G20 Leftest Protesters (This is what they believe in) Video — Obama chooses his words to dodge any deeds — EU Calls For ‘New World Governance’ Video — EC calls for one world internet governance —G-20 to Curb Banker Pay, Coordinate More as Global Crisis Ebbs — Obama: G20 brought economy back from brink — Leaders call for restructured world economic governance — U2 “One” Video
How do you know if someone is a liberal? It is simple: Look directly into their eyes. Their eyes will always tell you the truth. Present the facts. You know you have won when they look away, become emotional, and starting crying!
Hannity is like country music, I normally can’t listen more than five minutes without having to change the channel, however the above video is excellent. These two liberals probably have never worked a day in their life and don’t have a clue on reality! This is what happens when our children are taught by liberal professors that it is ok to take income from hard working Americans and redistribute to the lower class. I will move to another country before these fools will tell me how much money I can earn.
I was raised poor and have never asked for a hand-out from my government. Everything I have today is because I earned it. I worked during the day and went to school at night to earn my 1st degree. If Obama, the Dems, and these liberals think the American people are going to stand by and allow them to take our money, reduce our social security and Medicare, and give it to the poor of the world, they will have war! Listen up Washington and world leaders! Stop spending the people’s money.
The Sunday Times, Irwin Stelzer:
Veni, vidi, dixi. That about describes President Obama’s week. Five, count them, five Sunday morning talk shows, a comedy talk show on Monday, followed by talks at an international conference on climate change, at the UN General Assembly to apologise for America’s sins before he moved into the Oval Office, at a session on nuclear disarmament, at the Security Council, and at the G20 meeting in Pittsburgh. To be followed by talks with the Iranians, on their terms, later this week.
On the global warming front the president for once used his ability to disguise policy with rhetoric in a constructive way. He promised an end to American obstruction to international agreements to reduce greenhouse gas emissions, and then refused to sign on to legally binding international treaties to do just that. Instead, he laid out his plans to subsidise green energy, and encourage a shift from the oil-based internal combustion engine to electric cars.
Never mind that he failed to mention just where all that new electricity would come from, or that much of the subsidy money would be wasted. A small price to pay for avoiding the sort of binding commitments that might slow the economic recovery. This year has seen a sharp drop in CO2 emissions, largely because shuttered factories don’t produce any — or anything else, including jobs. And jobs win elections, emissions reductions do not.
On the trade front the president and his G20 partners, representing about 90% of world GDP and almost that large a portion of world trade, and set to replace the G8 as the important policy body, once again extolled the virtues of free trade before rushing home to adopt still more protectionist measures. Obama’s decision to load a 35% tariff on low-end tyres imported from China pleased the steelworkers’ union (to which tyre makers belong), to ban Mexican trucks from US roads pleased the teamsters’ union, and to allow Buy American provisions in the stimulus package pleased the construction unions. But not his G20 partners, who fear that a wave of protectionism is about to roll over US trade policy as other unions ready their pleas for protection.
Not that the other members of the group come with clean hands: China continues to undervalue its currency and make it hard for US firms to crack its markets, and the EU maintains barriers to the industries in which America has a competitive advantage — aircraft, audio-visual products and agriculture. The outlook is not bright for free trade.
Nor are the prospects for the rebalancing of the world economy looking anything other than grim. All parties to these international soirées are agreed that China and Germany, among others, must rely less on exports, and Americans must cut their consumption of imported goods to reduce the flood of dollars hitting world markets.
But China refuses to do more than talk about creating a social safety net that would persuade its citizens they need not save as much as 50% of their income, and can safely spend on their factories’ output. And it has no intention of allowing the value of the renminbi to rise. And Chancellor Angela Merkel had made it clear that she will do nothing to persuade Germany’s consumers to spend more: she plans to rely on its export industries to fuel its economic recovery.
Meanwhile, instead of applauding US consumers for finally increasing their savings rate from zero to 5% of income, the government is inducing them to spend. Cash-for-clunkers brought a spate of spending on cars; tax rebates encourage the purchase of homes; banks are pressured to increase lending; and interest rates are kept so low that a $10,000 money market account earns about 86 cents per month. Not a strong inducement to save for a rainy day…]
EC calls for one world internet governance
ICANN haz oversight too?
By Austin Modine
The European Commission is once again calling for the United States to let go of ICANN and place it under international supervision.
Echoing an earlier appeal from EU Commissioner for Information Society and Media, Viviane Reding, the Commission said in a statement today that future internet governance “should reflect the key role that global network has come to play for all countries.”
ICANN (Internet Corporation for Assigned Names and Numbers) is a California-based non-profit group that oversees the internet’s address system. It currently operates under a Joint Project Agreement with the US government, which expires at the end of September 2009.
“It is an appropriate time therefore for the EU to review the progress of ICANN to date, and to identify what changes if any may be desirable,” the Commission said.
In a communication entitled “Internet governance: the next steps,” the EC proposed that ICANN operate under private-sector authority for day-to-day internet management, “but ultimately be properly accountable to the international community as a whole.”
