Sun 1 Mar 2009
Dismantling the Old World Order VIII. Jose Barroso Praises Preparations to Give the Rest of Our Money to Those Who Are Stealing It Now
Every crisis has meant more union in the EU. As US Secretary of the Treasury, Timothy Geithner is quoted as having said: “No crisis should go to waste!!” This clearly seems to be the motto of the Bilderberger, José Barroso as well: He has ordered a report from the Trilateral Commissionist and Bilderberger (1982), Jacques de Larosière.
The following is furthermore a survey of the finance control authorities which totally neglected their duty to control – and so paved the road for the financial/economical crisis.
José Barroso, 25 Febr, 2009 – Rapid EU Press Release: “Let me start by thanking Jacques de Larosière most sincerely for chairing this High Level Group on Financial Supervision whose report is published today. This report is comprehensive, of high quality and is intellectually rigorous. Now it is for the Commission to assess and act. I am committed to engage immediately in the preparation of our action. And this report provides a very good basis on which to build our proposals.
This is an area where decisive action is needed also at European level: it is a matter of fundamental ethics to avoid that losses are socialised and gains are privatised . Citizens expect us to change the rules of the game and the way the game operates. We must not let citizensdown.”
Here is a thorough analysis of de Larosière´s “High Level Group”
“It is hard to imagine a clearer example of privileged access to decision-makers by vested interests. Ottmar Issing is called the power house of Wall Street - advising Angela Merkel - and now the EU!
Four members are closely linked to giant financial corporations, such as Goldman Sachs (Rothschild) , BNP, Lehman Brothers (Rothschild) and Citigroup (Rothschild Partner in Royal Dutch Shell). ). A fifth one was the head of the UK Financial Services Authority that completely failed in its supervision of Northern Rock . With the de Larosière Group, the Commission has repeated the mistakes of the past. It has set up a High Level Group dominated by the very kind of people that created the crisis in the first place. The Commission has again gone for a process ‘behind closed doors’… with strong connections to the financial industry.”
Larosière is a former chief of the IMF and the Banque de France.
The job was conferred on him and his group by José Barroso in Oct. 2008. “We must work with our partners to converge towards high global standards, through the IMF, FSF, the Basel committee and G20 processes. This is critical.
It will only be effective and lasting if the European Union, with the biggest capital markets in the world, has a strong and integrated European system of regulation and supervision.”
The de Larosiére –report for the EU Commission
The Group considers the new body should be set up under the auspices of the ECB, and chaired by the President of the ECB.
The main proposal are for the FSF (Financial Stability Forum) to be put in charge of converging international financial regulation to the highest level. The FSF should link closely with the
The FSF is a Forum housed at the Rothschild Bank for International Settlements (BIS) in Basle – comprising i.a. the BIS, here central banks, the FSA
Comment: Countries and banks not submitting to the FSF´s financial world dictatorship are to be severely punished.
The FSF's mandate is: 1. to assess vulnerabilities affecting the international financial system; 2. to identify and oversee action needed to address these; and 3. to improve co-ordination and information exchange among the various authorities responsible for financial stability. Strengthening financial systems and the stability of international financial markets.
FSF History. Dr Hans Tietmeyer, President of the Deutsche Bundesbank presented his report to G7 Ministers and Governors at the meeting in Bonn on 20 February 1999 and G7 Ministers and Central Bank Governors endorsed the creation of a Financial Stability Forum (FSF) bringing together: 1. national authorities responsible for inernational financial stability; 2. sector-specific international groupings of regulators and supervisors; international financial institutions charged with surveillance 3. committees of central bank experts concerned with market infrastructure and functioning.
Mission: To promote stability in the international financial system.
Mr Andrew Crockett, General Manager of the (Rothschild) Bank for International Settlements, was appointed Chairman of the FSF.
One member is the Committee on the Global Financial System,which is a BIS daughter
It is chaired by Donald L Kohn, Vice Chairman of the Board of Governors of the Federal Reserve System and monitors developments in global financial markets for the central bank Governors of the G10 countries.
Another of these Rothschild BIS-organisations is the The Basel Committee on Banking Supervision which provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. At times, the Committee uses this common understanding to develop guidelines and supervisory standards. In this regard, the Committee is best known for its international standards on capital adequacy; the Core Principles for Effective Banking Supervision; and the Concordat on cross-border banking supervision. The Committee's members come from Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom and the United States. Countries are represented by their central bank .
