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Former Kissinger Policy Planner, CFR Member Calls For
New Global Monetary Authority
Former Wall Street exec wants bailout and more... much
much more
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A Council on Foreign Relations member and former policy planner
under prominent Bilderberger Henry Kissinger has penned a piece
in the Financial Times of London calling for a "new global
monetary authority" that would have the power to monitor
all national financial authorities and all large global financial
companies.
"Even if the US’s massive financial rescue
operation succeeds, it should be followed by something even more
far-reaching – the establishment of a Global Monetary Authority
to oversee markets that have become borderless." writes
Jeffrey Garten, also a former managing director of
Lehman Brothers.
Garten, now a professor of business at Yale, served
on the policy planning staff of Kissinger during his time as Secretary
of State. He also served on the White House Council on International
Economic Policy under the Nixon administration and went on to
become the Undersecretary of Commerce for International Trade
under Bill Clinton.
Citing "globalization", a "clash
of philosophies" and the "vacuum at the centre"
of the current global institutional apparatus, Garten describes
his vision for a new monolithic world authority to oversee all
financial activity around the globe.
Here are some of the highlights (emphasis added):
A GMA (global monetary authority) would be a reinsurer
or discounter for certain obligations held by central banks.
It would scrutinise the regulatory activities of national
authorities with more teeth than the IMF has and oversee the
implementation of a limited number of global regulations.
It would monitor global risks and establish an effective early
warning system with more clout to sound alarms than the BIS
has.
It would act as “bankruptcy court” for financial
reorganisations of global companies above a certain size. The
biggest global financial companies would have to register with
the GMA and be subject to its monitoring, or be blacklisted.
That includes commercial companies and banks, but also sovereign
wealth funds, gigantic hedge funds and private equity firms.
The GMA’s board would have to include central bankers
not just from the US, UK, the eurozone and Japan, but also China,
Saudi Arabia and Brazil. It would be financed by mandatory
contributions from every capable country and from insurance-type
premiums from global financial companies – publicly listed,
government owned, and privately held alike.
(Article continues below)
In a conclusion that smacks of problem, reaction, solution Garten
adds "In terms of US and international politics, a Global
Monetary Authority is probably an idea whose time has not yet
come. That may change as today’s crisis evolves."
What he describes is nothing less than a global financial dictatorship,
operating across borders and forcing nations and corporations
to register and adhere to strict monitoring and obey the same
regulations. The implementation of such a system would represent
total interventionism and the absolute final nail in the coffin
of the free market.
Garten's call for a GMA echoes a piece
published in the FT back in June by Timothy Geithner,
president of the Federal Reserve Bank of New York.
Fresh from attending the Bilderberg conference in Chantilly,
Virginia, Geithner called for a globalized banking system with
"appropriate requirements for capital and liquidity".
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