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G7 Ministers Announce 'Action Plan'
by Jarrett Martineau | October 10, 2008 at 03:44 pm | 78 views | 1 comment | 2 recommendations
G7 finance ministers began a critical meeting today in Washington to address the "ongoing turmoil" in global financial markets:
Finance ministers and central bank officials from leading industrialized nations have kicked off a critical meeting at the U.S. Treasury Department to discuss ongoing turmoil in the financial markets and measures to stem a crisis that has rapidly spread around the globe.International stock markets have plummeted this week and credit markets have frozen. Investors are yearning for finance officials this weekend to announce a coordinated plan to ease market tension.
Text of G-7 finance ministers and central bank governors' plan of action, as provided by the Treasury Department:The G-7 agrees today that the current situation calls for urgent and exceptional action. We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth. We agree to:
1) Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
2) Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
3) Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
October 10, 2008 at 03:44 pm by Jarrett Martineau, 78 views, 1 comment
Most RecentMost Recommended Comments (1)
at 14:18 on October 11th, 2008
Jarrett Martineau, I like this story. It's good stuff.
This is just proto-corporatism. The Ponzi-aspect of this - but even better, no threat of a run - is
that they will never call in the debt. Like the Chinese propping up
our daily operations with loans - the 'creditors' just want the steady
stream of interest income. From what I have surmised, this is some
combination of production and consumption at a net loss to the worker
and interest payments via the income tax, property taxes, and
inflation.
The hitch is inflation. The only way to profit from a Fiat economy is
to siphon off value through inflation. While many people think of
inflation as a straight line constant, like 3% a year, it is not. It
is compounded just like interest. It is now reaching the point where
the fiat currencies - chiefly the Dollar as it is the World standard -
need to be "reset". there has been too much accumulated paper wealth
among the common folk, too much competition popping up in this "free
market" system they had championed for so long.
Democracy is not the means to their ends anymore -
globalization,through technology is. The efficiency of centralized
control is the new mantra. Watch, Paulson and the scared-shitless
financial ministers of the world will decide we need a central World
Bank to sort out all of these sliced and diced and repackaged
instruments.
Then they will say it is too complicated without a single worldwide
unit of exchange, and they will set up a World-wide Fiat currency that
is solely based on production. This will set the inflation clock back
to zero.
No more striking off on your own to make a buck or two. You
will be paid for what you produce, you will take that pay and buy the
things you produce, not net gain but a net loss of labor and your
life.
The trick is to make it impossible to pay the debt off, not to call it
in. You can never pay off a fiat currency debt and the interest
charged with the same fiat currency that is constantly losing value
through inflation - those are completely divergent processes, and it
means debt-slavery. It also violates the basic tenets of a contract -
that the contract be executionable, that the terms can reasonably be
expected to be met.
Wonder why they are limiting available gold? Gold is their enemy, It
has retained it's place as the worlds default currency for more than
5000 years. So, they