U.S. Opposed to Global Financial Regulator

[Phred42]

No Shit!

World Government Anyone? The New World Order rears up.
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U.S. Opposed to Global Financial Regulator

Craig Harrington | 11/06/08
http://www.economyincrisis.org/articles/show/2041

Amid our current financial disaster there has been a push from many pundits and policymakers for more market regulation. An upcoming emergency summit will likely discuss the possibility of creating a new international regulatory regime, according to The New York Times.

The simple fact that the Bush administration is opposed to increased financial regulations is no surprise. But in an era when supra-governmental institutions (like the WTO and others) are the norm, its opposition to the creation of a global regulatory agency should be seen as a relief. The last thing the United States needs to do is further entail its own regulatory proceedings with those of the rest of the world. The United States must regulate, but it must do so on its own. The creation of a global regulator would take power and authority away from our people, representatives and constitution, and put it in the hands of a largely foreign body.

The emergency summit, scheduled for November 14 and 15, will be attended by 20 nations of the industrialized world. The White House has denied claims that the creation of a new international economic regime – like the Bretton Woods regimes of 1944 – would be on the docket for discussion.

Another measure to be considered at the summit will be increased funding to the International Monetary Fund – which the Bush administration also opposes, citing the fund’s $200 billion budget. The purpose of increasing our commitment to the IMF would be to allow lending to other needy borrowers, but given our current malaise it seems reasonable to think that charitable donations to an already $200 billion institution might be a bit irresponsible.