The President of the European Central Bank, Jean-Claude Trichet, told Forbes that global governance is extremely necessary if we want to prevent another financial crisis. In his prepared printed and spoken remarks to the Council on Foreign Relations, Trichet emphasized that politicians, economists, and financiers must work across the Atlantic and collaborate on methods to create an international set of standards. It is his belief that through global governance, the resiliency of the global financial system can be assured, noting that ultimately it was governments’ use of taxpayer’s money, equivalent to around 25% of GDP on both sides of the Atlantic, that prevented another catastrophic great depression from occurring. With the backdrop of a U.S. financial regulation bill being stuck in the Senate, he argued three main points in support of creating internationally agreed rules.
1) First, the principle of subsidiary is essential. No rule should be imposed at a global level or supranational level that cannot be more or equally effectively set at the national or local level.
2) Second, it’s not easy to create a complex set of rules in a complicated and often obscure field like finance, but that it is absolutely critical if we want to create stable financial markets.
3) Finally, global rules can be limiting from country-to-country, but that it is imperative now more than ever, because financial innovation has spiraled out of control in a negative way.
Additionally, he stressed that the financial emergencies created by investment banks and governments creates some contradictory issues.
“On the one hand it has unleashed a tendency to reengage in financial nationalism if not mercantilism; on the other hand it had contributed to the recognition that a very high degree of interdependencies between economies called for a much higher level of cooperation.”
In the end, Trichet believes it’s the financial sector’s responsibility to respond to economic challenges.
“While financial liberalization, deregulation, and innovation all have the potential to make our economies more productive and more resilient, the financial sector must not forget that its purpose is to serve the real economy, not the other way around.”
RELATED ARTICLES
- Former UK Prime Minister Calls For GLOBAL GOVERNMENT to Fight Coronavirus
- Pope Francis Authorizes Rewritten 'Fact Checked' Holy Bible
- Tucker Carlson Warns of Hostile 'Interdimensional Forces' Influencing the Humanity
- Barack Obama Orders Govt’s to Prepare Public for Imminent Depopulation Event
- David Icke Turns On Alex Jones: 'He's a New World Order Shill
Loading ...
stop saying jesus is coming to save you. it just shows hows ignoratn you really are. they are hoping your like the majority that sits at home while you let the leaders strip our freedoms and turn our kids in to more than just debt slaves. sickening you really think jesus is on his way after all these money generating wars?
The Edomite jews CREATE the financial crisis then the EDOMITE jews propose the financial solution. Its the same pattern they’ve always followed. And yet IDIOTS, who dare to call themselves Christians, will state with a stright face that the “jews” are g-ds chosen.
• a lot of people dont get it. our high debt and taxes are not a result of social spending so much as a result of fractional reserve banking. for starters, watch money as debt. then research how this situation came to be. our leaders are corrupt puppets that work for the private banks. your right to vote is just an illusion of choice. dont be stupid. educate yourselves.
END THE FEDERAL RESERVE AND THE ELITE
greetings people when i read this article of making world bank to be uder one world goverment it makes me shocked from a biblical point i agree with obsever because these are the last days allow me to say what will happen in years to come the bible says no one knows when jesus christ is coming one this recession will continue until 2014 why because it will pave way to the rapture of the church listen the next pop to be chosen after bennedict will be the antichrist no one will elect him to fullfill daniel 2 revelation 6 to 18 also money system will fed away after rapture of christian they will come antichrist who will make the world to worship him by receiving the mark of the beast 666 if anyone take that mark they will go to hell god will not allow them to enter heaven but those who will be killed by a happer knive for worshipping christ will go to heaven for refusing the mark of the beast 666 i believe these are the last days why in our genaration let prepare for the coming of our god jesus by worshipping him the other thing is lets pray for the church for god to clean it before his coming god bless you
All this makes me excited. For those of you who have a Bible, please go to the Last Book called Revalations and read it… Also the Book of Daniel in the Old Testament.
This is a Sign of the Times.
Glory be to God.
That bastard would look good at the low end of a fucking rope!
the beginning of total lunacy, to let these greed filled idiots run the WORLD, can’t they figure it out? if you cannot run an island the size of UK where do you get the idea that riding a bigger horse will be a win?
— Two short documentaries people should watch on the Youtube Channel TZMSocialEvolution: “Awakening” and “Our Technical Reality”. What you do after that is completely up to you.
— “We can’t solve problems by using the same kind of thinking we used when we created them.” — Albert Einstein
hay chaff einstien… thanks for the a-bomb genius
Oh dear, really? Do we think that will help? Won’t the same powers just get us in an even bigger mess next time around?
We have got along fine for thousands of years as a community of individual nations with independent hard currencies.
We are only in this mess as for the first time ever, the world has an interlinked fiat currency system, backed by one currency (USD). What a coincidence!
There’s an easy solution to these economic problems, but its not one that the CFR or One World Government power-hungry types want to hear about.
Gold.
It’s the reason why Alexander the Great, Napoleon Lenin and others are remembered as “great” leaders.
They returned their countries to the gold standard and brought economic stability and prosperity.
End the banking-industrial global cartel.
End financial enslavement by the priviliged few.
Stand up to the Rockerfellers, the Rosthchilds, the Morgans of this world, and all their stooges, in all their forms. They are on the wrong side of history and this is the end of their time.
This is the endgame of their corrupt, broken finanical system. Watch how people accross the world lose their jobs, their homes, their savings & pensions. Watch how the aforementioned elite buy everything up for pennies on the dollar. (remember, the best time to buy is when blood is on the streets!)
But they won’t go down without a fight. Watch out for more environmental disasters, terrorist attacks, anythign to distract us and scare us into submission and looking the other way.
Don’t be scared. Don’t submit. It’s our time now.
Peace and goodwill to all mankind.
TP