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Australian PM: Embrace new world order of global financial regulation
Samantha Maiden
The Australian
Monday, Oct 6, 2008
KEVIN Rudd has urged international leaders to end an era of “extreme capitalism” and reject the notion that “greed is good” by embracing a new world order of global financial regulation.
The Prime Minister has refused to step back from his argument that the big banks might not be able to pass on in full any cut in official interest rates this week, with new Treasury advice underlining the rising cost of credit in the face of the global financial crisis.
But in attacking the multi-million-dollar executive salaries of the modern era, Mr Rudd has sought to place the global financial crisis within a values framework, warning that “the disease” of short-termism has infected governments and financial markets.
(Article continues below)
“We’ve seen the triumph of greed over integrity; the triumph of speculation over value creation; the triumph of the short term over long-term sustainable growth,” Mr Rudd said.
“It is perhaps time now to admit that we did not learn thefull lessons of the greed-is-good ideology. And today we are still cleaning up the mess of the21st-century children of Gordon Gekko.”
Mr Rudd said such ideologues always argued that the market knew best except when there was a crash and then “the self-same ideologues argue, having privatised their profits, we should socialise their losses – and, by the way, having demanded lower and lower taxes all the way through”.
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10 Responses to “Australian PM: Embrace new world order of global financial regulation”
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October 6th, 2008 at 2:39 pm
well said !
October 6th, 2008 at 6:23 pm
Rudd can go swivel. Selling out the Australian people like every other politician.
October 6th, 2008 at 6:54 pm
Given the fact that FINANCE CAPITALISM is global, and INDUSTRIAL CAPITALISM is being destroyed, it makes sense to have global institutions regulating it.
This is not about your uncle’s hardware store or some small biz.
It’s about what Wall Street has been doing, in collusion with London and other financial centers, under the auspices of unbridled and unregulated financial fraud.
There is a VALID question on whether these proposed institutions will simply be more paper tiger shills to protect and disguise what these banks, hedge fund operators, and insurance companies are doing. Will it be cover or real?
If the “vampires” are put in charge of them, like Paulson from Goldman Sachs in Treasury and Phil Gramm ordering the SEC to NOT regulate and NOT track this fictitious derivatives trading, and removing all regs from trading futures contracts, then we can expect more of the same, and probably some pernicious regulation of pedestrian businesses, under the guise of regulating these banking institutions.
It’s complicated. It’s more complicated than Revelations.
If anyone wants to understand, economist Michael Hudson is featured on globalresearch.ca and Democracy Now past shows. Michel Chossudovsky of globalresearch was on AJ’s show. Also, Steven Zarlenga’s articles on The Lost History of Money, it’s definitely for change, against the Fed, but debunks some of the weirder conspiracy theories.
October 6th, 2008 at 8:11 pm
Dean Jackson, stop spamming the same crap.
October 6th, 2008 at 9:40 pm
That picture is of Steven Harper, the PM of Canada.
October 6th, 2008 at 11:14 pm
yup, that’’s a picture of Stephen Harper, Canada’s puppet of a PM.
October 6th, 2008 at 11:29 pm
Hey Dean Jackson, we really don’t need your spam to know that 9/11 was an inside job so stop wasting your time and write something of value the next time!!!
October 7th, 2008 at 7:14 am
Yeah, sure. Wouldn’t you guys love us to adopt your policy’s again so you remain rich and everyone else gets poorer and poorer as they slave away in your elitist fascist world state.
Shove it. Governments are over. It’s just everyone hasn’t realised it yet…. but they will.
We will tear up your ‘on paper’ wealth, start afresh in equality, and leave you greedy fucks with nothing. As you deserve.
October 7th, 2008 at 11:12 am
“We’ve seen the triumph of greed over integrity; the triumph of speculation over value creation; the triumph of the short term over long-term sustainable growth,” Mr Rudd said.
Well observed and absolutely correct.
January 31st, 2009 at 12:46 pm
Good to see that AT LEAST ONE POLITICIAN HAS A SET OF BALLS these days!
“We have now sunk to a depth at which restatement of the obvious is the first duty of intelligent men.”
- Orwell