Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
AI Tech Stocks State Going into the CRASH and Capitalising on the Metaverse - 25th Jan 22
Stock Market Relief Rally, Maybe? - 25th Jan 22
Why Gold’s Latest Rally Is Nothing to Get Excited About - 25th Jan 22
Gold Slides and Rebounds in 2022 - 25th Jan 22
Gold; a stellar picture - 25th Jan 22
CATHY WOOD ARK GARBAGE ARK Funds Heading for 90% STOCK CRASH! - 22nd Jan 22
Gold Is the Belle of the Ball. Will Its Dance Turn Bearish? - 22nd Jan 22
Best Neighborhoods to Buy Real Estate in San Diego - 22nd Jan 22
Stock Market January PANIC AI Tech Stocks Buying Opp - Trend Forecast 2022 - 21st Jan 21
How to Get Rich in the MetaVerse - 20th Jan 21
Should you Buy Payment Disruptor Stocks in 2022? - 20th Jan 21
2022 the Year of Smart devices, Electric Vehicles, and AI Startups - 20th Jan 21
Oil Markets More Animated by Geopolitics, Supply, and Demand - 20th Jan 21
WARNING - AI STOCK MARKET CRASH / BEAR SWITCH TRIGGERED! - 19th Jan 22
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

The Forging of a New World Order Under a One World Government

Politics / New World Order Aug 14, 2009 - 07:05 AM GMT

By: Global_Research

Politics

Aricle continued from here

The Global Economic Crisis in Context

The current global economic crisis has its roots not in the Bush administration, which is linear and diluted thinking at best, but in the systematic nature of the global capitalist system. Crisis is not separate from capital; crisis is capitalist expansion. In addressing the foundations of the economic crisis, neo-Marxist theory can help explain much of the actions and functions that led to the crisis.


In 2006, Walden Bello wrote an article for Third World Quarterly, in which he explained that, “The crisis of globalisation and over-accumulation is one of the three central crises that are currently eroding US hegemony. The other two are the over-extension of US military power and the crisis of legitimacy of liberal democracy.” He explained that, “Monetary manipulation, via the high interest rate regime initiated by Federal Reserve Chief Paul Volcker in the late 1980s, while directed at fighting inflation, was also geared strategically at channeling global savings to the USA to fuel economic expansion. One key consequence of this momentous move was the Third World debt crisis of the early 1980s, which ended the boom of the economies of the South and led to their resubordination to the Northern capitalist centres.”[74]

The economic foundations of the current crisis were laid in the “Clinton globalist project.” As Bello explained, “The administration embraced globalisation as its ‘Grand Strategy’—that is, its fundamental foreign policy posture towards the world.” Further, “The dominant position of the USA allowed the liberal faction of the US capitalist class to act as a leading edge of a transnational ruling elite in the process of formation—a transnational elite alliance that could act to promote the comprehensive interest of the international capitalist class.”[75]

Bello then explained that, “the dominant dynamic of global capitalism during the Clinton period—one that was the source of its strength as well as its Achilles’ Heel—was not the movement of productive capital but the gyrations of finance capital.” The dominance of finance capital was “a result of the declining profitability of industry brought about by the crisis of overproduction. By 1997 profits in US industry had stopped growing. Financial speculation, or what one might conceptualise as the squeezing of value from already created value, became the most dynamic source of profitability.” This was termed “financialization,” and it had many components that composed its structure and led way for its dominance. Among these were the “Elimination of restrictions dating back to the 1930s that had created a Chinese Wall between investment banking and commercial banking in the USA opened up a new era of rapid consolidation in the US financial sector.”[76]

Specifically, this is in reference to the repealing of the Glass-Steagall Act, put in place in 1933 in response to the actions that created the Great Depression, which undertook banking reforms, specifically those designed to limit speculation. In 1987, the Federal Reserve Board voted to ease regulations under Glass-Steagall, after hearing “proposals from Citicorp, J.P. Morgan and Bankers Trust advocating the loosening of Glass-Steagall restrictions to allow banks to handle several underwriting businesses, including commercial paper, municipal revenue bonds, and mortgage-backed securities.” And, “In August 1987, Alan Greenspan -- formerly a director of J.P. Morgan and a proponent of banking deregulation – [became] chairman of the Federal Reserve Board.” In 1989, “the Fed Board approve[d] an application by J.P. Morgan, Chase Manhattan, Bankers Trust, and Citicorp to expand the Glass-Steagall loophole to include dealing in debt and equity securities in addition to municipal securities and commercial paper.” In 1990, “J.P. Morgan [became] the first bank to receive permission from the Federal Reserve to underwrite securities.”

