G20, Blessing or Curse?
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This week our beloved president appears to have sailed us down the river. The bad part, I was just starting to like him. After listening to him speak repeatedly over the last several months I was starting to believe his heart was really out for the American people. His ideology is worthy, his methods of accomplishing those goals are what I object to. A world without nuclear proliferation is an admirable goal. Educating our children and providing healthcare for all is laudable. He has a treasure-trove of ideas that would be good for mankind, however, socialist resolutions are not the answer.
What’s worse is his rhetoric has gone beyond socialism and has leveled on fascism. Or as Mussolini referred to it, “The first stage of fascism should more appropriately be called corporatism, because it is the merger of state and corporate power.” He should know, he coined the term. The American Heritage Dictionary of the English Language defines fascism as “a philosophy or system of government that advocates or exercises a dictatorship of the extreme right, typically through the merging of state and business leadership together with an ideology of belligerent nationalism.” Sound familiar?
Last month Obama didn’t seem to support Prime Minister Brown’s proposal for a “world new deal”. This week, at the G20 summit, he has all but turned over our financial institutions and regulatory authority to the Europeans. A proposal for an international regulatory body, such as the IMF, controlled and dominated by Europeans, was put forth. With Obama’s acquiescence it looks like it’s coming to fruition. His grandiloquent speeches, from Britain to France to Germany, has them all gaga and provides him with a warm and fuzzy feeling. His obsequious deference and kowtowing has made the world like him and view America in a more friendly tone. But is that something to be proud of in light of what he is giving them? Total control of our financial markets. Time will tell which course is best, deo volente.
By the way, why didn’t he just say, “here’s a billion, please like me.”
Comment by slowsmile on 5 April 2009:
Notably, neither Pres. Obama nor the EU achieved what they wanted from the G20 meeting. Obama wanted more world bailout spend, the EU wanted sterner and deeper financial regs. This was plainly not achieved at the G20.
Instead we suddenly got a $1 trillion injection of capital into the IMF fund, with assurances that the next IMF head will not be European(as normal) but will most likely be a Brazilian. And the next World bank Head will probably be Chinese. European and US financial and economic power will therefore suffer a heavy dilution as a result. But this extra IMF funding has been heavily promoted and disguised as a “success in providing aid for under-developed countries”. Nothing of the sort, this was a blatant concession to the emerging market countries by both Europe and America.
This “extra” funding, on closer inspection, only confirms to me that this is the first stage of the dollar’s exit or collapse(depending on how it is handled) as the world’s reserve currency - with the IMF’s Special Drawing Rights(SDR) to later supercede the dollar as the world’s currency.
Analyses of the G20 meet are all over the internet, here is a reasonable assessment from Seeking Alpha:
http://seekingalpha.com/article/129496-obama-helps-china-in-preparation-for-a-dollar-collapse
Comment by Richard on 5 April 2009:
We are about to see if George Soros’ prediction of collapse if G-20 flops is right or not.