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Bernanke To CFR: New Financial Authority Is Needed
“Reform of financial regulation and supervision should be coordinated internationally to the greatest extent possible.”
Steve Watson
Infowars.net
Tuesday, March 10, 2009
Federal Reserve Chairman Ben Bernanke has told an elite gathering that a new overarching financial authority should be created by the government and empowered with sweeping new regulatory responsibilities.
Bernanke also coyly indicted to the renowned globalist group that he believes a new international order could be fomented out of the crisis.
“We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components,” Bernanke said in a speech to the Council on Foreign Relations.
“We should consider whether the creation of an authority specifically charged with monitoring and addressing systemic risks would help protect the system from financial crises like the one we are currently experiencing.” he added.
Large firms will require “especially close” oversight in the future, Bernanke noted, adding that regulators need the authority to seize such firms.
“Some of the policies I propose can be implemented and developed under the existing authorities of financial regulators, indeed we are in the process now of doing just that. But in other cases, Congressional action will be necessary to create the requisite authorities and responsibilities.” Bernanke said.
While he didn’t specify which regulator should take that job, he noted that the Fed was first formed to address banking panics and said the initiative would “require” some role for the central bank.
“Effectively identifying and addressing systemic risks would seem to require the involvement of the Federal Reserve in some capacity, even if not in the lead role,” Bernanke said.
“Given how important robust payment and settlement systems are to financial stability, a good case can be made for granting the Federal Reserve explicit oversight authority for systemically important payment and settlement systems,” he added.
Essentially Bernanke suggested that even more power be granted to the Federal Reserve, a private banking institution that has already failed as a regulatory body and led us into the current crisis through it’s engineered inflation of the credit bubble under Alan Greenspan.
Bernanke’s suggestions echo those of Paul Volcker, an Obama adviser and former Fed chairman, who called for a similar regulatory crackdown in January, along with other members of the elite Group of Thirty.
(Article continues below)
Much to the delight of globalist CFR members, Bernanke also spoke of the international implications of the economic crisis during his speech.
“I also will not say much about the international dimensions of the issue but will take as self-evident that, in light of the global nature of financial institutions and markets, the reform of financial regulation and supervision should be coordinated internationally to the greatest extent possible.” he said.
Bernanke expanded on these comments in a revealing question-and-answer session after the speech.
Commenting on the upcoming meeting of financial heads of the G20 in London, Bernanke stated:
“From the perspective of the G20, the focus should be on the International aspects, obviously, of this crisis. I talked today primarily of what the United States can do and I left implicit, perhaps I shouldn’t have in front of the Council On Foreign Relations, the fact that this is very much an international problem, and it requires international solutions.”
“We need to begin to establish a framework… The better goal for a meeting of leaders would be as much as possible to establish some principles that would guide reforms around the world… they need to work for institutions and for markets that cross borders. We have banks and insurance companies that have subsidiaries in 100 or 120 countries, and there are so many jurisdictions, that dealing with problems in one of those companies is extraordinarily complicated. In order to do that successfully, we need to have agreements, conventions, that will help us work across jurisdictions in an effective and cooperative way.”
The CFR was keen to highlight these comments in it’s write up of Bernanke’s visit.
Watch video of the question and answer session:
Bernanke reiterated that the central bank, U.S. Treasury and other regulators “will take any necessary and appropriate steps” to ensure banks have capital to “function well in even a severe economic downturn.”
“Governments around the world must continue to take forceful and, when appropriate, coordinated actions to restore financial market functioning and the flow of credit,” The Fed chief said.
Bernanke conceded that world is suffering from the worst financial crisis since the 1930s, a remarkable U-turn given that just months ago he described such comparisons as “loose talk” urging that we “put that out of our minds”.
And though respected economists, such as Nouriel Roubini, have stated that those who believe in a second half recovery this year “are delusional”, Bernanke suggested that the downturn could indeed end this year.
Watch video of Bernanke’s speech here.
Full text of Bernanke’s speech can be found here.
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26 Responses to “Bernanke To CFR: New Financial Authority Is Needed”
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March 10th, 2009 at 1:22 pm
Does anyone want to swallow my scat?
willyc Reply:
March 11th, 2009 at 4:31 am
bernake should go to israel and work over there.. i dont think americans are going to be tricked anymore into serving the interests of other people
Charles Reply:
March 11th, 2009 at 4:57 am
Sadly, if you look at the stock market yesterday, everyone bought this shit, and the market rose almost 400 points or at least it SEEMS that way, at first glance.
I honestly think that some of the corrupt bankers are pushing their bail out money, into the market, buying up assets at fire sale prices, and using it at times of financial news that furthers their agenda to raise the stock market, and give the illusion that what THEY want, is what the people want.
It would make sense, someone comes on from the NWO, or someone who supports one world banker ran government, and they artificially inflate the stock market, to make all the investors go, my god, this is the way we should go, the stocks rose 400 points!
craplord Reply:
March 11th, 2009 at 2:21 pm
http://www.youtube.com/watch?v.....annel_page Bankster
March 10th, 2009 at 1:22 pm
Does anyone want to swallow my scat?
March 10th, 2009 at 1:24 pm
My cock is so hard right now.