In 1998, the House of Representatives passed “legislation by a vote of 214 to 213 that allow[ed] for the merging of banks, securities firms, and insurance companies into huge financial conglomerates.” And in 1999, “After 12 attempts in 25 years, Congress finally repeal[ed] Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts.”[77]

It was in “the late 1990s, with the stock market surging to unimaginable heights, large banks merging with and swallowing up smaller banks, and a huge increase in banks having transnational branches, Wall Street and its many friends in congress wanted to eliminate the regulations that had been intended to protect investors and stabilize the financial system. Hence the Gramm-Leach-Bliley Act of 1999 repealed key parts of Glass-Steagall and the Bank Holding Act and allowed commercial and investment banks to merge, to offer home mortgage loans, sell securities and stocks, and offer insurance.”[78]

One of the architects of the repeal of Glass-Steagall was Clinton Treasury Secretary Robert Rubin. Rubin spent 26 years with Goldman Sachs before entering the Treasury. Robert Rubin worked closely with Alan Greenspan to oppose the regulation of derivatives, and was backed up by his Deputy Treasury Secretary, Lawrence Summers. Rubin, upon leaving the Treasury, went to work as an executive with Citigroup.[79] Robert Rubin is currently the Co-Chairman of the Council on Foreign Relations. Lawrence Summers was a former Chief Economist for the World Bank before being Deputy Treasury Secretary in the Clinton administration. He then became President of Harvard University, and is now Director of the White House National Economic Council in the Obama administration. The current Treasury Secretary, Timothy Geithner, was former President of the Federal Reserve Bank of New York, and is also a Robert Rubin protégé. 

The Clinton years saw the rise of derivatives, which are financial instruments (or contracts), the prices of which are derived from one or more underlying assets, indexes, or other items. The value of a derivative changes as the value of the underlying asset changes. They are used to hedge risks but also as instruments of speculation. Derivatives, “which monetised and traded risk in the exchange of a whole range of commodities,” are a key factor that led to the economic crisis.

Another cause of the crisis was “The creation of massive consumer credit to fuel consumption, with much of the source of this capital coming from foreign investors,” which “created a dangerous gap between the consumers’ debt and their income, opening up the possibility of consumer collapse or default that would carry away both consumers and their creditors.” Further, the stock market’s role in driving growth played a part in paving the way for a financial crisis. “Stock market activity drove, in particular, the so-called technology sector, creating a condition of ‘virtual capitalism’ whose dynamics were based on the expectation of future profitability rather than on current performance, which was the iron rule in the ‘real economy’.”[80]

The Federal Reserve, under Alan Greenspan, initially created the dot-com bubble, providing liquidity for speculation into the stock market and “virtual capitalism,”[81] and when that dot-com bubble burst, as all bubbles do, Greenspan and the Fed created the housing bubble by cutting interests rates and offering more Adjustable Rate Mortgages (AMRs), with Fannie Mae and Freddie Mac encouraging banks to make the high-risk loans.[82]

Speculation had proven itself to be a powerful weapon of finance capital. In the 1990s, this was first exemplified by “a speculative attack on the peso that had investors in panic cashing their pesos for dollars, leading to the devaluation and collapse of the Mexican economy in 1994,” and later in “East Asia in 1997. One hundred billion dollars in speculative capital flooded into the region between 1994 and 1997 as countries liberalised their capital accounts.” This speculative money flowed into real estate and the stock market, which resulted in over-investment, and “Smelling crisis in the air, hedge funds and other speculators targeted the Thai baht, Korean won and other currencies, triggering a massive financial panic that led to the drastic devaluation of these currencies and laid low Asia’s tiger economies. In a few short weeks in the summer of 1997 some $100 billion rushed out of the Asian economies, leading to a drastic reversal of the sizzling growth that had marked those economies in the preceding decade. In less than a month, some 21 million Indonesians and one million Thais found themselves thrust under the poverty line.”[83] This was known as the East Asian Financial Crisis.