The Commission didn’t follow Reding in directly calling for a “G-12 for internet governance” to oversee ICANN, but the paper does say current arrangements with the US government “need to be replaced with an alternative mechanism to ensure that ICANN has multilateral accountability.”
As the Joint Project Agreement is ending now, the Commission believes that ICANN should become universally accountable, not just to one government but to the global internet community,” the EC stated. “This is particularly relevant given that the next billion internet users will mainly come from the developing world.”
The Commission adds that the question needs to be addressed of how to ensure ICANN’s incorporation in California doesn’t prevent proper account being taken of US government input.
It concludes that the EU should begin discussions with the US over making ICANN more open to global input, “which respects the national priorities of the US while at the same time reflecting the legitimate expectations and interests of the international community.”
A copy of the Commission Communication is available here.
The Bulletin: By Simon Kennedy and Gonzalo Vina, Bloomberg
Group of 20 leaders said they will crack down on banker pay and better align economic policies as they turned from crisis management to delivering a new set of rules for the world economy.
President Barack Obama and counterparts meeting in Pittsburgh crafted a plan to force banks to tie bonuses to risk and raise the amount of capital they hold, officials said, citing a draft of a statement. They pledged to maintain stimulus measures until growth takes hold and to narrow disparities in trade and savings. They also announced the G-20 will replace the G-8 as the main forum for steering the global economy.
Leaders want to temper the excesses that helped trigger the worst financial crisis in seven decades and the deepest recession since World War II. At the same time, richer governments acknowledge they lack the sway to govern the world economy alone as power shifts to emerging markets such as China.
“We are not going to walk away from the greatest economic crisis since the Great Depression and leave unchanged, and leave in place, the tragic vulnerabilities that caused this crisis,” U.S. Treasury Secretary Timothy Geithner told reporters yesterday.
The third summit of G-20 leaders in the past year ends at about 4 p.m. today with a statement and press conferences.
Economics were eclipsed by security matters this morning as Obama, U.K. Prime Minister Gordon Brown and French President Nicolas Sarkozy accused Iran of manufacturing nuclear fuel at a secret underground facility.
Leaders are trying to appease public anger after governments bailed out banks across the world and then watched as they quickly returned to profit and resumed setting aside billions for bonuses. A draft communiqué says leaders will tell banks to avoid “multi-year guaranteed bonuses” and allow awards to be deferred or clawed back, according to an official.
“There is no return to the bad old days,” Brown told reporters. “There is no going back to systems of bonuses that were based simply on short-term speculation and not on the long- term success of companies.”
Financial companies must also link bonuses to the amount of capital they hold, although the G-20 stopped short of endorsing a French proposal to introduce specific caps on pay.
Banks will also have to increase the quality and quantity of capital they hold as a buffer against losses, rules which must be implemented by the end of 2012, another official from a G-20 nation said. A leverage ratio for banks, which measures equity as a share of assets, will be added to the so-called Basel II framework, which all members will adopt by 2011.
The test will be whether regulators can enforce the new rules as the rebound in growth and stock markets helps banks regain lobbying strength. If they can, the profitability and stock value of banks from Goldman Sachs Group Inc. to Barclays Plc may fall with their scope to invest and trade, say economists such as former Bank of England official Charles Goodhart.
The revamp of regulation is “for real, but there will be plenty of argument over the detail of how it’s done,” Leon Brittan, vice chairman of UBS Investment Bank and former European Union trade commissioner, told Bloomberg Television today. Brazilian Finance Minister Guido Mantega predicted “greater resistance” from banks to regulation now that the economy is improving.
Star-Telegram, By TOM RAUM and EMMA VANDORE
PITTSBURGH — World leaders on Friday issued sweeping promises to fix a malfunctioning global economic system in hopes of heading off future financial meltdowns. President Barack Obama said actions taken so far “brought the global economy back from the brink.”
“We leave here today confident and united,” Obama said at the conclusion of a two-day gathering of the world’s 20 top economies to deal with the worst financial crisis since the 1930s.
The leaders agreed to keep stimulus plans, which include government spending and low interest rates, generally in place in their respective countries for now to avoid derailing still-fragile recoveries. Obama had pressed for just such a course and praised the decision.
“Our coordinated stimulus plans played an indispensable role in averting catastrophe. Now we must make sure that when growth returns, jobs do, too,” he said at a wrap-up news conference. “That’s why we will continue our stimulus efforts until our people are back to work and phase them out when our recovery is strong.”
In a statement, all the G-20 leaders declared major progress from what they called their coordinated efforts and “forceful response.”
“It worked,” they said.
Although many of the pronouncements and actions taken by the leaders lacked specifics or details on follow-through, leaders were bold in pronouncing the gathering – the third G-20 summit in a year – as a big success.
“There was unanimity around the table that the errors of the past won’t happen again,” said French President Nicolas Sarkozy.
