European leaders press for new economic order

[inanna]

Source: AP via Yahoo

PARIS – The idea is ambitious: World leaders joined by aides to the new U.S. president-elect would gather before the year's end in New York and attempt to forge a new vision for the global economy.

French President Nicolas Sarkozy has teamed up with British Prime Minister Gordon Brown to press for such a summit, and the French leader travels to Camp David this weekend to lobby President Bush to sign on.

Brown, buoyed by the praise he won for engineering a British bank bailout that inspired U.S. and European rescues, is proposing "radical changes" to the global capitalist system, including a cross-border mechanism to monitor the world's 30 biggest financial institutions. Sarkozy has floated the idea of reforming rating agencies and even exploring the future of currency systems.

<snip>

"This is a defining moment for the world economy," Brown wrote in Friday's Washington Post. "The old postwar international financial institutions are out of date. They have to be rebuilt for a wholly new era."


Read more: http://news.yahoo.com/s/ap/20081017/ap_on_re_eu/eu_meltdown_new_economic_order

[Tandalayo_Scheisskopf]

1. Translation:

The rest of the world is putting its foot down. Hard.

[OwnedByFerrets]

2. Thanks again Monkeyboy....you are a pathetic failure

[Indenturedebtor]

3. No this might be a good thing. It can't get much worse imo in terms of World Order

Right now the Oligarchy rules all. Here's at least a small chance to change that. The current financial system is designed to just funnel money to the rich and powerful... perhaps a greater sense of balance can be achieved? :shrug:

[InkAddict]

4. Should old acquaintance be forgot, and never brought to mind?

They'll raise a glass of kindness yet, for Auld Lang Syne.

[aquart]

5. Guillotine.

[WatchWhatISay]

6. One thing that has long been needed

Is a set of international standards for financial reporting. Easier said than done, though.

[blue97keet]

7. Handle errors at lowest level?

Why are screw-ups not being trapped at a lower level before escalating to international crisis?

[CJCRANE]

9. I wouldn't be surprised if there *were* plenty of warnings.

IMO this "finnacial 9/11" has a lot of hallmarks of the original 9/11 in that warnings were ignored (For instance Eliot Spitzer tried to draw attention to predatory lending just before he was ousted from office).

[Peace Patriot]

8. "The old postwar international financial institutions..."?? Post-which war?

If he's talking about WW II, the "old" financial institutions were just fine, until Reaganites and Bushwhacks got their claws into them.

And what's he talking--"postwar"? We're friggin IN A WAR NOW, asshole, and one that you and your boys' school brethren helped to engineer. So, how do we "engineer" financial institutions with a TRILLION DOLLARS bled out of our economy, and STILL BLEEDING?

Post-war, my friggin ass!