This crisis “helped precipitate the Russian financial crisis in 1998, as well as financial troubles in Brazil and Argentina that contributed to the spectacular unraveling of Argentina’s economy in 2001 and 2002, when the economy that had distinguished itself as the most faithful follower of the IMF’s prescriptions of trade and financial liberalisation found itself forced to declare a default on $100 billion of its $140 billion external debt.”[84]

The current crisis is not over. The parallels between the current crisis and the Great Depression are frightening. This trend of building speculative bubbles is reminiscent of the 1920s stock market speculation-driven bubble; built by the Federal Reserve, which eased interest rates, provided liquidity to the banks and actively encouraged speculation. Bubbles that were created then burst.

In 1932, Congressman Louis T. McFadden stated before the Congress that the Federal Reserve banks are not government agencies, but “are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.”[85] Following the creation of the Fed in 1913, Congressman Charles A. Lindbergh said, “From now on, depressions will be scientifically created.” Indeed, he was right. The current crisis, likely leading to a Great Depression, is being used as the primary means through which a global government is being constructed.

In 2007, UK Prime Minister Gordon Brown called for a new world order in reforming the UN, World Bank, IMF and G7.[86] When the bank Bear Stearns collapsed, due to its heavy participation in the mortgage securities market, the Federal Reserve purchased the bank for JP Morgan Chase, whose CEO sits on the board of the New York Federal Reserve Bank. Shortly after this action, a major financial firm released a report saying that banks face a “new world order” of “consolidation and acquisitions.”[87]

In October of 2008, Gordon Brown said that we “must have a new Bretton Woods - building a new international financial architecture for the years ahead.” He continued in saying that, “we must now reform the international financial system around the agreed principles of transparency, integrity, responsibility, good housekeeping and co-operation across borders.” An article in the Telegraph reported that Gordon Brown would want “to see the IMF reformed to become a ‘global central bank’ closely monitoring the international economy and financial system.”[88] In an op-ed for the Washington Post, Gordon Brown wrote that the “new Bretton Woods” should build upon the concept of  “global governance.”[89] There were also calls for a “global economic policeman,” perhaps in the form of the Bank for International Settlements (BIS).[90] In November of 2008, it was reported that Baron David de Rothschild “shares most people’s view that there is a new world order. In his opinion, banks will deleverage and there will be a new form of global governance.”[91]

Out of the ashes of the financial crisis, a new world order will emerge in constructing a global government.

Notes

[1]    Membership, Peter Sutherland. The Trilateral Commission: October 2007: http://www.trilateral.org/membship/bios/ps.htm

[2]    Daily Mail, EU Constitution - the main points. The Daily Mail: June 19, 2004: http://www.dailymail.co.uk/news/article-307249/EU-Constitution--main-points.html

[3]    Time, 10 Questions For Vaclav Klaus. Time Magazine: March 13, 2005: http://www.time.com/time/magazine/article/0,9171,1037613,00.html

[4]    Valéry Giscard d'Estaing, Valéry Giscard d'Estaing: The EU Treaty is the same as the Constitution. The Independent: October 30, 2007: http://www.independent.co.uk/opinion/commentators/valeacutery-giscard-destaing-the-eu-treaty-is-the-same-as-the-constitution-398286.html

[5]    Bruno Waterfield, Lisbon Treaty resurrects the defeated EU Constitution. The Telegraph: June 13, 2008: http://www.telegraph.co.uk/news/newstopics/eureferendum/2123045/EU-Treaty-Lisbon-Treaty-resurrected-defeated-EU-Constitution.html

[6]    Mel Hurtig, The Vanishing Country: Is It Too Late to Save Canada? (McClelland & Stewart Ltd., 2002), page 365

[7]    CFR, Brian Mulroney. About US, Leadership and Staff: International Advisory Board: http://www.cfr.org/bios/9841/brian_mulroney.html

[8]    Robert O’Brien and Marc Williams, Global Political Economy: Evolution and Dynamics, 2nd ed. (Palgrave Macmillan: 2007), page 226

[9]    David Rockefeller, What Private Enterprise Means to Latin America. Foreign Affairs: Vol. 44, No. 3 (April, 1966): page 411

[10]  David Rockefeller, Memoirs. New York: Random House: 2002: Pages 436-437

[11]  David Rockefeller, A hemisphere in the balance. The Wall Street Journal: October 1, 1993

[12]  Alexander Dawson, First World Dreams: Mexico Since 1989. Fernwood Books, 2006: Pages 8-9

[13]  Alexander Dawson, First World Dreams: Mexico Since 1989. Fernwood Books, 2006: Page 29

