) three weeks ago, with its full cover depicting a dinosaur dressed in coins, spoke loudly and succinctly, that the day of cash <br />
is almost over. Now the Council on Foreign <br />
Relations (CFR) puts a final touch from on high on the subject, as a go to advertise this huge <br />
currency change, widely. ac [to whom thanks]<br />
<br />
<br />
<a href="http://www.larouchepub.com/pr/2007/070430lar_v_steil-cfr.html">http://www.larouchepub.com/pr/2007/070430lar_v_steil-cfr.html</a><br />
<br />
<br />
<br />
<br />
LaRouche Denounces New Imperial Scheme: CFR Is Promoting A One-World Currency Dictatorship<br />
<br />
April 30, 2007 (EIRNS)The May/June 2007 edition of the New York Council on Foreign Relations' <br />
journal, Foreign Affairs, has published an open call for the end of sovereign nation-state control over currency. In a signed article by Benn Steil, Director of International Economics at the CFR, titled "The End of National Currency," the Council, in effect, endorsed the end of economic sovereignty and demanded the total capitulation of all nations, rich and poor, to unbridled globalization.<br />
<br />
In the essay, Steil argued that the solution to currency crises "is not to return to a mythical past of monetary sovereignty, with governments controlling local interest and exchange rates in blissful ignorance of the rest of the world. <br />
Governments must let go of the fatal notion that nationhood requires them to make and control the money used in their territory. National currencies and global markets simply do not mix; together they make a deadly brew of currency crises and geopolitical tension and create ready pretexts for damaging protectionism. In order to globalize safely, countries should abandon monetary nationalism and abolish unwanted currencies, the source of much of today's instability."<br />
<br />
If there was any doubt that Steil was calling for a new form of super-imperial domination in a post-Westphalia, post-sovereign nation-state utopian world, he made that point clear, by citing the late 19th century period, leading into World War I, as the high point of earlier globalization, precisely the period when the British Empire was at its apex. "The lessons of gold-based globalization in the nineteenth century simply must be relearned," Steil wrote, "....Since economic development outside the process of globalization is no longer possible, countries should abandon monetary nationalism. <br />
Governments should replace national currencies with the dollar or the euro, or, in the case of Asia, collaborate to produce a new multinational currency over a comparably large and economically diversified area.... Most of the world's smaller and poorer countries would clearly be best off unilaterally adopting the dollar or the euro, which would enable their safe and rapid integration into global financial markets. Latin American countries should dollarize; eastern European countries and Turkey, euroize." Steil's final warning: If governments, including the United States fail to take his advice, "the market may privatize money on its own."<br />
<br />
Briefed on the Steil policy statement, Lyndon LaRouche denounced it as dangerous folly. <br />
LaRouche described the Steil proposal for a "trilateral" division of a one-world monetary dictatorship as an attempt to revive the "Persian Model" of a global empire, divided between regional powers. In the original Persian case, the proposal was for a division between an eastern and western empire. Now, LaRouche warned, the CFR is promoting a "trilateral" division of the world, along precisely the Persian Model of imperial oligarchical rule. LaRouche drew the parallel to the Persian campaign to destroy Athens at the close of the Pelloponesian Wars and the present schemes, and also pointed to the parallels with the Venetian model of a private financier oligarchy ruling the world through control over debt and commerce.<br />
<br />
Typical neoclassical, neoliberal ideological gobbledigook, proving that these pathetic propagandists have lost all touch with reality and with the concept of what economies and democracy is supposed to be about.
A selling job to keep the worthless US dollar alive for one more day, while the price of gold is hitting $700. showing that the holders of Dollars are slowly divesting, not to create a panic, but ensure that they won't end up with computers full of nothing.
I'm very surprised, and disappointed, to see that our "individualist" didn't come on line yet, praising it as the promotion of individual freedoms.
Ed Deak.
saying says, when they are telling you there are plenty
of cherries ripe for picking, don't bother bringing any
baskets to the harvest. Always be skeptical when you
are being told there is only one solution to a problem.
