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Thread: New (financial) World Order

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  1. #1
    Join Date
    Mar 2008

    Default New (financial) World Order

    compliments of bob zoellick:

    Zoellick said that the crisis is multilayered, involving diplomatic discord over trade, climate change, and energy and agricultural prices. Against those challenges, Zoellick urged "a new multilateral network," or what he called a "steering group" of some 14 or more countries that dominate the world population, economy, carbon emissions, capital markets, and foreign assistance. He said that in addition to the G7 countries, candidates for membership might include Brazil, China, India, Mexico, Russia, Saudi Arabia, and South Africa. The G7 countries are Britain, Canada, France, Germany, Italy, Japan, and the U.S.
    He said the number of group members should not be fixed, and that they should meet regularly in person and by video conference. He called it "a Facebook for multilateral economic diplomacy."
    "We need this mechanism so that countries are not left to fail, with all the human, economic, and political consequences this entails for both them and their neighbors," Zoellick said.
    THis is diplo-code for EXTENDING dollar seignorage... hmm!

    CK Liu shares an insight into Zoellick:

    The concept of "stakeholder" in the global geopolitical-economic order advanced by Robert B Zoellick, former US deputy secretary of state and now president of the World Bank, is a solicitation from the US to emerging economic powerhouses to support this Pax Americana. The device for accomplishing this neo-imperialism is a coordinated monetary policy managed by a global system of central banking, first adopted in the US in 1913 to allow a financial elite to gain monetary control of the US national economy, and after the Cold War, to allow the US as the sole remaining superpower controlled by a financial oligarchy to gain monetary control of the entire global economy.

    With the help of supranational institutions such as the International Monetary Fund and the Bank of International Settlements, the US aims to negate national economic sovereignty with globalization of unregulated trade conducted under dollar hegemony. Unregulated trade globalization in the 21st century aims to neutralize national economic sovereignty to preempt national development financed by sovereign credit. Trade through export has become the sole operative path for national economic growth in a political world order of sovereign nation states that has existed since the Treaty of Westphalia of 1648. No national domestic economy can henceforth prosper without first adding to the prosperity of US-controlled global economy denominated in dollars.
    And from good ol' wikipedia:

    Tom Barry, the policy director of the International Relations Center, has written that Zoellick "regards free trade philosophy and free trade agreements as instruments of U.S. national interests. When the principles of free trade affect U.S. short-term interests or even the interests of political constituencies, Zoellick is more a mercantilist and unilateralist than free trader or multilateralist."[21]
    Gavan McCormack has written that Zoellick used his perch as U.S. trade representative to advocate for Wall Street's policy goals abroad, as during a 2004 intervention in a key privatization issue in Japanese Prime Minister Junichiro Koizumi's re-election campaign. McCormack has written , "The office of the U.S. Trade Representative has played an active part in drafting the Japan Post privatization law. An October 2004 letter from Robert Zoellick to Japan’s Finance Minister Takenaka Heizo, tabled in the Diet on August 2, 2005, included a handwritten note from Zoellick commending Takenaka. Challenged to explain this apparent U.S. government intervention in a domestic matter, Koizumi merely expressed his satisfaction that Takenaka had been befriended by such an important figure… It is hard to overestimate the scale of the opportunity offered to U.S. and global finance capital by the privatization of the Postal Savings System."[22
    AAAAAND, from the AEI:

    Some wonk-on-wonk action:

    But the chances that the Bushies will move in these directions -- steeped as this administration is in unilateral arrogance and laissez-faire ideology -- seem close to zero. Treasury Secretary Paul O'Neill blithely dismisses the current account deficit as a "meaningless concept." (The Economist responded that the consequences of a declining dollar would bring sleepless nights to "a Treasury secretary who knew what he was talking about.") Nor do such worries furrow the brow of U.S. Trade Representative Robert Zoellick, the administration's Doctor Pangloss. Forget about imports, says Zoellick; look how our exports are rising! His approach is akin to measuring your personal solvency by adding up the deposits in your bank account and neglecting the withdrawals.
    Most members of Congress seem equally clueless. In the heated debates over putting foreign-trade deals on a "fast track," our unsustainable trade deficit has been virtually ignored. When Sen. Byron Dorgan (D-N.D.) asked his colleagues what share of the GDP the trade deficit had to get to before they'd start to worry, the answer was dumb silence.
    Conclusion: Welcome to World Government, my friends!
    Last edited by phirang; 10-07-08 at 08:46 PM.

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