[14]  Alexander Dawson, First World Dreams: Mexico Since 1989. Fernwood Books, 2006: Page 120

[15]  Joseph Stiglitz, Globalization and its Discontents. W.W. Norton & Co.: 2003: page 121

[16]  Robert Pastor, A North American Community: A Modest Proposal to the Trilateral Commission. The Trilateral Commission: Toronto, Ontario: November 1-2, 2002: www.american.edu/internationalaffairs/cnas/PastorTrilateral.pdf : page 4

[17]  Robert Pastor, A North American Community: A Modest Proposal to the Trilateral Commission. The Trilateral Commission: Toronto, Ontario: November 1-2, 2002: www.american.edu/internationalaffairs/cnas/PastorTrilateral.pdf : page 6

[18]  News and Information, Paul Martin Urged to Take the Lead in Forging a New Vision for North American Cooperation. CCCE: November 5, 2003: http://www.ceocouncil.ca/en/view/?document_id=38&type_id=1

[19]  CCCE, North American Security and Prosperity. http://www.ceocouncil.ca/en/north/north.php

[20]  News and Information, Trinational Call for a North American Economic and Security Community by 2010. CCCE: March 14, 2005: http://www.ceocouncil.ca/en/view/?document_id=395

[21]  Office of the Press Secretary, Joint Statement by President Bush, President Fox, and Prime Minister Martin. The White House: March 23, 2005: http://www.whitehouse.gov/news/releases/2005/03/20050323-2.html

[22]  CFR, Building a North American Community. Independent Task Force on the Future of North America: May 2005: http://www.cfr.org/publication/8102/building_a_north_american_community.html

[23]  Issues Center, North American Competitiveness Council (NACC). US Chamber of Commerce: http://www.uschamber.com/issues/index/international/nacc.htm

[24]  CoA, Board of Directors. The Council of the Americas: http://coa.counciloftheamericas.org/page.php?k=bod

[25]  Herbert Grubel, Fix the Loonie. The Financial Post: January 18, 2008:

http://www.nationalpost.com/opinion/story.html?id=245165

Herbert Grubel, The Case for the Amero. The Fraser Institute: September 1, 1999:

http://www.fraserinstitute.org/Commerce.Web/publication_details.aspx?pubID=2512

Thomas Courchene and Richard Harris, From Fixing to Monetary Union: Options for  North American Currency Integration. C.D. Howe Institute, June 1999:

http://www.cdhowe.org/display.cfm?page=research-fiscal&year=1999

Consider a Continental Currency, Jarislowsky Says. The Globe and Mail: November  23, 2007:

http://www.theglobeandmail.com/servlet/story/LAC.20071123.RDOLLAR23/TPStory/?query=%22Steven%2BChase%22b

[26]  Barrie McKenna, Dodge Says Single Currency ‘Possible’. The Globe and Mail: May 21, 2007

[27]  Anne-Marie Slaughter, The Real New World Order. Foreign Affairs: September/October, 1997: pages 183-184

[28]  Anne-Marie Slaughter, The Real New World Order. Foreign Affairs: September/October, 1997: pages 184-185

[29]  Mark Carney, Remarks by Mark Carney, Governor of the Bank of Canada to the International Economic Forum of the Americas / Conference of Montreal. The Bank of Canada: June 11, 2009: http://www.bankofcanada.ca/en/speeches/2009/sp110609.html

[30]  Robert Jackson and Georg Sørensen, Introduction to International Relations: Theories and Approaches, Third Edition, OUP 2006: page 162

[31]  William I. Robinson and Jerry Harris, Towards a Global Ruling Class? Globalization and the Transnational Capitalist Class. Science & Society, Vol. 64, No. 1, Spring 2000: pages 11-12

[32]  William I. Robinson and Jerry Harris, Towards a Global Ruling Class? Globalization and the Transnational Capitalist Class. Science & Society, Vol. 64, No. 1, Spring 2000: page 12

[33]  Robert Jackson and Georg Sørensen, Introduction to International Relations: Theories and Approaches, Third Edition, OUP 2006: page 258

[34]  William I. Robinson and Jerry Harris, Towards a Global Ruling Class? Globalization and the Transnational Capitalist Class. Science & Society, Vol. 64, No. 1, Spring 2000: page 27

[35]  William I. Robinson and Jerry Harris, Towards a Global Ruling Class? Globalization and the Transnational Capitalist Class. Science & Society, Vol. 64, No. 1, Spring 2000: page 28

