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Calls For New Global Monetary Authority

By: Steve Johnson

10/16/2008 - 16 Comments

Just a few weeks ago I wrote about how the financial crisis will quicken the expansion of the global financial system.

Today, I found an article about how that is coming to pass. Apparently the push for a new global central bank is being discussed.

“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. “

The only way for a global monetary authority to be powerful enough to manage the global financial system is if sovereign nations gave them the power to limit their control over their own financial system and therefore forcing nations and corporations to follow the policies and regulations of the global monetary authority – which will be the final coffin in free market capitalism.

The establishment of a global monetary authority will need at least the following authorities to oversee and global financial system.

  • Become the global regulatory authority over all national authorities – so that all banks have to follow the same regulations.
  • Become the global rating agency to rate the risk of assets sold throughout the world – so that one nations rating agency does not lie about the risks of assets within its nation as happen with the US mortgage meltdown.
  • Become the global interest rate regulators over all national authorities – so that one nation cannot rob the world by increasing the availability of their currency.
  • Become the global authority of currency supply management over all national authorities – so that one nation cannot rob the world by increasing their supply of money printing more of it.

Of course, no sovereign nation would want to give up the power to manage their financial banking system without a fight.  But, as the global financial crisis unfolds over the next few years, many nations may find themselves in a very difficult situation which may lead them to agree to the terms of a global monetary authority – in exchange for a pegged currency or some other provision to stabilize their financial crisis and save them from national bankruptcy. 

On Monday, British Prime Minister Gordon Brown called for a new Bretton Woods System, which was created after WWII to stability global markets and stop inflation by encouraging all nations to stop increasing their currency by printing money. Woods said that the financial crisis should be used to make world leaders agree to fresh rules and regulations under a long planned new global financial order.

"This crisis demonstrates beyond doubt that a global capital market requires much stronger global cooperation and supervision. And we need to ensure that we have an effective global early warning system to alert us across continents to economic and financial risk."

"We are proposing a world leaders' meeting in which we must agree the principles and policies for restructuring the financial system across the globe,"

The formation of the global financial system is a direct result of the economic globalization that has increased over the last few decades, and there is no going back.

Globalization has been the biggest factor in the last decade of increase in productivity and growth around the world. But now that globalization has run its course, the financial benefits have also run their course.

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