Obama Defends Insane QE2 Takedown of Global Economy

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That’s right the Federal Reserve has already printed enough money…..so let’s just print some more….can you say “more” inflation ….and perhaps “hyperinflation”?

Obama Defends Insane QE2 Takedown of Global Economy

In response to China and Russia complaining about the insanity that is QE2, Obama has defended the Federal Reserve. “U.S. President Barack Obama defended the Federal Reserve’s policy of printing dollars on Monday after China and Russia stepped up criticism ahead of this week’s Group of 20 meeting,” reports Reuters today. “I will say that the Fed’s mandate, my mandate, is to grow our economy. And that’s not just good for the United States, that’s good for the world as a whole,” Obama said during his extravagant trip to India.

Should we be surprised that Obama’s mandate is the same mandate of the international banksters that own the Federal Reserve and have pawned it off for nearly a century as an agency of the U.S. government? No, of course not. Barry Obama is a script-reader for the global elite. He will read anything that scrolls across his teleprompter.

As Michael Snyder of the Economic Collapse noted last week, many economists now believe that the Federal Reserve has crossed the Rubicon by announcing another wave of quantitative easing.

“Have we now reached a point where the Federal Reserve is simply going to fire up the printing presses and shower massive wads of cash into the financial system whenever the U.S. economy is not growing fast enough? If so, what does the mean for inflation, the stability of the world financial system and the future of the U.S. dollar?” writes Snyder.

It means the end of the dollar as the world’s reserve currency. It means another round of completely insane and suicidal debt ultimately owed to banksters.

According to the financial talking heads in the corporate media, printing money out of thin air and creating astronomical debt piled upon previously astronomical debt will stimulate the economy and get things working again. “The sad truth is that the Federal Reserve is not trying to build an economic recovery on solid financial principles. Rather, what the Federal Reserve envisions is an “economic recovery” based on new debt creation,” writes Snyder.

“If 1.8 trillion dollars didn’t work before, why does the Federal Reserve think that 900 billion dollars is going to work now? This new round of quantitative easing will create more inflation and will cause speculative asset bubbles, but it is not going to fix what is wrong with the economy.” In fact, it will make things worse, far worse, for the average citizen.

“Most Americans have absolutely no idea how fragile the world financial system is right now. Once the rest of the world loses faith in the U.S. dollar and in U.S. Treasuries this entire thing could completely unravel very quickly.”

In short, the situation is the exact opposite of what Obama says it is. After the Fed prints around $600 billion and uses it to purchase government bonds, the skids will be greased for a fall of the global economy. (In my opinion, I think this is on purpose to create their World Government and new world currency-MD) China and Russia know this. And this is why they are complaining at the G20 about the insane QE2 death spiral about to take place.

Ron Paul believes QE2 represents the beginning of the end of the Federal Reserve system. “I think the Fed will self-destruct,” Paul told CNBC.

“People will desert the dollar. I think the Chinese are hinting that already. They are not wanting our dollars as much as raw materials. This is a deeply flawed monetary system. Here we have a small group of people who can create $600 billion with the stroke of a pen… I don’t know where people are coming from to think that this can work. What really astounds me me is how tolerant the people are, the people in Congress and the financial market, where did this authority come from? Now somebody outside of the government can spend trillions of dollars and not think anything about it. It doesn’t work, it’s a failure. And next year it will be more. Bernanke is very clear on what he is going to do — he is going to create money until he gets economic growth and there is no evidence to show that just creating money causes economic growth.”

Infowars

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Obama opens up US budget and bank compensation to Foreign Peer Review

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What the heck does Obama think he’s doing……..this stuff with him  just never quits.

Obama opens up US budget and bank compensation to Foreign Peer Review

Barack Obama has agreed and signed a document which allows other countries to look at our budget and give recommendations based upon debt, taxes and spending.  How much do you want to bet that other countries will tell us that our taxes are not high enough and that we don’t spend enough money on health care or social programs?

The group that oversees the process is the Financial Stabiilty Board(FSB) which started out small but could become eventually as powerful as the IMF or World Bank with the power to propose regulations and taxes.  You probably haven’t heard of this program, but in the future you will.

The fourth pillar from the full text of the G8 Summit, via G20 Summit declaration:

22. The fourth pillar is transparent international assessment and peer review. We have strengthened our commitment to the IMF/World Bank Financial Sector Assessment Program (FSAP) and pledge to support robust and transparent peer review through the FSB. We are addressing non-cooperative jurisdictions based on comprehensive, consistent, and transparent assessment with respect to tax havens, the fight against money laundering and terrorist financing and the adherence to prudential standards.

I added the emphasis as prudential standards typically means taxing and spending policy, but, like the general welfare clause in the consitution, is vague enough to allow a very broad interpretation.

There is more on the peer review them from the FSB website:

40. We will undertake a FSB thematic peer review of actions taken by national authorities to implement our Principles and implementation standards. We will assess whether these actions have had their intended effect and propose additional measures as required. This review will be completed in March 2010.

41. These actions are in addition to our call for banks to conserve capital by limiting bonus payments today and so be in a better position to meet future additional capital requirements.

