Tuesday, March 24, 2009

Globalization of the Monetary System

Sure, everyone has heard of conspiracy theories about the world government becoming a One World Order, or a New World Order. Today, while watching the AIG hearings with Bernanke and Geithner being questioned by various representatives, it hit me. These may not actually be conspiracy theories after all. So, I decided to research the situtation further, based on the questioning by Rep. Michele Bachmann (R) of Minnesota.

Michele Bachmann questioned both Bernanke and Geithner about whether we (the U.S.) is joinning China, Russia, and Kazakhstan at the G20 Summit (in London on April 2, 2009) in pushing for a global monetary conversion, dropping the dollar as currency, changing to an international monetary standard. Of course, they both categorically denied that the U.S. was doing any such thing. However, I reviewed their comments on my DVR several times and noticed a fidgeting and pause in their voices, as well as a surprise to their expression, as if she shouldn't actually be asking such questions.

In researching the G20 information, I found a plethora of information stating the opposite of what Bernanke and Geithner stated, categorically denying the global monetary push.

First, what is the G20? The G20 is The Group of Twenty Finance Ministers and Central Bank Governors that was established in 1999. They meet to discuss issues with the global economy. The member countries are listed on Wikipedia.

When reading what the G20 London Summit 2009 is focusing on, I found the following statements rather interesting and enlightening on the subject of a global monetary standard.

"The world’s leading economies can come together and lay the foundations not just for a sustainable economic recovery, but also for a new era of international economic partnership where all countries have a part to play and all see the benefits." [bold and italics added]

"The key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard." [bold and italics added]

"...coordinating regulation of global financial markets in order to create a global financial sector that serves the needs of the wider economy" [bold and italics added]

What do you think about the globalization of the monetary system?

Systemic Risk Regulator - Global Financial Czar

World Economic Forum

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