<br />
Ed Deak. <br />
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<br />
EU/US Merger: New Global Order By Stealth <br />
Published on Saturday, May 05, 2007.<br />
<br />
<br />
<br />
Source: Infowars.net - Steve Watson<br />
<br />
In a sweeping move that has garnered surprisingly little attention this week the United States and the European Union have signed up to a new transatlantic economic partnership that will see regulatory standards "harmonized" and will lay the basis for a merging of the US and EU into one single market, a huge step on the path to a new globalized world order. <br />
<br />
The BBC reported from the Summit in Washington on Monday: <br />
The two sides agreed to set up an "economic council" to push ahead with regulatory convergence in nearly 40 areas, including intellectual property, financial services, business takeovers and the motor industry. <br />
<br />
Skipping over what the fall out from a single Western market will be, the BBC simply announced "The aim is to increase trade and lower costs." before moving swiftly on to analyse what this means in terms of global warming. <br />
<br />
While the masses are being whipped up into a never ending frenzy over climate change at every given opportunity, hardcore political actions that will affect the lives of everyone on the planet in the here and now are being skated over with little or no attention being paid to them. <br />
<br />
The proponents and architects of a one world order have worked long and hard behind the scenes for a long time pushing a gradual erosion of national sovereignty via a harmonization of all areas of life, economic, social, cultural and environmental. <br />
<br />
Such harmonization and elimination of diversity is the only way to maximize the profit of the few at the expense of the many, while maintaining tight controls over society as a whole in order for a long continuation of that status quo. <br />
<br />
The global corporate elite are the only ones who will benefit from essentially wiping out the free market and eliminating economic competition across nations. <br />
<br />
The EU has long been used as a tool for such harmonizing globalization and has now reached the point at which it has become a supranational federal government for Europe. Over the years, what was originally sold as a simple free trade treaty has slowly been built from the bottom up into an all encompassing monolithic authority over the entire region. <br />
<br />
The areas it now seeks to dominate also include public health, social policy, transport, justice, agriculture, fisheries, energy, economic and social cohesion, the environment, internal and external trade, and consumer protection. <br />
<br />
It has recently been highlighted that European globalists such as Britain's Tony Blair and Germany's Angela Merkel are seeking to implement by stealth areas of the EU constitution regardless of its blanket rejection by voters. Senior British Cabinet sources have warned that they are also pushing hard for Brussels to be given a full-time unelected president, who would serve a five year term and speak as the voice of Europe on the world stage. <br />
<br />
It is commonly accepted that reforms to strengthen the European Parliament, scheduled to be implemented before 2009, could undermine the ability of member states to opt out of EU laws, as Britain does at present, effectively ending national sovereignty. <br />
<br />
In their important history of the EU, The Great Deception, British authors Christopher Booker and Richard North, concluded that the 27 member nations now entangled in the union have ceded their sovereignty in a carefully planned stealth operation. They grudgingly credit european globalists with accomplishing "a slow-motion coup d’etat: the most spectacular coup d’etat in history." <br />
<br />
The authors of The Great Deception summarized the effect of the Treaty of Rome: "Thus did the central deception of the whole story become established. From now on, the real agenda, political integration, was to be deliberately concealed under the guise of economic integration. Building Europe was to be presented as a matter of trade and jobs." <br />
<br />
In addition dissidents and outcasts such as Vladimir Bukovksy have warned that an elite plan has long existed whereby the EU would be hijacked and transformed into a Soviet style Socialist superstate that would eliminate the individual nation state's power and create a governing body with no accountability or direct representation.<br />
<br />
In 2003 the BBC uncovered incredible archived documents which confirmed that both the EU and its single currency, the Euro, were the brainchild of the secretive Bilderberg Group. Some 50 years BEFORE the implementation of the European single currency, Bilderberg, now infamous as the secret elite hand behind world events, had drawn up the plans.<br />
<br />
In addition to the EU, an agenda for a North American Union is now beyond doubt and is well on course according to the internal policy documents of its unelected legislators, the Council on Foreign Relations.<br />
<br />
The CFR's North American Union mirrors Bilderberg's European Union. In the CFR's document, Building a North American Community, mention is given to the Bilderberg group in a recommendation that private bodies be formed to direct policy between Canada, Mexico, and the United States. The document states: <br />
