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Proposals on New World Currency

Russia and China are coordinating proposals on a new global currency that could replace the US dollar as a reserve currency to prevent a repeat of the global economic crisis, the Kremlin said on Monday.

"We have received proposals from our colleagues in China, detailed proposals," President Dmitry Medvedev's top economic adviser Arkady Dvorkovich said. "Our positions are very similar.

"We have similar positions on the development of the international financial architecture," he told reporters.

Ahead of the Group of 20 summit in London later this week, the Kremlin has published a raft of proposals to overhaul the global economic order, including plans for a supra-national currency that could replace the US dollar.

China has come forward with similar ideas.

US President Barack Obama has said he does not see why the dollar should be replaced and British Prime Minister Gordon Brown said the summit would have more immediate issues to discuss.

"So far, not everybody is ready for that," acknowledged Dvorkovich. "We will insist on that at all levels."

Medvedev has said the international community should have a say when the world's richest countries make decisions with global implications, as in the US financial crisis, sparked by the collapse of the market for subprime or higher risk mortgages.

Moscow also understood however, that many countries were not ready to undertake additional "political obligations," said Dvorkovich, expressing hope that major economies would at least be open to consultations on the subject.

Dvorkovich said he hoped Russia and other major developing economies would also get an equal say and the attention they deserve during the G20 meeting.

"We are hoping that our voice will be heard but I would like to stress that we do not have a desire to pit our voice against that of our partners," he said, referring to developing economies Brazil, India and China who join Russia in what is known collectively as 'BRIC.'

"There will be no separate joint (BRIC) communique, nor should there be," Dvorkovich said. "This is the summit of the leaders of the G20 countries."

Critics have suggested China and the United States, whose economies are closely intertwined, would likely steal the show by promoting their own agenda and turning the G20 forum into a 'G2' summit.

Dvorkovich said the US and China would have ample time to discuss bilateral issues on the summit's sidelines

Separately, Dvorkovich said Medvedev would meet Australian Prime Minister Kevin Rudd on April 1, just before the summit. Medvedev was also scheduled to meet US President Barack Obama, China's Hu Jintao and Britain's Brown that day.

Source:  AFP

Posted:  Daily Thought Pad - Proposals on New World Currency

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BUSH’S LEGACY: EUROPEAN SOCIALISM

Published on TheHill.com on November 18, 2008.

The results of the G-20 economic summit amount to nothing less than the seamless integration of the United States into the European economy. In one month of legislation and one diplomatic meeting, the United States has unilaterally abdicated all the gains for the concept of free markets won by the Reagan administration and surrendered, in toto, to the Western European model of socialism, stagnation and excessive government regulation. Sovereignty is out the window. Without a vote, we are suddenly members of the European Union. Given the dismal record of those nations at creating jobs and sustaining growth, merger with the Europeans is like a partnership with death.

At the G-20 meeting, Bush agreed to subject the Securities and Exchange Commission (SEC) and our other regulatory agencies to the supervision of a global entity that would critique its regulatory standards and demand changes if it felt they were necessary. Bush agreed to create a College of Supervisors.

According to The Washington Post, it would “examine the books of major financial institutions that operate across national borders so regulators could begin to have a more complete picture of banks’ operations.”

Their scrutiny would extend to hedge funds and to various “exotic” financial instruments. The International Monetary Fund (IMF), a European-dominated operation, would conduct “regular vigorous reviews” of American financial institutions and practices. The European-dominated College of Supervisors would also weigh in on issues like executive compensation and investment practices.

There is nothing wrong with the substance of this regulation. Experience is showing it is needed. But it is very wrong to delegate these powers to unelected, international institutions with no political accountability.

We have a Securities and Exchange Commission appointed by the president and confirmed by the Senate, both of whom are elected by the American people. It is with the SEC, the Treasury and the Federal Reserve that financial accountability must take place.

The European Union achieved this massive subrogation of American sovereignty the way it usually does, by negotiation, gradual bureaucratic encroachment, and without asking the voters if they approve. What’s more, Bush appears to have gone down without a fight, saving his debating time for arguing against the protectionism that France’s Nicolas Sarkozy was pushing. By giving Bush a seeming victory on a moratorium against protectionism for one year, Sarkozy was able to slip over his massive scheme for taking over the supervision of the U.S. economy.

All kinds of political agendas are advancing under the cover of response to the global financial crisis. Where Franklin Roosevelt saved capitalism by regulating it, Bush, to say nothing of Obama, has given the government control over our major financial and insurance institutions. And it isn’t even our government! The power has now been transferred to the international community, led by the socialists in the European Union.

Will Obama govern from the left? He doesn’t have to. George W. Bush has done all the heavy lifting for him. It was under Bush that the government basically took over as the chief stockholder of our financial institutions and under Bush that we ceded our financial controls to the European Union. In doing so, he has done nothing to preserve what differentiates the vibrant American economy from those dying economies in Europe. Why have 80 percent of the jobs that have been created since 1980 in the industrialized world been created in the United States? How has America managed to retain its leading 24 percent share of global manufacturing even in the face of the Chinese surge? How has the U.S. GDP risen so high that it essentially equals that of the European Union, which has 50 percent more population? It has done so by an absence of stifling regulation, a liberation of capital to flow to innovative businesses, low taxes, and by a low level of unionization that has given business the flexibility to grow and prosper. Europe, stagnated by taxation and regulation, has grown by a pittance while we have roared ahead. But now Bush — not Obama — Bush has given that all up and caved in to European socialists.

The Bush legacy? European socialism. Who needs enemies with friends like Bush?

By Dick Morris

11.19.2008

The Council on Foreign Relations (CFR) and The New World Order

List of CFR Members