Just today I ran across another article, this one by Dick Morris, that I found absolutely fascinating in terms of what Mr. Wiseman predicted. And, in the interest of full disclosure, I am neither a registered Democratic or Republican and am therefore not attempting to push the rightness or wrongness of either side. I am simply trying to relay what I find to be very interesting and relevant information about the financial crisis the planet is going through, it's possible causes and what is happening right now regarding it.
Before I present what I read by Mr. Morris, I will repeat some of Part 3 of Mr. Wiseman's article so you can see exactly what he predicted. Following that is Mr. Morris's article, which I think you will find quite interesting given the Wiseman prediction.
I would be interested in your feedback on any or all of this through our Discussion Form on the Silkin Facebook Page BY CLICKING HERE.
Larry Silver
President, Silkin Management Group
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Solutions Magazine
"The Financial Crisis: A Look Behind the Wizard's Curtain"
by Bruce Wiseman. (Below is a portion of Part 3)
All of which begs the question…How Come?
Why drive the planet into the throws of fiscal withdraw – of job losses, vaporized home equity, and pillaged 401ks and IRAs?
Because when the pain is bad enough, when the stock markets are in shambles, when the cities are teeming with the unemployed, when the streets are awash with riots, when governments are drenched in the sweat of eviction and overthrow, then the doctor will come with the needle of International Financial Control.
This string of ineffective solutions put forth by people who know better are convincing bankers, investors, corporations and governments of one thing: the system failed and even the U.S. government – the anchor of international finance (which is blamed for causing the disaster) – has lost its credibility.
The purpose of this financial crisis is to take down the United States and the U.S. dollar as the stable datum of planetary finance and in the midst of the resulting confusion, put in its place a Global Monetary Authority - A planetary financial control organization to “ensure this never happens again.”
Sound Orwellian? Sound conspiratorial? Sound too evil or too vast to be real?
This entity is being moved forward by world leaders “as we speak.” It is coming and the pace is quickening.
A year ago, I saw an article in which the President of the New York Federal Reserve bank was calling for a “Global Monetary Authority” or GMA to deal with the world’s financial crisis. While I have been following international banking institutions for some time, this was the clue that they were making their move. I wrote an article on it at the time.
By the way, as some may recall, the President of the New York Fed last year was a man named Timothy Geithner. Geithner was very involved in structuring the booby-trapped TARP bailout with Paulson and Bernanke. Of course now, he is the Secretary of the Treasury of the United States. Change we can believe in.
Once Geithner started to push a global financial authority as the solution to the world’s financial troubles, other world leaders and opinion leading voices in international finance began to forward this message. It has been a PR campaign of growing intensity. Meanwhile, behind the scenes, the international bankers are keeping their hands on the throat of the credit markets choking off lending while the planet’s financial markets asphyxiate and become more and more desperate for a solution.
British Prime Minister, Gordon Brown, who has taken the point on this, has said that the world needs a “new Bretton Woods.” This is the positioning. (Bretton Woods, New Hampshire was the location where world leaders met after the second World War and established the international financial organizations called the International Monetary Fund (IMF) and the World Bank to help provide lending to countries in need after the war).
Sir Evelyn de Rothschild called for improved (international) regulations while the Managing Director of the IMF suggested a “high level of ministers capable of reaching agreements and implementing them.” The former director of the IMF, Michael Camdessus, called on “the global village” to “urgently and radically” implement international regulations.
As the crisis has intensified, so too have calls for a global financial policeman, and of late, the PR has been directed in favor of…surprise, the Bank of International Settlements. The person at the BIS who was primarily responsible for the creation of Basle II is Jaime Caruana. The BIS Board has now appointed him as the General Manager, the bank’s chief executive position, where he will be in charge of dealing with the current financial crisis which he had no small part in creating.
A few well chosen sound bites tell the story.
Following a recent IMF function, discussion centered on the fact that the BIS could provide effective market regulation while the Global Investor Magazine opined that “…perhaps the Bank of International Settlements in Basel...” could undertake the task of best dealing with the crisis in the financial markets.
The UK Telegraph is right out front with it:
“A new global solution is needed because the machinery of global economic governance barely exists…it’s time for a Bretton Woods for this century.” “ The big question is whether it is time to establish a global economic ‘policeman’ to ensure the crash of 2008 can never be repeated.’ ….
