Skip to comments.G20 Leaders Pledge Action; Financial Stability Board to Replace FSF (your oligarchy,feeble paupers)
Posted on 04/02/2009 9:48:50 PM PDT by bamahead
Earlier today, leaders of the G-20 nations issued a nine-page Communique announcing they have "pledged to do whatever is necessary to:
-restore confidence, growth, and jobs;
-repair the financial system to restore lending;
-strengthen financial regulation to rebuild trust;
-fund and reform our international financial institutions to overcome this crisis and prevent future ones;
-promote global trade and investment and reject protectionism, to underpin prosperity;
-build an inclusive, green, and sustainable recovery
Under the heading of 'strengthening financial regulation,' the G-20 leaders state: "We have today also issued a Declaration, Strengthening the Financial System. In particular we agree:
-to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission;
-that the FSB should collaborate with the IMF to provide early warning of macroeconomic and financial risks and the actions needed to address them;
-to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks;
-to extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds;
-to endorse and implement the FSFs tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of ALL firms;
-to take action, once recovery is assured, to improve the quality, quantity, and international consistency of capital in the banking system. In future, regulation must prevent excessive leverage and require buffers of resources to be built up in good times;
-to take action against non-cooperative jurisdictions, including tax havens.. We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over. We note that the OECD has today published a list of countries assessed by the Global Forum against the international standard for exchange of tax information;
-to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards;
-to extend regulatory oversight and registration to Credit Rating Agencies to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest."
The G-20 leaders add: "We instruct our Finance Ministers to complete the implementation of these decisions in line with the timetable set out in the Action Plan. We have asked the FSB and the IMF to monitor progress, working with the Financial Action Taskforce and other relevant bodies, and to provide a report to the next meeting of our Finance Ministers in Scotland in November."
Read more in the G-20 Communique (Leaders Statement), the Communique Annex: Declaration on Strengthening the Financial System, and the related Declaration on Delivering Resources Through the International Financial Institutions.
The Bigger picture is the Wheat vs the Tares!
Seems like the world is self separating before our eyes!
Watching Olbermann for a second...Obama is the light, hope and reason France and Germany spoke...Obama and Michelle took London by storm...(re-used by Lib media over and over).
This is such crap.
They seem to be claiming sovereignty and both enforcement and review powers over jurisdictions not replying to their authority under any treaty. This is very interesting.
Wonder what they'll use this doctrine to justify, when they get around to the subject of firearms manufacture, sales, and possession?
The law of unintended consequences might now persuade persons previously content to maintain overseas accounts, to join their funds beyond the reach of these grasping douaniers, and expatriate themselves for tax reasons.
Causing an earning-power drain in several of the leading high-tax economies.
Seen any articles lately about all the condominia waiting down in Panama and Costa Rica for the expected norteamericano exodus?
Not only is it crap, it is raining down on us like the wrath of God.
According to Gordon Brown: A “New World Order” has emerged...scary damned stuff and our “President” was a co-conspirator!
BTTT. Very important info.
G20 Summit final communique (Brussels will run our economy)
Reuters | Apr 2, 2009 5:29pm BST
Posted on 04/02/2009 7:35:54 PM PDT by Red Steel
Cross linking to this thread for reference purposes: