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Global "New Deal" and Global Financial System   March 1st, 2009
The proposals just keep getting creepier       

 
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First we needed to bail out the financial system. Then we needed a New New Deal, which Obama essentially got by passing his spending bill. The auto industry is up to bat a second time for more money. And the debt just keeps mounting. The solution? Apparently a "Global New Deal."

British Prime Minister Gordon Brown hopes to forge a "global new deal" with President Obama to rescue the world's economy when he makes his first visit to the White House since Obama's inauguration.

The Times of London reports Brown, who arrives Tuesday, will reportedly introduce a plan requiring massive spending on a worldwide scale.


Further:

The world needs a new global system of financial regulation to prevent future economic crises..., U.K. Prime Minister Gordon Brown said Sunday.

"We will need cross border supervision of financial institutions," he said.


These follow an article a week earlier that wrote:

The world needs a "global New Deal" to haul it out of the economic crisis it faces, Prime Minister Gordon Brown of the United Kingdom said Sunday.

"We need a global New Deal -- a grand bargain between the countries and continents of this world -- so that the world economy can not only recover but... so the banking system can be based on... best principles," he said...

French President Nicolas Sarkozy said the world's response to the global financial meltdown had to be profound and long-lasting, not just tinkering around the edges.

"Europe wants to see an overhaul of the system. We all agree on that. We're not talking about superficial measures now or transitional measures -- we're talking about structural measure, which need to be taken," he said.


And we have an article from Hungary proposing a global "green New Deal":

A global environmental agreement or "green New Deal" could halt the irreversible damaging effects of climate change, European Commissioner for the Environment Stavros Dimas told a climate summit in Budapest on Friday.


Let's see if I've got this straight... states and companies are going bankrupt so they ask the U.S. Government for a bailout. Similar problems are happening around the world and it's getting messy. And the national governments are quickly realizing that their countries might be going bankrupt, too. So who do they go to for a bailout?

Well, I guess when countries realize they have no-one else to borrow from, they need to build a new organization. Some new worldwide financial authority so that the world banking system can be based on the "best principles." Whatever that means.

The Prime Minister of the UK and the president of France are suggesting a global economic "New Deal" and permanent, profound, long-lasting structural changes to the world economy. Meanwhile, other Europeans are suggesting a global environmental New Deal. So we're combining all the fun aspects of the Great Depression with the prospects of doing it on a global scale with some kind of new world financial authority with the possibility of including radical environmentalism in the mix.

I might be stating the obvious, but the world economy is based on capitalism and the concept of national sovereignty. What kind of profound structural changes are these leaders hoping to accomplish with some kind of new global financial system?

This is insanity. It's also just creepy.

Apparently the Prime Minister will be making his proposal to a joint session of Congress on Wednesday, March 4th.

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