Nicholas Sarkozy could be the end of Forex

Politicians are completely clueless about things. We have that part established, the current fiasco being exhibit A, so all they can do is blow some hot air about finding and punishing the "culprit". We are expecting the same people who didnt see this coming, to fix it. Oh well we adapt.

I don't think you could have read his speech if you do not see that the change is "drastically different" for the financial system and threatens the short term speculator.

http://www.marketoracle.co.uk/index....ticle&sid=7018

I seriously doubt it. China faces to many geopolitical problems to be the worlds currency. Things like property ownership.

http://www.npr.org/templates/story/s...oryId=96276610

No,

By it by using "diplomacy" or using the barrel of a gun, the U.S. will keep their status.

i like your signature..really nice sentence..

Thanks. It's from Bernanke's helicopter speech.

http://www.cbonds.info/all/eng/news/...rams/id/414047

Quote:

Now Nicolas Sarkozy and Gordon Brown are posing still another challenge, a new, competing model, replete with new regulations and matching bureaucracies to staff augmented international organizations. Sarkozy would add a return to protectionism that will prevent foreigners from acquiring important EU firms and, if he can pull it off, something approximating the fixed exchange rate regime that emerged from the post-World War II Bretton Woods conference. France has been waiting almost since World War II to replace the American model with its state-run variant of capitalism--only some dare call it socialism--and believes a President Obama will prove more tractable than the reviled George W. Bush. Why he thinks that Obama would cap his arduous fight for the White House by ceding substantial control over the U.S. economy is unexplained.

http://www.financialpost.com/news/story.html?id=927271

Could you plz rewrite this so an average joe like me can understand it? seems very interesting.

Can you vote on the amrican election if yes you need to express your opinion and there is a big urgence here on the forumI want you to vote for this election

What the...?

Sure, it's important. But when it comes to the topic on this thread, is it relevant?

You may laugh as much as you want, but the New (World) Order is coming! If you would like to see what's around the corner download and watch a movie called ZEITGEIST. There, pretty much everything is explained in detail, and this movie was released long before this "world crisis"....

http://www.zeitgeistmovie.com/

http://www.atimes.com/atimes/Global_.../JK04Dj08.html

http://www.russiatoday.com/business/news/32808

http://seekingalpha.com/article/1038...etton-woods-ii

Bernanke and the Gold Standard:
http://www.plusev.ca/ben-bernanke-an...gold-standard/

ECOFIN: EU Scaling Back Plans To Reshape Global Financial System

Tue, Nov 4 2008, 11:28 GMT
http://www.djnewswires.com/eu

ECOFIN: EU Scaling Back Plans To Reshape Global Financial System

By Adam Cohen

Of DOW JONES NEWSWIRES

BRUSSELS -(Dow Jones)- The European Union is scaling-back ambitions to reshape the global economic order in favor of a modest bid to boost cooperation among regulators and increasefunding for International Monetary Fund bailouts, according to a French government proposal and two senior E.U. officials.

The bloc will push a version of this plan at a Nov. 15 meeting in Washington, D.C. where leaders from the world's 20 largest economies will discuss ways to shore up the international financial system and avoid future crises.

The E.U.'s finance ministers are meeting Tuesday to discuss a common negotiating position ahead of that meeting. The bloc's leaders are slated to meet Friday to finalize their proposals.

E.U. leaders had grander ambitions a month ago, when several large banks were on the brink of collapse.

French President Nicolas Sarkozy spoke of "re-founding" capitalism. British Prime Minister Gordon Brown said the IMF should be remade as the "global central bank" that was envisioned in the Bretton Woods Agreements of 1944.

The French government, which can steer policy in its current role as holder of the bloc's rotating presidency, now wants "an information network and an early warning system" that would detect risks to the financial system, according to a copy of the proposal that was obtainedby Dow Jones Newswires.

France also wants a "supervisory college" that would monitor large financial companies that operate across borders. This group would be limited to the E.U. level, monitoring the 42 or so companies that are considered crucial to the bloc's financial system, a senior E.U. official said.

The official noted that the U.S., China and other states aren't likely to agree to an international overseer for multinational companies, an idea Brown suggested in October.

Brown's idea to make the IMF a powerful international regulator and financier also will be watered-down ahead of the Washington meeting. The French proposal suggests the Fund should be "more strongly legitimated" and give key emerging economies like China and India a stronger role.

The E.U. wants a new IMF financing facility to provide quick support to well run countries that face financing difficulties as a result of the global credit crunch, but without its usual set of required reforms.

It will suggest setting up a new fund of about $125 billion, another senior E.U. official said, less than the hundreds of billions Brown has called for.

This new fund would boost the IMF's current $250 billion capacity to help countries facing financing problems. The E.U. wants countries in Asia and the Middle East to provide some of this money in return for a greater say in how the IMF is run.

The E.U. also wants the IMF to evaluate the effectiveness of national financial-market regulators when it conducts its regular "Article IV" consultations. These reviews wouldn't make the IMF a powerful regulator. They would stop short of scrutinizing the risks facing specific banks and insurers and only examine whether national regulators have adequate information and access to detect critical problems.

Let's hope this nutter's views don't gain any traction in the coming months...

http://www.asahi.com/english/Herald-...811050060.html

http://en.wikipedia.org/wiki/Joseph_E._Stiglitz ("Stiglitz has advised American Presidential candidate Barack Obama.")

Q: Will we see a further decline of the dollar in the future and will we see the advent of a dual-currency system?

A: It's clear that the role of the United States, as a reserve currency (nation), maybe even the role as the (world's primary) financial market, is going to be diminished ... still there, but it will be diminished.
But I've argued in my book "Making Globalization Work" that moving from a dollar reserve to a two- or three-currency reserve, would lead to a more unstable system. We need a global reserve system, and that's what I advocate in the book.
We need a multilateral system that doesn't depend on any currency. If you have two, then if there's a problem in the United States, everybody will run to the euro. And if there's a problem in Europe, everyone runs to the United States. You'll get a lot of volatility.
'Bretton Woods moment'

Q: Are you saying that we would need a "currency basket" in order to secure stability?

A: (What is needed is) Bringing all the currencies, like the SDRs (special drawing rights), but SDRs have only been periodic. Make this more permanent.

Q: At the famous international economic conference at Bretton Woods, New Hampshire, in 1944, which established a postwar global monetary and financial order, John Maynard Keynes, who represented Britain, proposed the creation of a world currency unit called the Bancor. Are you talking about a similar type of currency basket? Would that be the kind of "basket" you had in mind?

A: Exactly, in my book I argue that that's what we need. It's a multilateral system. We need to have a new institutional framework and that's why I'm hopeful that there's the beginning of a discussion to have an international meeting, and that's one of the things I hope will come out of that.

Q: Do you think we need a second version of the Bretton Woods conference?

A: This is a "Bretton Woods moment."

Oh joy

http://www.hindu.com/2008/11/06/stor...0652792100.htm

Two major appointments therefore will be, respectively, those of the Treasury Secretary in Mr. Obama’s Cabinet and the Director of the Office of Management and Budget, a branch of the Executive Office of the President which drafts the federal budget. As both are executive appointments, it is not inconceivable that the Nobel-winning economists Joseph Stiglitz and Paul Krugman are under consideration for these or other posts in the administration.