[36]  William I. Robinson and Jerry Harris, Towards a Global Ruling Class? Globalization and the Transnational Capitalist Class. Science & Society, Vol. 64, No. 1, Spring 2000: page 29

[37]  William I. Robinson and Jerry Harris, Towards a Global Ruling Class? Globalization and the Transnational Capitalist Class. Science & Society, Vol. 64, No. 1, Spring 2000: page 30

[38]  Glen McGregor, Secretive power brokers meeting coming to Ottawa? Ottawa Citizen: May 24, 2006: http://www.canada.com/topics/news/world/story.html?id=ff614eb8-02cc-41a3-a42d-30642def1421&k=62840

[39]  Ambrose Evans-Pritchard, The G20 moves the world a step closer to a global currency. The Telegraph: April 3, 2009: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5096524/The-G20-moves-the-world-a-step-closer-to-a-global-currency.html

[40]  Get ready for the phoenix. The Economist: Vol. 306: January 9, 1988: pages 9-10

[41]  ECB, The euro and the dollar - new imperatives for policy co-ordination. Speeches and Interviews: September 18, 2000: http://www.ecb.int/press/key/date/2000/html/sp000918.en.html

[42]  Jeffrey E. Garten, Needed: A Fed for the World. The New York Times: September 23, 1998: http://www.nytimes.com/1998/09/23/opinion/needed-a-fed-for-the-world.html

[43]  Jeffrey Garten, Global authority can fill financial vacuum. The Financial Times: September 25, 2008: http://www.ft.com/cms/s/0/7caf543e-8b13-11dd-b634-0000779fd18c.html?nclick_check=1

[44]  Jeffrey Garten, We Need a Bank Of the World. Newsweek: October 25, 2008: http://www.newsweek.com/id/165772

[45]  Andrew Gavin Marshall, North-American Monetary Integration: Here Comes the Amero. Global Research: January 20, 2008: http://www.globalresearch.ca/index.php?context=va&aid=7854

[46]  Commission Européenne, EU and US to sign up to transatlantic economic integration plan at Washington Summit on 30 April. UN: April 27, 2007: http://www.eu-un.europa.eu/articles/fr/article_6987_fr.htm

[47]  Andrew Coyne, The crossroads of international trade. Macleans: September 18, 2008: http://www2.macleans.ca/tag/council-of-canadians/

[48]  Benn Steil, The End of National Currency. Foreign Affairs: Vol. 86, Issue 3, May/June 2007: pages 83-96

[49]  BBC, South America nations found union. BBC News: May 23, 2008: http://news.bbc.co.uk/2/hi/americas/7417896.stm

[50]  CNews, South American nations to seek common currency. China View: May 26, 2008: http://news.xinhuanet.com/english/2008-05/27/content_8260847.htm

[51]  AME Info, GCC: Full steam ahead to monetary union. September 19, 2005: http://www.ameinfo.com/67925.html

John Irish, GCC Agrees on Monetary Union but Signals Delay in Common Currency. Reuters: June 10, 2008: http://www.arabnews.com/?page=6&section=0&article=110727&d=10&m=6&y=2008

Forbes, TIMELINE-Gulf single currency deadline delayed beyond 2010. Forbes: March 23, 2009: http://www.forbes.com/feeds/afx/2009/03/24/afx6204462.html

Agencies, 'GCC need not rush to form single currency'. Business 24/7: March 26, 2009: http://www.business24-7.ae/articles/2009/3/pages/25032009/03262009_4e19de908b174f04bfb3c37aec2f17b3.aspx

[52]  Barry Eichengreen, International Monetary Arrangements: Is There a Monetary Union in Asia's Future? The Brookings Institution: Spring 1997: http://www.brookings.edu/articles/1997/spring_globaleconomics_eichengreen.aspx

atimes.com, After European now Asian Monetary Union? Asia Times Online: September 8, 2001: http://www.atimes.com/editor/CI08Ba01.html

ASEAN, China, Japan, SKorea, ASEAN Makes Moves for Asian Monetary Fund. Association of Southeast Asian Nations: May 6, 2005: http://www.aseansec.org/afp/115.htm

Reuven Glick, Does Europe's Path to Monetary Union Provide Lessons for East Asia? Federal Reserve Bank of San Francisco: August 12, 2005: http://www.frbsf.org/publications/economics/letter/2005/el2005-19.html

