Global plan for recovery and reform

Read Global plan for recovery and reform. Excerpt:

By embracing the “global plan for recovery and reform,” which is how it was officially described, Obama explicitly endorsed International Monetary Fund (IMF) surveillance of the U.S. economy, creation of a global “Financial Stability Board,” the expanded use of a new global currency called Special Drawing Rights, a new global warming treaty, and costly fulfillment of the United Nations Millennium Development Goals (MDGs). This is in addition to the explicit and reported commitment of over $1 trillion in additional taxpayer money to the IMF and the World Bank. ...

The document includes the statement that “we reaffirm our historic commitment to meeting the Millennium Development Goals…” This is, in fact, a disguised attempt to make then-Senator Obama’s Global Poverty Act the law of the land through executive action. This measure alone has been estimated to cost $845 billion and it was never passed by Congress because of public opposition.

“We will support, now and in the future, to candid, even-handed, and independent IMF surveillance of our economies and financial sectors, of the impact of our policies on others, and of risks facing the global economy,” the document states. There is no exception for the U.S. Hence, the IMF will now be in a position to officially monitor and pass judgment on U.S. economic policies. We have become like any other second- or third-rate power in need of global oversight and supervision.

The proposed “new Financial Stability Board (FSB)” will have a “strengthened mandate” and work with the IMF to “reshape our regulatory systems.” Among other things, its mission is to “assess vulnerabilities affecting the financial system, identify and oversee action needed to address them,” “promote co-ordination and information exchange among authorities responsible for financial stability,” and “monitor and advise on market developments and their implications for regulatory policy.”

The Financial Stability Board is the new name for a more powerful and expanded Financial Stability Forum, a body originally designed to “promote international financial stability through information exchange and international co-operation in financial supervision and surveillance.” Members of the group include the central banks of various nations, international financial institutions, and supervisors in important financial centers.