51. Within this framework, we are also developing a system of peer reviews among FSB members, based among other evidence on the findings of IMF and World  Bank assessments, and will report on their outcome. These will comprise both single-country and thematic reviews to assess our implementation of international financial standards and of policies agreed in the FSB and determine whether additional steps are needed to reach the intended results. Both modalities will be developed in parallel. Actual reviews will start by end-2009 with the thematic peer review on the implementation of the FSB compensation principles.

So now how banks choose to compensate their employees not only is subject to US regulators but now international scrutiny by the FSB.

I’m not the only one that has come to this conclusion.  Read the assessment of the group’s decision to allow “Peer Review”.  Do we really want France or China to review our budget?  I don’t think it is a good idea if we want to maintain our unique position in the world, via Globe and Mail:

Against significant odds, the Group of 20 is moving closer to its goal of rebalancing the global economy.

In a surprising show of faith in an institution that has met only four times, leaders from countries as disparate as Germany and Saudi Arabia agreed Sunday in Toronto to subject their domestic economic programs to peer review within the G20.

By this fall’s Seoul summit, countries have promised to explain in some detail how their domestic policies are helping to achieve the G20’s goal of reducing the excessive mismatches in spending and saving that exacerbated the financial crisis. Then, with the help of the IMF and its expertise in economic modelling, the other members will assess whether each partner is doing enough.

The commitment is historic.

The promise by each leader to agree to put his or her cards on the table adds a level of transparency and credibility that the process lacked until now. While economic co-ordination has been tried before, it has been with lesser officials or the International Monetary Fund as the arbiter. Now, the accountability rests at the highest levels. Where previous failures could be blamed on bureaucratic deadlock, global economic co-operation is now a political imperative in the hands of presidents and prime ministers.

The increased transparency could even encourage competition among members to implement policies that curry favour with investors.

Since the review remains a voluntary exercise without penalties, success will depend on G20 members taking the process seriously, both by submitting credible policies and showing the courage to offer tough, but fair, criticism. Given how these countries allowed the global economy to get so out of whack in the first place, there is reason to be skeptical they have what it takes to deliver, especially as the economy improves.

Still, “it’s a pretty significant step,” said Tim Adams, managing director at the Lindsey Group consultancy in Fairfax, Va., and a former undersecretary of international affairs at the U.S. Treasury Department. “It creates the potential that this will become a serious exercise.”

Economy Politics.com

PM Gordon Brown wants global constitution for financial system

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Just ran across this that goes right down the line that the Grant Jeffrey video goes I just posted.

PM wants global constitution for financial system

Prime Minister Gordon Brown called on Friday for a world constitution to regulate the financial system and said he hoped for agreement on a range of regulation issues at G8 and G20 meetings in coming months.

Speaking at an international conference on progressive politics, Brown also said now was not the time to put a fragile economic recovery at risk by withdrawing fiscal support, but to make 2010 a year of growth.

Brown said a global solution was required to transform financial services, which he defined as follows:

“Common rules for capital and liquidity, common standards for supervision, common rules for bonuses and a shared way of assessing the contribution banks should make to society, free of the unfair and disproportionate use of regulatory and tax havens which penalise countries doing the right things.”

Referring specifically to discussions with the International Monetary Fund and with other countries on the idea of a global levy on banks, Brown said he hoped for agreement at an upcoming G8 meeting in Canada and a G20 meeting in South Korea.

Read entire article at UK Reuters.com

Is the Global Warming Agenda Leading to World Government

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I don’t usually post things like this here on the blog, but earlier this week I was watching a program I watch occasionally that had as his guest Grant Jeffrey. The program is called Inspiration Today on the Christian Television Network and they were talking about the the Bilderberg group, the G-20, Copenhagen, Kyoto and the global warming agenda.  If your not familiar with Grant Jeffrey, he is a highly  intelligent man that I love to hear speak. He has a new book entitled Shadow Government, which you don’t hear much people that teach about the Bible talking about that topic. Probably because of lack of knowledge or awareness. But anyway I thought the things Grant Jeffrey talks about would be very interesting to a lot of our readers as well. Whether you believe in the Bible or not and if you don’t believe we’re getting close to the last days spoken about in the Bible I think you’ll still  find these two videos interesting because of the subject matter.  At the end of Part 1 of this video Grant Jeffrey makes a comment that is almost cut off by a commercial, so I’m going to emphasis what he said here before you see the video. Grant Jeffrey explains if the restrictions on Carbon Dioxide are implemented as these world leaders want,  it will send us back to around 1870 in the way we live.  He also documents everything in his new book for those who think it sounds a little bit crazy and off the deep end. His book as I said is entitled Shadow Government for those interested. Either way I think you’ll find these two videos interesting. I know I did.

THE HIGH-TECH SURVEILLANCE TRAP HAS BEEN SET

Security cameras, surveillance of your financial transactions, radio frequency spy chips hidden in consumer products, tracking of your internet searches, and eavesdropping on your e-mail and phone calls. Without your knowledge or consent, every aspect of your life is observed and recorded. But who is watching the watchers?

An ultra-secret global elite, functioning as a very real shadow government controls technology, finance, international law, world trade, political power, and vast military capabilities. Those who hold power are invisible to all but a few insiders. Those unrivaled leaders answer to no earthly authority, and they won’t stop until they control the world.