Posted on 10/25/2008 9:05:16 AM PDT by NormsRevenge
WASHINGTON (Reuters) – President George W. Bush, who will host a global summit on the financial crisis next month, said on Saturday that agreeing on common principles to reform regulators would be essential to preventing another disaster.
His comments came one day after a worldwide sell-off in stock markets amid growing fears of a global recession. Friday's session was the lowest closing level for all three major U.S. stock indexes since the spring of 2003.
"In recent weeks, concerns about the availability of credit, the safety of financial assets, and the volatility of the stock market have made many families understandably anxious about their economic future," Bush said in his weekly radio address.
He sought to reassure Americans that the government's actions to ease the credit crunch were starting to show results, but said the full impact on the economy would take time.
The United States will host a summit of global leaders on November 15 in Washington to discuss the underlying causes of the crisis and start developing principles of reform for financial regulators and institutions.
"This crisis is global in reach -- and addressing it will require further international cooperation," Bush said.
(Excerpt) Read more at news.yahoo.com ...
Global Financial
So we should expect ‘global regulation’ and a ‘global currency’?
Bite me. Bite me hard!
“”This crisis is global in reach — and addressing it will require further international cooperation,” Bush said.”
That’s how we got in this mess! More of the same.
Yeah, let’s have a world bank, ‘cause central banks sure have handled their economies well up to this point. If only we could remove every last barrier to inflation, we could finally destroy modern civilization for good.
For years there have been posters on this board warning of a global system. They were laughed at.
Just watch Bush’s I speech back on 09/11/1991 and it’ll give you goosebumps. Dubya is just finishing what Poppy started.
Yep its the new world order baby...
BUMP!
Those are separate issues. We already have global regulation of banks. A big part of the current crisis was too much leverage in hedge funds here and abroad. There will either have to be expanded regulation of all financial companies, or we need to end Japan's 0.5% interest rates (and raise ours as well).
As long as international financial companies can borrow some currency at 0.5% and use it for whatever leveraged asset purchase they want, we will have more meltdowns.
41 promised a New World Order and 43 is giving it to us.
No borders, common financial system...
We have a world bank, just not a world currency. The closest thing to a world currency at the moment is the Japanese yen. They’ve been lending them at 0.5% for over a decade and helped create the financial house of cards. The dollar is in second place along with the Swiss franc.
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