"To ensure a regular injection of creative energy into the various efforts related to North American integration, the three governments should appoint an independent body of advisers. This body should be composed of eminent persons from outside government, appointed to staggered multiyear terms to ensure their independence. Their mandate would be to engage in creative exploration of new ideas from a North American perspective and to provide a public voice for North America. A complementary approach would be to establish private bodies that would meet regularly or annually to buttress North American relationships, along the lines of the Bilderberg..."<br />
<br />
Very much like the EU, provisions for a NAU such as NAFTA and GATT were sold at their inception as free trade agreements. As time has progressed we have witnessed the birth of the "Security and Prosperity Partnership", a treaty, which seems to be a little more than a simple economic agreement, between leaders of the US, Mexico and Canada that has been agreed without Congressional oversight.<br />
<br />
A Canadian report has described the SPP as "an international framework for trilateral and bilateral cooperation in North America" that is "not a formal international treaty" or "an overarching binding legal agreement." But what is an "international framework" that commits U.S. officials from various federal agencies to working with officials of two other countries? Why is such a process not subjected to congressional scrutiny and approval? <br />
<br />
Last September we reported that Journalist Jerome Corsi had received the first documents pertaining to a FOIA request asking for full disclosure of the SPP office in its activities towards creating a Pan American Union. <br />
<br />
The documents show that a wide range of US administrative law is being re-written in stealth under this program to "integrate" and "harmonize" with administrative law in Mexico and Canada, just as has become commonplace within the EU. <br />
<br />
The documents contain references to upwards of 13 working groups within an entire organized infrastructure that has drawn from officials within most areas of administrative government including U.S. departments of State, Homeland Security, Commerce, Treasury, Agriculture, Transportation, Energy, Health and Human Services, and the office of the U.S. Trade Representative.<br />
<br />
Corsi also reported that at a recent high-level confab in Banff, an assistant U.S. secretary of state, Thomas A. Shannon , chaired a panel that featured a presentation by Prof. Robert Pastor, author of a book promoting the development of a North American union as a regional government and the adoption of the amero as a common monetary currency to replace the dollar and the peso. <br />
<br />
Just a conspiracy theory? Not according to Steve Previs of Jefferies International who stated on CNBC, "I think one thing for people who are dollar based need to focus on is the Amero, that's the one thing that nobody is talking about that I think is going to have a big impact... on everybody's life in Canada, the U.S. and Mexico..."<br />
<br />
Continued........
This is nutcase desperation economics.
How stupid does this guy think people are?
I agree with Ed, this has more to do with the worthless US dollar than anything else.
"Just a conspiracy theory?"
Well noted! of course it is a conspiracy with the theory having been thought out long before the idea was put into motion!
By now those of us who get tabs realise the phrase
conspiracy theory" is bandied about for the benefit of either the true believers or for the benefit of the ignorant.
Discovering this stuff and broadcasting it is the duty of all citizens and the further duty is the shirkers to participate and stand for their fellow man, something unheard of by those who claim to be individualists when really all they want is a table scraps from those who lord it over us all.
Thanks again Ed
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"It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities."
—Sir Josiah Stamp
Unlike other similar groups, such as the CFR, they don’t divulge their membership list. Members of the CFR are published. This essentially makes the Bilderberg Group a conspiracy group, the very definition of a conspiracy actually. (Some names are dropped from time to time but never a membership list) So why is it acceptable for our Prime Ministers to attend their meetings and report nothing back to their constituents?
I know this is all pretty obvious to most, if not all, of Vive Le Canada readers, but not to the general public. The man or woman on the street doesn’t realize that conspiracy is the normal course in human affairs. Certainly the most obvious and well know is the Bilderberg Group. Try getting information about our Prime Ministers’ meetings with this quasi legal organization. It disgusts me!
Now if it was the Build a Burger group, I wouldn’t care.
The very point I, the lover of all conspiracies, according to indie, have made several times
(In case he lurks he must know he will not be forgotten LOL)
---
"It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities."
—Sir Josiah Stamp
conspiracies...all these things occur randomly and are
left to chance...the elite stay in power and screw over
the powerless because they stab eachother in the
back, not because they work together behind the
scenes.
Now put away those tin foil hats and start believing
everything you are told by an honest and credible
mainstream media.
Besides, with currency, it's just something that governments can use to their advantage in the ongoing war with the people.........
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"When you change the way you look at things, the things you look at change."
-Max Planck