AFP, Asian Monetary Fund may be needed to deal with future shocks. Channel News Asia: July 2, 2007: http://www.channelnewsasia.com/stories/afp_world_business/view/285700/1/.html

AFX News Limited, East Asia monetary union 'feasible' but political will lacking – ADB. Forbes: September 19, 2007: http://www.forbes.com/feeds/afx/2007/09/19/afx4133743.html

[53]  Lin Li, ASEAN discusses financial, monetary integration. China View: April 2, 2008: http://news.xinhuanet.com/english/2008-04/02/content_7906391.htm

[54]  Paul De Grauwe, Economics of Monetary Union. Oxford University Press, 2007: pages 109-110

Heather Milkiewicz and Paul R. Masson, Africa's Economic Morass—Will a Common Currency Help? The Brookings Institution: July 2003: http://www.brookings.edu/papers/2003/07africa_masson.aspx

John Gahamanyi, Rwanda: African Central Bank Governors Discuss AU Financial Institutions. The New Times: August 23, 2008: http://allafrica.com/stories/200808230124.html

Eric Ombok, African Union, Nigeria Plan Accord on Central Bank. Bloomberg: March 2, 2009: http://www.bloomberg.com/apps/news?pid=20601116&sid=afoY1vOnEMLA&refer=africa

Ministry of Foreign Affairs, AFRICA IN THE QUEST FOR A COMMON CURRENCY. Republic of Kenya: March 2009: http://www.mfa.go.ke/mfacms/index.php?option=com_content&task=view&id=346&Itemid=62

[55]  Edmund Conway, UK policy blamed for soaring debt levels. The Telegraph: February 20, 2006: http://www.telegraph.co.uk/finance/2932605/UK-policy-blamed-for-soaring-debt-levels.html

[56]  Strobe Talbott, America Abroad. Time Magazine: July 20, 1992: http://www.time.com/time/magazine/article/0,9171,976015,00.html

[57]  Richard N. Gardner, The Hard Road to World Order. Foreign Affairs: April, 1974: page 556

[58]  Richard N. Gardner, The Hard Road to World Order. Foreign Affairs: April, 1974: page 557

[59]  Richard N. Gardner, The Hard Road to World Order. Foreign Affairs: April, 1974: page 558

[60]  Richard Falk and Andrew Strauss, Toward Global Parliament. Foreign Affairs: January/February, 2001: page 213

[61]  Philip Thornton, UN unveils plan to release untapped wealth of...$7 trillion (and solve the world's problems at a stroke). The Independent: January 30, 2006: http://www.independent.co.uk/news/world/politics/un-unveils-plan-to-release-untapped-wealth-of7-trillion-and-solve-the-worlds-problems-at-a-stroke-525173.html

[62]  Richard Falk and Andrew Strauss, Toward Global Parliament. Foreign Affairs: January/February, 2001: page 215

[63]  Richard Falk and Andrew Strauss, Toward Global Parliament. Foreign Affairs: January/February, 2001: page 218

[64]  David Rothkopf, Superclass: The Global Power Elite and the World They are Making. (Toronto: Penguin Books, 2008), pages 315-316

[65]  EuroNews, European Elections. Jacques Attali: the euronews interview: April 6, 2009: http://www.euronews.net/2009/06/04/jacques-attali-the-euronews-interview/

[66]  Gideon Rachman, And now for a world government. The Financial Times: December 8, 2008: http://www.ft.com/cms/s/0/7a03e5b6-c541-11dd-b516-000077b07658.html

[67]  NIC, Global Trends 2025: A Transformed World. The National Intelligence Council’s 2025 Project: November, 2008: Acknowledgements: http://www.dni.gov/nic/NIC_2025_project.html

[68]  NIC, Global Trends 2025: A Transformed World. The National Intelligence Council’s 2025 Project: November, 2008: pages 11-12:  http://www.dni.gov/nic/NIC_2025_project.html

[69]  NIC, Global Trends 2025: A Transformed World. The National Intelligence Council’s 2025 Project: November, 2008: pages 94:  http://www.dni.gov/nic/NIC_2025_project.html

[70]  NIC, Global Trends 2025: A Transformed World. The National Intelligence Council’s 2025 Project: November, 2008: pages 81:  http://www.dni.gov/nic/NIC_2025_project.html

[71]  NIC, Global Trends 2025: A Transformed World. The National Intelligence Council’s 2025 Project: November, 2008: pages 83:  http://www.dni.gov/nic/NIC_2025_project.html

