If you havent read The Quiet Coup have a read of it after you've finished with the post. It's written by Simon Johnson, chief economist of the International Monetary Fund in 2007 and 2008
Read the second paragraph of the below CNBC story. And people say there's no 'conspiracy'. How does a private organisation that cannot be elected or voted out end up with such power over the people? Basically the authority to play god with private enterprise - think of the possible consequences (bankers friends live, their competitors dont?!).
I'll tell you how, by putting a powerful banker followed by an ex-Fed member head in charge of the public's purse and major decision making at just the 'right' time.
US Government Reveals Financial Reform Plan
Capital and liquidity requirements for all financial institutions will rise, with more severe requirements for the largest and most interconnected of them, to avoid a repeat of the financial crisis, under new rules to reform the financial sector unveiled by the US administration Monday.
All big institutions whose collapse would threaten the system will be supervised by the Federal Reserve, Treasury Secretary Timothy Geithner and director of the National Economic Council Lawrence Summers wrote in an op-ed in the Washington Post.
"The goal is to create a more stable regulatory regime that is flexible and effective; that is able to secure the benefits of financial innovation while guarding the system against its own excess," they wrote.
Issures of asset-backed securities will operate under "robust" reporting requirements and investors' and regulators' reliance on credit-rating agencies will be reduced, according to the article.
Under the reform plan, the originators, sponsors or brokers of securitizations will be required to retain a financial interest in their performance.
The plan also calls for strong oversight of "over the counter" derivatives.
"All derivatives contracts will be subject to regulation, all derivatives dealers subject to supervision, and regulators will be empowered to enforce rules against manipulation and abuse," Geithner and Summers wrote.
Admitting the federal government lacks the tools it needs to contain and manage financial crises, the reform plan will also establish a mechanism which allows the orderly resolution of any financial holding company whose collapse may threaten the financial system's stability.
"This authority will be available only in extraordinary circumstances, but it will help ensure that the government is no longer forced to choose between bailouts and financial collapse," they wrote.
http://www.cnbc.com/id/31365066
the quiet coup continues...............
-
- There are more pages in this discussion • 10 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)