G-20, Global Bank Tax Fund & Geithner (plus Climate Change!!!)

[WhiskeyGirl]

"G20: Geithner Rejects Brown 'Bank Tax' Plan"

US Treasury Secretary Timothy Geithner has told Sky News he is "not prepared" to support Gordon Brown's call for a financial transaction levy.

Earlier, the Prime Minister urged G20 leaders to consider a tax on financial transactions to protect taxpayers and make banks more accountable.

The money collected could be held in a global fund to bail out failed banks, Mr Brown suggested.

  right...

Hosting the talks, Chancellor Alistair Darling urged finance leaders to reach a deal on bearing the cost of climate change before the UN summit on global warming in Copenhagen next month.

read more here http://news.sky.com/skynews/Home/Business/G20-US-Treasury-Secretary-Tim-Geithner-Says-He-Is-Not-Prepared-To-Accept-Browns-Transaction-Levy/Article/200911115442624

[WhiskeyGirl]

Furthermore, G20 finance officials stated they are going to be talking about different options to maintain that the global economy grows in a balanced way starting from January of 2010 as they assess their national and regional programs next to economic projection.

The assessment is expected to end in April 2010 by which their upcoming meeting in June, they would have options for G20 leaders while in November, finance officials to process policy options and "develop more specific policy recommendations". Agreeing to the new economic policies is going to be hard yet it will depend on major nations like the U.S., euro zone and China, reacting to the new policies.

read more here - http://ecpulse.com/en/topstory/2009/11/08/group-20-economies/

I can hardly wait until January.  I wonder what the new policies are for the US?  What is this debt nation contributing to balanced global growth?

I suspect "No jobs for you American worker!!!"

[WhiskeyGirl]

The compact we agreed at Pittsburgh - to pursue strong, balanced and sustainable growth - was a watershed in our management of the world economy. At this meeting today we must begin to bring the Pittsburgh framework to life. Today you can lay the foundations for the new economic governance that the G20 represents and begin to meet the plan for growth we have agreed.

In this low inflation environment our strategy must be to go for growth but it will be less effective if we retreat from the essential financial reforms we have pledged to undertake.

What did the US pledge?

But vital though these reforms are, there is no doubt that the reputation and legitimacy of the banking system has taken a severe battering from the events of the last two years and led to a fundamental questioning of the role and behaviour of the banks. There is real and understandable concern about the fairness of the balance of risks and rewards for taxpayers, citizens, shareholders and bank employees.

What value does Wall Street and The Federal Reserve add to Main Street?  Taxpayers?  I see nothng but debt and destruction.

When we look at what we are doing overall, the task this generation is having to set ourselves in advancing stability, growth, development and climate change is daunting. It is nothing less than building the new responsible global economy and society of the future.

In the last fifty years global change people thought impossible and unworkable has happened.

The Bildergerg conspiracy? 

http://www.number10.gov.uk/Page21248

Whatever happened to that audit of the super secret Federal Reserve?  All the secret, wheeling and dealing?

[WhiskeyGirl]

Did the Obama administration agree to destroy/collapse the dollar?

According to press reports, focus in the G20 Pittsburgh agreement will be on global imbalances through co-ordination of macroeconomic policies. In that sense the G20 agreement will bear many similarities to the Plaza accord from the mid-1980s

What was the Plaza accord in the 80s?

That said, in our view, it would be hard not to regard the early phase of the global rebalancing as negative for USD (as in the mid-1980s). In addition, the review process will, at some stage, start to focus on Chinese exchange rate policy. Thus, an agreement to rebalance the global economy away from the US consumer (if it is implemented) is also a strong appreciation case for CNY and Asian emerging market currencies in general.

http://www.fxstreet.com/fundamental/economic-indicators/g20-pittsburgh-accord-might-be-plaza-dj-vu/2009-09-25.html

Hmmm...I know folks who's retirement accounts never recovered from the inflation of the 80s.

Are we in for another case of government inspired inflation that will destroy the security of millions of Americans on Main Street?