Snip ~ "Certainly, the elite cooked up an appropriate global crisis, now they will engage in a full court press to establish a global currency and eventually a global government"
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.
Nowotny said he was ``skeptical'' when asked whether the Bretton Woods System of monetary policy, set up after World War II and revised in 1971, could be revived to aid global currency stability. The U.S. meeting should aim to strengthen financial regulation, define bank capital ratios and review the role of debt-rating agencies.
European leaders have pressed to convene an emergency meeting of the world's richest nations, known as the Group of Eight, joined by others such as India and China, to overhaul the world's financial regulatory systems. The meetings are to include developed economies as well as developing nations.
`Real Economy'
Bush, 62, has cautioned that any revamping must not restrict the flow of trade and investment or set a path toward protectionism. The G8 nations are Britain, Canada, France, Germany, Italy, Japan, Russia and the United States. The U.S. hasn't committed itself to the sweeping terms of Europe's agenda, White House press secretary Dana Perino said yesterday.
Sarkozy wants the G8 to consider re-anchoring their currencies, the hallmark of the 1944 Bretton Woods agreement that also gave birth to the International Monetary Fund and World Bank.
The current financial crisis, in which European governments have pledged at least 1.3 trillion euros ($1.7 trillion) to guarantee loans and take stakes in lenders, should be ``under control'' by mid-2009, Nowotny said. The economy will suffer longer.
``What comes then, unfortunately in parallel, will be the problems for the real economy,'' Nowotny said. ``The growth rate in 2009 will be significantly below what we have in 2008.''
He predicted gross domestic product growth around 1 percent in Austria next year.
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Source See Also under New World Order: Wanted: a new financial order  EU leaders to meet Bush and plan “refoundation of capitalism”  Bush outlines radical plan to part-nationalise banks World needs new Bretton Woods, says Brown IMF prescribes state regulation of ‘global financial order’ Behind the panic: Financial warfare over the future of global bank power G7 finance officials pledge action to end financial crisis Global markets plummet in growing stock sell-off Brown wants ‘global’ bank support US considers following British example of taking stakes in banks New World Order: Global co-operation, nationalisation and state intervention – all in one day Calls For New EU Financial Order Increase As Total Meltdown Becomes Likely Paul Martin calls for ‘global solution’ Private Federal Reserve Makes Power Grab as Bush, McCain Urge Congress to Approve Plan Towards a new world order: Canada-EU trade proposal rivals scope of NAFTA Bank of Canada piles on in global inflationary swindle Central banks continue inflating global economy Central Banks Move to Transfer Wealth from Taxpayers to Banks Russia’s defiance in the Caucasus has brought down the curtain on Bush senior’s new world order Paul Martin promoting a new League of Nations on the road US must share power in new world order, says Turkey’s controversial president Global ‘liberalization’ illusion under threat. Economist calls for world economic regime, Keynesian saviour. Irony? Federal Reserve cites global stakes in Fannie and Freddie rescue Financial ’super cop’ role for Fed The Resurgent Idea of World Government What Really Killed Bear Stearns? Soros points out regulated markets fail to operate on market fundamentals, calls for more regulation Competition study calls for lowered barriers to foreign ownership, bank mergers Massive overhaul urged on foreign investment in airlines, media, and banks Bilderberg Seeks Bank Centralization Agenda Secretive Bilderberg Group Reverses Policy, Releases Press Release and Attendance List Actually, it’s time to imagine a new world order Banks face “new world order,” consolidation: report