“The old system of international economic cooperation is over. The new system, as of today, has begun,” said British Prime Minister Gordon Brown, referring to a decision to enhance the status for the Group of 20 to make it the lead group for dealing with future international economic issues, eclipsing the older, Western-dominated Group of Eight.
“I have the impression that we are on a successful path,” said German Chancellor Angela Merkel, before leaving Pittsburgh to fly back to Berlin, where she faces German voters on Sunday.
They moved to require members to subject their economic policies to the scrutiny of a peer review process that would determine whether they were “collectively consistent” with sustainable global growth. They promised tighter and more coordinated financial regulation…]
As the G20 summit came to a close in Pittsburgh, leaders highlighted their new plans to give more weight in economic decision making to emerging and developing economies.
France 24 (Click Above For France 24 Video) (English)
World leaders unveiled Friday a new vision for economic governance, with bold plans to fix global imbalances and give more clout to emerging giants such as China and India.
The Group of 20 summit in Pittsburgh committed the International Monetary Fund to shifting at least five percent of its internal voting rights to the developing world and tasked it with a bigger monitoring role.
“The Fund must play a critical role in promoting global financial stability and rebalancing growth,” a final statement from leaders of the G20 developed and developing nations said.
Paired with an earlier announcement that the G20 has been promoted over the Group of Eight rich countries to become the world’s top economic forum, the two days in Pittsburgh have seen a seismic shift in global economic diplomacy.
President Barack Obama, hosting his first major international summit, said the G20 had agreed landmark reforms that would create the international economic architecture necessary in the globalized 21st century.
“We will bring more transparency to the derivatives market. We will strengthen national capital standards so that banks can withstand losses and pay for their own risks,” he said.
“We will create more powerful tools to hold large global financial firms accountable and orderly procedures to manage failures without burdening taxpayers. And we will tie executive pay to long-term performance so that sound decisions are rewarded instead of short-term greed.”
The G20 agreed it was too early to begin to scale back the multi-trillion dollar stimulus measures that have helped stave off further economic misery following last year’s financial meltdown.
“We will avoid any premature withdrawal of stimulus. At the same time, we will prepare our exit strategies and, when the time is right, withdraw our extraordinary policy support in a cooperative and coordinated way, maintaining our commitment to fiscal responsibility,” the final statement said.
During two days of meetings in the aptly chosen re-born former steel city of Pittsburgh, considered a model for economic transformation, there was also tough talk about curbing banking excess, a symbolic issue for many taxpayers.
Leaders, unable to come to enforce measures on the banks, could only muster a pledge — thin on detail — to impose “strong international compensation standards aimed at ending practices that lead to excessive risk-taking.”
The issue had been all the rage in the days before the summit with French President Nicolas Sarkozy leading calls for tough action and even threatening to walk out of the summit.
While bankers were let off the hook, banks themselves weren’t and should expect tighter regulation and monitoring as the excesses of the recent past came in for heavy suspicion in a strongly worded part of the G20 accord.
“We call on banks to retain a greater proportion of current profits to build capital, where needed, to support lending,” it said.
“All firms whose failure could pose a risk to financial stability must be subject to consistent, consolidated supervision and regulation with high standards.”
The biggest announcement — bar the one by Obama, Sarkozy, and British Prime Minister Gordon Brown that Iran had owned up to building a secret uranium enrichment plant — came overnight and was about the Group of 20 itself.
“Today, leaders endorsed the G20 as the premier forum for their international economic cooperation,” a White House statement said.
“This decision brings to the table the countries needed to build a stronger, more balanced global economy, reform the financial system, and lift the lives of the poorest.”
The G8 — wealthy nations Britain, Canada, France, Germany, Italy, Japan, Russia, and the United States — has served in various forms as the premier economic forum since 1975 and holds closely-watched annual summits.
As leaders flew back home after a hectic week of international diplomacy that saw them first at the United Nations General Assembly in New York, Pittsburgh breathed a sigh of relief after escaping a second day of violence.
Riot officers had fired pepper spray and non-lethal rounds on Thursday after a 1,000-strong crowd, led by black-clad hardliners wearing goggles, helmets and masks marched towards the conference venue. Sixty-six people were arrested.
The gathering of the world’s 19 biggest developed and emerging economies plus the European Union came just over a year after a US credit collapse triggered a global economic slowdown.
With unemployment still rising steadily in many parts of the globe and the world economy far from out of the woods yet, G20 leaders will be judged on their bold promises the next time they meet.
That will be in Canada next year for the first of two 2010 summits, before another in France in 2001, the first of subsequent annual summits.
Related Previous Posts:
You Tube: Conspiracy Dick Morris
The Strata-Sphere: President Obama And Congressional Liberals Get An ‘F-’ On Economy
CBO Director’s Blog: Budget Implications of U.S. Contributions to the International Monetary Fund
Conference-Board Org: Economic growth in the EU in the age of globalisation: issues and policies (PDF)
CEPR: Estimating the Cost of Contributions to the IMF (PDF)
Dick Morris: SURRENDERING SOVEREIGNTY
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