Global Solution Thread

[fabijo]

This is a thread to discuss and share what we are finding out from the world leaders as to what "coordinated" efforts they will be taking to stabilize the world's economies.

[fabijo]

From Bloomberg.com

October 10, 2008
Berlusconi Says Leaders May Close World's Markets
http://www.bloomberg.com/apps/news?p...d=aP5mpMUORBWM

Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''

....

Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are ``talking about a new Bretton Woods.''

The Bretton Woods Agreements were adopted to rebuild the international economic system after World War II in a hotel in Bretton Woods, New Hampshire. The aim of the agreements was to establish a monetary management system, initially by pegging currencies to gold. The IMF was set up later to help manage the international financial system.

[fabijo]

The New American
http://www.thenewamerican.com/econom...ainmenu-43/437

October 20, 2008
Global Financial Regulatory Body on the Way?

With the European Union leading the way, the internationalists are preparing to exploit the recent global financial turmoil to hold a "second Bretton Woods" and radically restructure the world's entire international financial system. The first Bretton Woods international conference in 1944, lest we forget, ended up saddling the world with the International Monetary Fund, the World Bank (known formally as the International Bank for Reconstruction and Development), and the General Agreement on Tariffs and Trade (GATT).

[fabijo]

From the European Commission website
http://ec.europa.eu/news/economy/081016_1_en.htm

October 16, 2008
EU summit – financial crisis dominates talks

EU leaders call for overhaul of international financial system.

The reform must be “all-encompassing” and should include more international supervision, a global “early warning” system for crisis and worldwide regulatory standards to ensure transparency and accountability, the leaders said.

The EU has called for an international summit on the crisis. Commission President Jose Manuel Barroso and French President Nicolas Sarkozy are meeting with US President George W. Bush this weekend to discuss the idea.

So, they met at Camp David. They are scheduling a worldwide summit in November.

[fabijo]

Bloomberg.com
http://www.bloomberg.com/apps/news?p...fDc&refer=home

October 19, 2008
ECB's Nowotny Sees Global `Tri-Polar' Currency System Evolving

European Central Bank council member Ewald Nowotny said a ``tri-polar'' global currency system is developing between Asia, Europe and the U.S. and that he's skeptical the U.S. dollar's centrality can be revived.

``What I see is a system where we have more centers of gravity'' Nowotny said today in an interview with Austrian state broadcaster ORF-TV. ``I see for the future a tri-polar development, and I don't think that there will be fixed exchange rates between these poles.''

The leaders of the U.S., France and the European Commission will ask other world leaders to join in a series of summits on the global financial crisis beginning in the U.S. soon after the Nov. 4 presidential election, President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Barroso said in a joint statement yesterday.

[fabijo]

The world economic summit is now scheduled for Nov 15, in Washington, D.C. with the G-20. Lots of world leaders are showing up on such short notice. I hope D.C. won't be too crowded that week!! I mean, it will only be 11 days after elections!

Press Briefing by Press Secretary Dana Perino
http://www.whitehouse.gov/news/relea...0081022-2.html

Q Will the President-elect be there?

MS. PERINO: As I've said, we will look for his input after the election. But I think it's too early to say. We don't know what that President will want or not want to do, and so we'll just leave that open for now. But just to say that the President does anticipate and look forward to seeking the President-elect's input as we move forward.

Q A number of the European allies have said what's needed is a wholesale rewrite of the rules under which financial markets operate. Does the President think that's needed?

MS. PERINO: I think that we -- I think that everybody will come with their ideas, and the President recognizes that every country is going to have a responsibility, but not every country is going to have the same solution. So there will be a lot of people coming forward with recommendations and ideas. There's lots of financial experts in all of these countries, and we have some in our own country. We'll come with our own recommendations, and they'll come with theirs, and that's what you would expect of a meeting of this kind. So I think it's too early to say what will come out of it.

Q So, do you foresee any kind of system of global financial regulation coming out of this? Is that ruled in or ruled out?

MS. PERINO: I don't believe that you'll have any details coming out of this meeting in terms of things that everyone agrees to at the first meeting. I think that what the goal is for this meeting is to identify the causes; note the progress to date that we've made working together in a coordinated fashion, which the President wants to continue; identify principles for reform; and then task the working groups to put meat on those bones and figure out what the principles will look like once they have more detail attached to them.

And the President is very clear that every country is going to have different ideas on how to do this in their own country. We've been able to take actions in our separate countries, but in a coordinated way, and that's been beneficial for the markets. We've started to see some stabilization and strengthening even while the markets absorbed some pretty tough news over the past few days.

[Miss_Piggy]

Scandal Hinders I.M.F.’s Role in Global Lending: http://www.nytimes.com/2008/10/22/business/worldbusiness/22imf.html

[James48843]

Scandal Hinders I.M.F.’s Role in Global Lending: http://www.nytimes.com/2008/10/22/business/worldbusiness/22imf.html

From the article:

Mr. Strauss-Kahn has issued an apology to staff members and to the woman with whom he carried on the brief relationship. The fund’s executive board has hired a law firm to investigate the charges against him, and hopes to make a decision after it receives the firm’s report by the end of the month.

We have a major world financial crisis, and somebody's worried about who can and can't keep their pants on ? ? ?


Even King David had that problem......


Look, people are....Human. All fall short.

Now, let's get back to dealing with curing the world's banking crisis, ok?

[Miss_Piggy]

....
We have a major world financial crisis, and somebody's worried about who can and can't keep their pants on ? ? ?
Even King David had that problem......
Look, people are....Human. All fall short.
Now, let's get back to dealing with curing the world's banking crisis, ok?

James, put your wife on the phone. I want to talk to her about your perspective these days.

[fabijo]

James, put your wife on the phone. I want to talk to her about your perspective these days.

ROFL!!

[Show-me]

The global solution is simple, make me the Supreme Ruler for life.

“When the people find they can vote themselves money, that will herald the end of the republic.” Ben Franklin

[XL-entLady]

James, put your wife on the phone. I want to talk to her about your perspective these days.

Too, too funny, Miss Piggy! Although I agree with James that we are talking magnitudes of difference in crises, I thought your reaction was absolutely priceless!

Lady