wakeup2nwo
27-01-2010, 06:53 PM
an interesting read!!
"He used his speech to develop one of his favorite themes, the emergence of the Group of 20 as the proper format for global governance.
“The G20 prefigures the planetary governance of the 21st century,” Mr. Sarkozy said, taking particular care to single out the new global accounting rules being worked out under the auspices of the G20."
http://commoditytradealert.com/blog/
http://online.wsj.com/article/SB10001424052748704094304575029200630222906.html?m od=WSJ_World_MIDDLENews
Sarkozy says We need a New Bretton Woods, cites Monetary Dumping and Undervaluation of Certain Currencies
January 27th, 2010
(WSJ) French President Nicolas Sarkozy lashed out at globalization, currency manipulation, irresponsible speculation and the financial sector’s “indecent” pay levels in his keynote speech at the World Economic Forum in Davos Wednesday.
Mr. Sarkozy told the assembled dignitaries from business and politics that capitalism must become less consensual, bankers should concentrate on lending and pay themselves less, and countries which deliberately undervalue their currencies can expect to reap a protectionist backlash.
More than anything, Mr. Sarkozy stressed the need to redefine and reinvent both capitalism and globalization. The financial crisis of 2007 to 2008 and the economic recession which followed was “not just a global crisis, but a crisis in and of globalization,” he said.
Mr. Sarkozy said finance, free trade and competition “are only means and not ends in themselves,” adding the big question now isn’t what to replace capitalism with, but how to develop a less antagonistic form of it.
“We will only save capitalism by refounding it, by making it more moral,” Mr. Sarkozy said.
He used his speech to develop one of his favorite themes, the emergence of the Group of 20 as the proper format for global governance.
“The G20 prefigures the planetary governance of the 21st century,” Mr. Sarkozy said, taking particular care to single out the new global accounting rules being worked out under the auspices of the G20.
Mr. Sarkozy’s comments come amid concern the reforms promised by G20 members are beginning to lose momentum as the economic crisis recedes. They also come less than a week after U.S. President Barack Obama announced plans to reform the U.S. banking system which appeared to threaten the consensus forged in G20 meetings in London and Pittsburgh last year. However, Mr. Sarkozy said he supports Obama’s plans.
Elsewhere in his speech, which departed frequently and extensively from a prepared text distributed locally, Mr. Sarkozy renewed his attacks on “monetary manipulations” in general and the supremacy of the dollar in particular.
“It cannot be that…we have a multipolar world and a single world currency,” Mr. Sarkozy said. “We need a new Bretton Woods,” he added, in a reference to the system of fixed but variable exchange rates established after the Second World War.
Mr. Sarkozy also repeated that France would place the quest for a new global monetary order at the center of its agenda in its chairmanship of the Group of Eight next year. The undervaluation of “certain currencies,” Mr. Sarkozy said is bad for fair trade and competition could result in protectionism. “We will not allow monetary dumping,” he said.
The French leader’s comments come as the euro, whose perceived over valuation has angered most French governments in recent history, hit its lowest level in nearly a year against the dollar, as fears for the sustainability of the euro zone increased in the wake of Portugal’s announcement that its budget deficit had topped 9% of gross domestic product. The euro was trading at $1.4047 after the speech, more than 10% below its 2009 peak barely two months ago. Full: http://is.gd/7anNH
"He used his speech to develop one of his favorite themes, the emergence of the Group of 20 as the proper format for global governance.
“The G20 prefigures the planetary governance of the 21st century,” Mr. Sarkozy said, taking particular care to single out the new global accounting rules being worked out under the auspices of the G20."
http://commoditytradealert.com/blog/
http://online.wsj.com/article/SB10001424052748704094304575029200630222906.html?m od=WSJ_World_MIDDLENews
Sarkozy says We need a New Bretton Woods, cites Monetary Dumping and Undervaluation of Certain Currencies
January 27th, 2010
(WSJ) French President Nicolas Sarkozy lashed out at globalization, currency manipulation, irresponsible speculation and the financial sector’s “indecent” pay levels in his keynote speech at the World Economic Forum in Davos Wednesday.
Mr. Sarkozy told the assembled dignitaries from business and politics that capitalism must become less consensual, bankers should concentrate on lending and pay themselves less, and countries which deliberately undervalue their currencies can expect to reap a protectionist backlash.
More than anything, Mr. Sarkozy stressed the need to redefine and reinvent both capitalism and globalization. The financial crisis of 2007 to 2008 and the economic recession which followed was “not just a global crisis, but a crisis in and of globalization,” he said.
Mr. Sarkozy said finance, free trade and competition “are only means and not ends in themselves,” adding the big question now isn’t what to replace capitalism with, but how to develop a less antagonistic form of it.
“We will only save capitalism by refounding it, by making it more moral,” Mr. Sarkozy said.
He used his speech to develop one of his favorite themes, the emergence of the Group of 20 as the proper format for global governance.
“The G20 prefigures the planetary governance of the 21st century,” Mr. Sarkozy said, taking particular care to single out the new global accounting rules being worked out under the auspices of the G20.
Mr. Sarkozy’s comments come amid concern the reforms promised by G20 members are beginning to lose momentum as the economic crisis recedes. They also come less than a week after U.S. President Barack Obama announced plans to reform the U.S. banking system which appeared to threaten the consensus forged in G20 meetings in London and Pittsburgh last year. However, Mr. Sarkozy said he supports Obama’s plans.
Elsewhere in his speech, which departed frequently and extensively from a prepared text distributed locally, Mr. Sarkozy renewed his attacks on “monetary manipulations” in general and the supremacy of the dollar in particular.
“It cannot be that…we have a multipolar world and a single world currency,” Mr. Sarkozy said. “We need a new Bretton Woods,” he added, in a reference to the system of fixed but variable exchange rates established after the Second World War.
Mr. Sarkozy also repeated that France would place the quest for a new global monetary order at the center of its agenda in its chairmanship of the Group of Eight next year. The undervaluation of “certain currencies,” Mr. Sarkozy said is bad for fair trade and competition could result in protectionism. “We will not allow monetary dumping,” he said.
The French leader’s comments come as the euro, whose perceived over valuation has angered most French governments in recent history, hit its lowest level in nearly a year against the dollar, as fears for the sustainability of the euro zone increased in the wake of Portugal’s announcement that its budget deficit had topped 9% of gross domestic product. The euro was trading at $1.4047 after the speech, more than 10% below its 2009 peak barely two months ago. Full: http://is.gd/7anNH