“The answer might be staring us in the face in the form of the Bank of International Settlements (BIS). The BIS has been spot on throughout this.”
And so you see, this was a drill. This was a strategy: bring in Easy Money Alan to loosen the credit screws; open the flood gates to mortgage loans to the seriously unqualified with the CRA, bundle these as securities, repeal Glass Stegall and waive capital requirements for investment banks so the mortgage backed securities could be sold far and wide, wait until the loans matured a bit and some became delinquent and ensure the media spread this news as if Heidi Fleiss had a sex change operation, then slam in an international accounting rule that was guaranteed choke off all credit and crash the leading economies of the world. Ensure the right people were in the key places at the right time – Greenspan, Paulson, Geithner, and Caruana.
When the economic pain was bad enough promote the theory that the existing financial structures did not work and that a Global Monetary Authority – a Bretton Woods for the 21st Century - was needed to solve the crisis and ensure this does not happen again.
Which is exactly where we are right now.
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THE DECLARATION OF INDEPENDENCE HAS BEEN REPEALED
By Dick Morris
Published on DickMorris.com on April 6, 2009.
On April 2, 2009, the work of July 4, 1776 was nullified at the meeting of the G-20 in London. The joint communiqué essentially announces a global economic union with uniform regulations and bylaws for all nations, including the United States. Henceforth, our SEC, Commodities Trading Commission, Federal Reserve Board and other regulators will have to march to the beat of drums pounded by the Financial Stability Board (FSB), a body of central bankers from each of the G-20 states and the European Union.
The mandate conferred on the FSB is remarkable for its scope and open-endedness. It is to set a "framework of internationally agreed high standards that a global financial system requires." These standards are to include the extension of "regulation and oversight to all systemically important financial institutions, instruments, and markets...[including] systemically important hedge funds."
Note the key word: "all." If the FSB, in its international wisdom, considers an institution or company "systemically important", it may regulate and over see it. This provision extends and internationalizes the proposals of the Obama Administration to regulate all firms, in whatever sector of the economy that it deems to be "too big to fail."
The FSB is also charged with "implementing...tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms."
That means that the FSB will regulate how much executives are to be paid and will enforce its idea of corporate social responsibility at "all firms."
The head of the Financial Stability Forum, the precursor to the new FSB, is Mario Draghi, Italy's central bank president. In a speech on February 21, 2009, he gave us clues to his thinking. He noted that "the progress we have made in revising the global regulatory framework...would have been unthinkable just months ago."
He said that "every financial institution capable of creating systemic risk will be subject to supervision." He adds that "it is envisaged that, at international level, the governance of financial institutions, executive compensation, and the special duties of intermediaries to protect retail investors will be subject to explicit supervision."
In remarks right before the London conference, Draghi said that while "I don't see the FSF [now the FSB] as a global regulator at the present time...it should be a standard setter that coordinates national agencies."
This "coordination of national agencies" and the "setting" of "standards" is an explicit statement of the mandate the FSB will have over our national regulatory agencies.
Obama, perhaps feeling guilty for the US role in triggering the international crisis, has, indeed, given away the store. Now we may no longer look to presidential appointees, confirmed by the Senate, to make policy for our economy. These decisions will be made internationally.
And Europe will dominate them. The FSF and, presumably, the FSB, is now composed of the central bankers of Australia, Canada, France, Germany, Hong Kong, Italy, Japan, Netherlands, Singapore, Switzerland, the United Kingdom, and the United States plus representatives of the World Bank, the European Union, the IMF, and the Organization for Economic Co-operation and Development (OECD).
Europe, in other words, has six of the twelve national members. The G-20 will enlarge the FSB to include all its member nations, but the pro-European bias will be clear. The United States, with a GDP three times that of the next largest G-20 member (Japan), will have one vote. So will Italy.
The Europeans have been trying to get their hands on our financial system for decades. It is essential to them that they rein in American free enterprise so that their socialist heaven will not be polluted by vices such as the profit motive. Now, with President Obama's approval, they have done it.
THE DECLARATION OF INDEPENDENCE HAS BEEN REPEALED
By Dick Morris
Published on DickMorris.com on April 6, 2009.
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