DAVID COKER: Who’ll be holding the purse strings?
While the three-ring circus to avert a federal government shutdown came to an abrupt end last weekend, the main event for the global economic community was convened in Bretton Woods at the Mount Washington Hotel.
A palatial structure nestled among the mountains and pine trees of upstate New Hampshire, it was the site of a landmark meeting of world leaders in 1944 that reordered the post-World War II global economy by establishing the World Bank, the International Monetary Fund and exchange rates among various national currencies around the world.
A similar conference of more than 200 economists, financial experts, former elected officials and journalists dubbed Bretton Woods II was convened by the $50 million Institute for New Economic Thinking, a creation of international financier George Soros.
Soros, an outspoken billionaire who made his fortune manipulating currencies, has no less an optimistic goal in mind than “a grand bargain that rearranges the entire financial order,” establishes a global currency and removes for all time the reserve currency status of the U.S. dollar in international commodity transactions.
A mentor and huge financial supporter of President Barack Obama, Soros must not be concerned about the potential for U.S. financial insolvency and the administration forcing Congress to once again raise the federal debt limit beyond $14.3 trillion in the near future.
The conference, featuring such notables as former British Prime Minister Gordon Brown, former Federal Reserve Chairman Paul Volcker and a veritable who’s-who of leftist economists, sought to begin a dialogue that would piece together the New World Order.
Dealing with such heady topics as the “too big to fail” concept of investment banks, the European debt crisis, “the New New Trade Theory” and the escalating wage-price inflation in China, speakers shared views on a wide range of topics.
Authorized political institutions — such as the elected members of Congress who negotiated the budget deal to cut a paltry $38 billion out of the $3.7 trillion budget put forward by the Obama Administration — apparently are outdated and ineffective. Perhaps they get in the way of the smooth operation of global economics and the picking and choosing of winners and losers Soros and his associates envision.
Soros claims he currently finds the economic situation “much more baffling and less predictable than … at the height of the crisis,” but that while policymakers in the wake of the financial meltdown succeeded in averting a second Great Depression, we are now in a “delicate stage” of withdrawing “some of the emergency policy measures they have been relying upon.”
He claims “there are a number of unsustainable situations that nonetheless continue,” and that “politics has become the most important factor in determining the outcome.”
Reading reviews of the conference on various websites, it appears to me that most speakers repeated the economic gospel according to Lord John Meynard Keynes, the British economist who participated in the first Bretton Woods Conference and was an architect of the World Bank and International Monetary Fund.
Applying the Keynesian model — juiced up on steroids to the level of global currency and government has proved to be dangerous stuff. That is, unless Soros and his fellows know something we do not. Does he know something about the point at which the Chinese, the Saudis and others may refuse to continue to accommodate runaway federal spending?
Could it be their real motive is to actually see the U.S. economy fail? Then Soros and his fellows could come in and pick up the pieces, imposing a global currency on the world while they control the purse strings.
If so, there is perhaps no better reason to reverse the trend of continuing to increase the federal debt limit.
Contact David Coker at OLDCARS55@aol.com.
( Original Article )
Posted on April 16, 2011, in GEOPOLITICS, Natural Gas, United States and tagged Barack Obama, energy, George Soros, Institute for New Economic Thinking, International Monetary Fund, international monetary system, Mount Washington Hotel, Natural Gas, Offshore drilling, oil, President Obama, United Nations Monetary and Financial Conference, United States, World Bank. Bookmark the permalink. 1 Comment.