[72]  NIC, Global Trends 2025: A Transformed World. The National Intelligence Council’s 2025 Project: November, 2008: pages 87:  http://www.dni.gov/nic/NIC_2025_project.html

[73]  David Rockefeller, Memoirs. Random House, New York, 2002: page 405

[74]  Walden Bello, The Capitalist Conjuncture: Over-accumulation, Financial Crises, and the retreat from globalization. Third World Quarterly: Vol. 27, No. 8: 2006: pages 1346-1348

[75]  Walden Bello, The Capitalist Conjuncture: Over-accumulation, Financial Crises, and the retreat from globalization. Third World Quarterly: Vol. 27, No. 8: 2006: pages 1348-1349

[76]  Walden Bello, The Capitalist Conjuncture: Over-accumulation, Financial Crises, and the retreat from globalization. Third World Quarterly: Vol. 27, No. 8: 2006: page 1350

[77]  PBS, The Long Demise of Glass-Steagall. Frontline: http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html

[78]  Robert Buzzanco, Bring Back Glass-Steagall? History News Network: October 21, 2008: http://hnn.us/articles/55548.html

[79]  PETER S. GOODMAN, Taking Hard New Look at a Greenspan Legacy. The New York Times: October 8, 2008: http://www.nytimes.com/2008/10/09/business/economy/09greenspan.html?_r=1

[80]  Walden Bello, The Capitalist Conjuncture: Over-accumulation, Financial Crises, and the retreat from globalization. Third World Quarterly: Vol. 27, No. 8: 2006: page 1350

[81]  Bill Virgin, et. al, The Insider: Dot-com boom just another of 'Greenspan's Bubbles'. Seattle PI: February 10, 2008: http://seattlepi.nwsource.com/business/350766_theinsider11.html?source=rss

[82]  Richard C. Cook, They Did It On Purpose: The Housing Bubble & Its Crash were Engineered by the US Government, the Fed & Wall Street. Global Research: October 23, 2008: http://www.globalresearch.ca/index.php?context=va&aid=10654

[83]  Walden Bello, The Capitalist Conjuncture: Over-accumulation, Financial Crises, and the retreat from globalization. Third World Quarterly: Vol. 27, No. 8: 2006: pages 1351-1352

[84]  Walden Bello, The Capitalist Conjuncture: Over-accumulation, Financial Crises, and the retreat from globalization. Third World Quarterly: Vol. 27, No. 8: 2006: page 1352

[85]  Louis T. McFadden, Congressional Record. June 10, 1932: pages 12595-12596 http://www.scribd.com/doc/16502353/Congressional-Record-June-10-1932-Louis-T-McFadden

[86]  Larry Elliott, Brown calls for overhaul of UN, World Bank and IMF. The Guardian: January 17, 2007: http://www.guardian.co.uk/business/2007/jan/17/globalisation.internationalaidanddevelopment

[87]  Andrea Ricci, Banks face "new world order," consolidation: report. Reuters: March 17, 2008: http://www.reuters.com/article/innovationNews/idUSN1743541720080317

[88]  Robert Winnett, Financial Crisis: Gordon Brown calls for 'new Bretton Woods'. The Telegraph: October 13, 2008: http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3189517/Financial-Crisis-Gordon-Brown-calls-for-new-Bretton-Woods.html

[89]  Gordon Brown, Out of the Ashes. The Washington Post: October 17, 2008: http://www.washingtonpost.com/wp-dyn/content/article/2008/10/16/AR2008101603179.html

[90]  Gordon Rayner, Global financial crisis: does the world need a new banking 'policeman'? The Telegraph: October 8, 2008: http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3155563/Global-financial-crisis-does-the-world-need-a-new-banking-policeman.html

[91]  Rupert Wright, The first barons of banking. The National: November 6, 2008: http://www.thenational.ae/article/20081106/BUSINESS/167536298/1005

Andrew G. Marshall is a Research Associate of the Centre for Research on Globalization (CRG). He is currently studying  Political Economy and History at Simon Fraser University. 

Andrew G. Marshall is a frequent contributor to Global Research. Global Research Articles by Andrew G. Marshall

© Copyright Andrew G. Marshall , Global Research, 2009

Disclaimer: The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of the Centre for Research on Globalization. The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible or liable for any inaccurate or incorrect statements contained in this article.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in