The Committee encourages contacts and cooperation among its members and other banking supervisory authorities. It circulates to supervisors throughout the world both published and unpublished papers providing guidance on banking supervisory matters.
The Committee's Secretariat is located at the BIS.
The BIS Committee on Payment and Settlement Systems (CPSS) contributing to strengthening the financial market infrastructure through promoting sound and efficient payment and settlement systems. It serves as a forum for central banks to monitor and analyse developments in domestic payment, settlement and clearing systems as well as in cross-border and multicurrency settlement schemes.
Since June 2005 Timothy F Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, now US secretary of the Treasury, has chaired the Committee.
Larosière recommends all IMF states to commit to its FSAP programme (Chief: Bilderberger (2000) Strauss Kahn) It seeks to identify the strengths and vulnerabilities of a country's financial system.
The report also emphasizes how important it is to organize coherent EU representatives in the new global economic and financial architecture.
Larosière group´s recommendations:
Recommendation 25: The Group recommends that, based on clear objectives and Time tables, the Financial Stability Forum (FSF), in conjunction with international standard setters like the Basel Committee of Banking Supervisors, is put in charge of promoting the convergence of international financial regulation to the highest levelbenchmarks. In view of the heightened role proposed in this report for the FSF, it is important that the FSF is enlarged to include all systemically important countries and the European Commission. It should receive more resources and its accountability and governance should be reformed by more closely linking it to the IMF. The FSF should regularly report to the IMFC.
The IMFC should be transformed into a decision-making Council.
Recommendation 26: The FSF, working closely with other relevant international bodies, should ensure coherent global supervisory practice.
Recommendation 27: The Group recommends that the IMF, in close cooperation with other interested bodies, notably the FSF, the BIS, central banks and the European Systemic Risk Council (ESRC), is put in charge of developing and operating a financial stability early warning system, accompanied by an international risk map and credit register.
Recommendation 28: The Group recommends intensifying co-ordinated efforts to encourage currently poorly regulated or "uncooperative" jurisdictions to adhere to the highest level international standards and to exchange information among supervisors.
Recommendation 29: The Group recommends that EU Member States should show their support for strengthening the role of the IMF in macroeconomic surveillance and to contribute towards increasing the IMF's resources in order to strengthen its capacity to support member countries facing acute financial or balance of payment distress.
Recommendation 16: A new body called the European Systemic Risk Council (ESRC), to be chaired by the ECB President, should be set up under the auspices and with the logistical support of the ECB – (the board of which consists of a bunch of Bilderbergers, Trilateral commisionists, board members of Rothschildd´s BIS and central bankers – the vice President even having a past in the US Fed.)
Recommendation 18: A European System of Financial Supervisors (ESFS) should be set up. This ESFS should be a decentralised network: existing national supervisors would continue to carry-out day-to-day supervision;
Recommendation 19: In the first stage (2009-2010), national supervisory authorities should be strengthened with a view to upgrading the quality of supervision in the EU.
Recommendation 20: In the first stage, EU should also develop a more harmonised set of financial regulations, supervisory powers and sanctioning regimes.
Recommendation 22: In the second stage (2011-2012), the EU should establish an integrated European System of Financial Supervision (ESFS).e.g. legally binding mediation between national supervisors; oversight and coordination of colleges of supervisors;
If this were not so tragic it would be a laugh! The President of the EU Commission praises his good friend, Jacques, former IMF director, for taking the task of suggesting that the institutes of the House of Rothschild continue supervising and regulating international finances, although it was the very same Rothschild institutes who stood for the international financial supervision – and ignored the basic financial insanity, which had for many years been evident even to laymen. Their neglect is so gigantic and blatant, that one cannot help concluding that it was deliberate and planned. How on Earth can we expect those fraudsters to do better now than before the crisis, which they allowed?
Who got the task of advising the Northern Rock, after the British Government saved it? N.M. Rothschild and sons.- the House behind the crisis that broke Northern Rock.
This crisis and the following fire-sale prices of banks and real estate is a repetition of what the CFRs Paul Warburg, John D. Rockefeller and JP Morgan did in 1929.
So, it is such a clique Barroso´s dear friend, Jacques, is pointing to. This might be called letting the fox guard the hen house. The EU calls for more regulation – leaving to the men of the financial indudustry and inveterate supporters of less regulation to manage this !!! You might also call it a gentleman agreement between New World Order colleagues on behalf of their masters, Rockefeller and Rothschild.
Besides, the FSF was founded by the G7 and their central banks!!! Why shall such an institution govern my money without asking my permission?
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