European Union calls for worldwide banking watchdog

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European Union leaders are set to call today for the creation of international boards to oversee at least the world's 30 biggest banks and financial institutions. The latest effort to step up regulation to address the global financial crisis is based on a proposal by Prime Minister Gordon Brown.

The supervisory body would consist of regulatory officials from big countries and financial centres. The goal would be to enhance communication and response plans for bank operations worldwide. The plan would require backing from the US and China, which could prove potential hurdles.

European leaders backed the idea of a supervisory body at yesterday's summit, which came days after the EU's biggest economies agreed on a coordinated€2trillion (£1.5trillion) plan to prop up their biggest banks by buying equity stakes and guaranteeing debt. That move, which echoed a call by the Group of Seven leading nations, was rapidly followed by the US.

All 27 EU members voted yesterday to approve the bailout plan. There could be opposition within the EU about the fine print of any agreement.

The UK is unlikely to agree with calls from France's President Nicolas Sarkozy, for financial supervision to be extended to hedge funds, or to eliminate offshore financial centres such as the Channel Islands and the Isle of Man.

Taken from the Daily mail 16th October 2008

The Illuminatifiles Comment...

A World Wide Banking Watchdog? This will never happen unless:

  1. The federal Reserve is excluded from the list of world wide banks, so as to not come under any scrutiny.
  2. The IMF (International Monetary Fund) are in total control of proceedings.

Whilst it may sound convincing, logical and even justified, in these financially unstable times that we are living in, it is more of a case of testing the reaction of the general populous. However, we already know that the financial system cannot sustain itself under the heavy burden of billions of debt and that the bailouts are just the beginning of a long slippery slope. therefore, we do know that, at some point in the not so distant future, either:

  1. A total and utter devestating world financial collapse will bring the world to its knees and thus, this will ensure that the populous will readily accept whatever financial scheme is offered them with zero resistance.
  2. The world's financial leaders will call for some kind of watchdog knowing full well that it wont happen. However, they will already know that a comprimise will be made and some centralization will occour. Which is exactly what they want anyway.

The Bottom Line? We already know that a new world order and a one world financial system has been planned for a very long time. However, its when we look at more recent times we can see how utterly devestating a diabolical their plan is. In the same way that the EU was formed, that is, it started off as merely a trading arena called the Common Market, where the selling point to the General populous of all the countries concerned, was that free trade would be advanced to allow the member countreis to prosper.

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