- This is a confidential strategy paper for the November
15 G-20 summit in Washington DC. This is not a new Bretton Woods in any
sense, but rather a British-steered attempt to impose the dictatorship
of the International Monetary Fund (IMF) on the entire planet, wiping out
all hope of economic recovery, the modernization of the developing countries,
and national sovereignty at the same time.
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- Under this plan, the IMF would dictate the economic policies
of all states. The IMF orthodoxy is austerity, sacrifice, deregulation,
privatization, union busting, wage reductions, free trade, the race to
the bottom, and prohibitions on advanced technologies. These policies would
strangle humanity.
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- The Brazil-Russia-India-China bloc is reportedly objecting
to putting so much power into the hands of the IMF, which is dominated
by the US and the British, with Prime Minister Gordon Brown and Treasury
Secretary Paulson of Goldman Sachs laying down the party line.
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- The new Chinese economic measures are the opposite of
the bankers' bailouts imposed so far in the wealthier countries. The Chinese
will spend $585 billion on infrastructure, transportation, housing, and
food production, with special attention to railroads, airports, and roads.
The Chinese package is in the spirit of the Franklin D. Roosevelt New Deal,
and it will maintain forward progress for China. The US $700 billion bailout
and the UK and EU versions are a futile attempt to prop up the $1.5 quadrillion
derivatives bubble. Sensible economic policy starts with wiping out the
derivatives cancer.
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- The interest of humanity can only be served by preventing
the Washington conference from carrying out the plan outlined below. If
Russia, China, and the developing countries can mount an effective opposition,
the world will divide into two blocs - a pro-derivatives, anti-production Malthusian-monetarist
bloc, which will tend to fall behind because of its own policies; and,
on the other hand, an anti-derivatives, pro-production bloc of nations
seeking modern technology, and the full fruits of scienitific and economic
progress. Persons of good will in all nations are encouraged to mobilize
to make sure that their own country joins the pro-production, anti-derivatives
bloc.
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- Preparations the for economic summit in Washington on
November 15 are well advanced. Here are the five points which are currently
on the agenda to be adopted by the invited heads of state. The overall
philosophy is to continue globalization by reinforcing free trade and by
creating a world economic government under the IMF.
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- The IMF Program Reads As Follows:
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- 1) require the credit rating agencies to be registered
and monitored and submit to rules of governance;
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- 2) halt the principle of a convergence of accounting
standards and re-examine the application of the fair market value rule
in the financial field, so as to improve its coherence with the rules of
prudence and conservatism;
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- 3) to resolve that no market segment, territory, or financial
institution shall escape from a proportionate and adequate regulation,
or at the least, surveillance;
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- 4) set up a code of conduct to avoid excessive risk-taking
in the financial industry, including in the area of compensation. Supervisors
will have to follow this code in evaluating the risk profiles of financial
institutions;
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- 5) to entrust to the IMF the primary responsibility,
along with the FSF (Financial Stability Forum - Basel), to recommend the
necessary measures to restore confidence and stability.
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- The IMF must be equipped with the essential resources
and suitable instruments to support countries in difficulty, and to exert
its role of macroeconomic surveillance to the fullest.
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