Tag Archives: global economic crisis

Arising From the Ashes of the Financial Collapse – a New World Order

Bush Sr. on a New World Order

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A year after financial crisis, a new world order emerges

One year after the near collapse of the global financial system, this much is clear: The financial world as we knew it is over, and something new is rising from its ashes.

Historians will look to September 2008 as a watershed for the U.S. economy.

On Sept. 7 , the government seized mortgage titans Fannie Mae and Freddie Mac . Eight days later, investment bank Lehman Brothers filed for bankruptcy, sparking a global financial panic that threatened to topple blue-chip financial institutions around the world. In the several months that followed, governments from Washington to Beijing responded with unprecedented intervention into financial markets and across their economies, seeking to stop the wreckage and stem the damage.

One year later, the easy-money system that financed the boom era from the 1980s until a year ago is smashed. Once-ravenous U.S. consumers are saving money and paying down debt. Banks are building reserves and hoarding cash. And governments are fashioning a new global financial order.

Congress and the Obama administration have lost faith in self-regulated markets. Together, they’re writing the most sweeping new regulations over finance since the Great Depression. And in this ever-more-connected global economy, Washington is working with its partners through the G-20 group of nations to develop worldwide rules to govern finance.

“Our objective is to design an economic framework where we’re going to have a more balanced pattern of growth globally, less reliant on a buildup of unsustainable borrowing . . . and not just here, but around the world,” said Treasury Secretary Timothy Geithner . Full Story

Funding the IMF for the ‘New World Order’

G20 meeting, Gordon Brown’s New World Order

G-20 pumps $1 trillion into beating recession

British Prime Minister Gordon Brown heralded the emergence of a “new world order” Thursday as the G-20 issued details of an “unprecedented” package of measures to tackle the global economic crisis.

U.S. President Barack Obama called the deal “a turning point in our pursuit of global economic recovery.”

The deal agreed by the leaders of the world’s largest economies included reform of the international banking system and the injection of more than $1 trillion into the world financial system. Full Story

G-20 to give $1 trillion to IMF, World Bank

G-20 leaders hoping to end the global economic crisis pledged an additional $1.1 trillion in financing Thursday to the International Monetary Fund and other global institutions and declared a crackdown on tax havens and hedge funds.

In a communique capping a dramatic one-day gathering, the leaders announced the creation of a supervisory body to flag problems in the global financial system — but did not satisfy calls for new stimulus measures.

They did, however, bridge the gap between the United States and some European nations over how far to regulate the market and curb the excesses that sparked the global economic crisis.

“Today the largest countries of the world have agreed on a global plan for economic recovery and reform,” said the host, British Prime Minister Gordon Brown. His announcement was quickly followed by similar ones by the French and German leaders, who supported the results of the summit. Full Story

Fed, FCC Under Control of IMF

The World Bank (WB) & The International Monetary Fund (IMF)

Who is the IMF?

from: 50 Years is Enough

The misery, marginalization, and impoverishment forced on millions by the International Monetary Fund and World Bank is unacceptable and renders them illegitimate.

The IMF and World Bank are controlled by rich imperialist countries in corrupt complicity with national elites all over the world. They claim to lead the fight against poverty, but their role as global loan sharks; their cruel imposition of privatization, cuts to social services, and free trade policies; their funding for environmentally disastrous projects; their secrecy and undemocratic decision making processes, make them an enemy of the people worldwide.

Today, these two institutions are on the defensive. Venezuela, Bolivia, and Ecuador are in open revolt against the IMF and World Bank. South African shantytown dwellers are fighting water privatization; Korean workers are striking against “free trade” agreements; and thousands of people successfully blockaded the G8 meeting in Germany earlier this year.

In the U.S., in the heart of empire, millions are struggling against the oppressive system of capitalism for dignity, autonomy and solidarity. Tens of thousands gathered for the first ever United States Social Forum; millions of immigrants have marched for their rights; and in Washington DC,in the belly of the beast, residents are organizing against the policies of gentrification and displacement.

The Grassroots Guide to the IMF and the World Bank (sample from book)

See Also:

Analysis: Crisis may lead to new world order
Proposal of a New Reserve Currency Controlled by the IMF

Unrest In the Time of Global Economic Collapse

Plunging economy leads to rising unrest

WTO chief warns of looming political unrest

The global economic crisis could trigger political unrest equal to that seen during the 1930s, the head of the World Trade Organization (WTO) said in a German newspaper interview Saturday.

“The crisis today is spreading even faster (than the Great Depression) and affects more countries at the same time,” Pascal Lamy told the Die Welt newspaper.

Questioned about the risks of political instability, Lamy — who wraps up his four-year term as WTO director-general in September — responded that that was “the main danger”.

“This crisis weighs heavily on politics and puts peace in danger,” he said.

“Some democracies are old and sufficiently stable to overcome such problems, (but) others are going to be confronted by unrest and inter-religious and inter-ethnic conflicts.”

He went on to warn against protectionism, saying it would be “wrongly easy” for nations to throw up trade barriers in response to the economic and financial downturn.

Launched in January 1995, and now with 153 member states, the WTO’s mandate is to liberalise international trade.

See Also: Global Financial Crisis Gives Rise to Riots/Rebellion