March 10th, 2009 at 1:26 pm
And yet another phase of the Jew take over! Bet they’ll appoint a Zionist Jew as the leader of the new authority!
March 10th, 2009 at 1:47 pm
I can’t wait. I am tired of the designs of the American Dollars. We need red bills to match the scars on my ass.
March 10th, 2009 at 2:32 pm
The two books of the 70s that I keep always handy for ready referance are:
A) WHAT THEY DO’T TEACH YOU IN HARVARD BUSINESS SCHOOL
b) WHAT THEY DON’T TEACH YOU IN YAL LAW SCHOOL
Both the books are written by the same person.
Please read them when you can
nader paul kucinich gravel Reply:
March 10th, 2009 at 3:48 pm
Yes.
They don’t teach you in Washington University Biz School either
gravel kucinich paul nader Reply:
March 10th, 2009 at 3:51 pm
This just seems to get better & better by the day!
March 10th, 2009 at 2:58 pm
Also check out None Dare Call it Conspiracy, great book that outlines the globalist banking conspiracy that is there to steal your money and make you a slave of debt.
I can’t wait until corporate stores and housing are back! We can all be indentured servants of the people who put us in this mess!
March 10th, 2009 at 3:03 pm
The Real Theme of this Article: Consolidation of Power under the Obama Administration
“We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components” – Bernanke
The say Holistic, they MEAN Consolidated!
Begin Reductio ad Hitlerum:
Some Cheap Bullet Points on Hitler’s Nazi Consolidation of Power.
http://www.askwinston.co.uk/page29.html
Notice the Last Step:
“The army now swear an oath of loyalty to Hitler” (hits a little close to homeland)
I’d suggest everyone become familiar with the history of Nazi Machtergreifung (the Nazi Seizure of Power) in order to see recent political happenings with a bit of perspective on how fascist takeovers have happened in the past, and how they can hopefully be prevented.
These are entirely different worlds, but people haven’t changed, they will be dragged to unnecessary wars whether they want to or not. Because groups can be fooled more easily than INdependent individuals. Make the people live closer and closer to where they are smelling each others filth and hearing each others racket distracting each other from a moment of clear thought until they are reduced to one stinky, stupid, easily manipulated mob. Look at how the Beijing resident’s personal space zone is less than half of American’s personal space zone. It’s human nature. Look at the intentional grouping of presidential coverage attendees into packed little mobs, each frothing with loud propaganda.
American Human beings are not meant to be Communist. We need to stay away from each other and mind our own business and we’ll get through this depression with our own quality thoughts and ideas. Picket mantras are likely NOT facts. Seeks facts and sources, judge and form opinions based on those, question your sources, cite your sources when you retell facts and opinions and you will be smarter to yourself and those around you.
Just because a presentation or speech is Awe-Inspiring, doesn’t mean they’re awesome in the internet good sense of the word. Read about Albert Speer and his use of the “awe” effect.
March 10th, 2009 at 3:08 pm
I hope and pray that Ben Bernanke is tried for treason. If he hasn’t committed treason before yesterday, he has now.
BTW, Citigroup is clearly cooking their books. I am willing to bet my life that their CEO and board of directors were told to show massive profits just to get Jim Cramer off their backs.
March 10th, 2009 at 3:17 pm
This asshole needs to be in prison. not one of those Federal country clubs. Maybe Leavenworth with a ball and chain attached to his leg and let him get ass raped by all the people he screwed over.
March 10th, 2009 at 3:34 pm
Why have all the FED Chairman been JEWS since the 70’s?
Why is all the lying traitorous media owned by JEWS?
Why is Israel a racist state for JEWS?
HISTORY REPEATS AND NOW YOU KNOW WHY.
March 10th, 2009 at 3:36 pm
fuck prison for these peope. what they’re doing is high treason of the worst kind, they deserve to be hanged, nothing less
March 10th, 2009 at 5:15 pm
A new financial authority to do what ? . to finish us off!..games games and more games
March 10th, 2009 at 5:29 pm
How old r u guys , from the like sof it you guys sound like 16 yr old Keyboard fighters , spewing off shit .
March 10th, 2009 at 5:50 pm
Looks to me like they are going to keep on stealing your money until you finally get off your couches and tell them NO!
I think they are hoping that everyone starts rioting in the streets and they are using this stealing of your money to get you riled up enough to fight back.
March 10th, 2009 at 6:47 pm
Do with as you will right after he tells us where all moneys gone and is returned retroactive to Dec. 23, 1913 with interest, and all the names and locations of his conspirators.
March 10th, 2009 at 8:20 pm
With a parrot like Bernanke spewing the vile he has been ordered regurgitate it is no wonder it turned into a wank fest.
March 10th, 2009 at 8:51 pm
well it sounds like chip time for the zombies is on the horizon
we’ve got to help the regulators, they’re educated and know whats best for us
who are these people and who appoints them …
obviously the us consitution is now a piece of fiction
March 11th, 2009 at 4:41 am
TO ALL OF YOU TIRED OF “BLING BLING” MEANINGLESS RAP MUSIC…..
well …..HERE S MY ANSWER TO THEM ALL…..
ENJOY……
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http://www.myspace.com/zeefrog
March 11th, 2009 at 9:18 am
Zionist slave masters telling the slaves that it will be good for them to be slaves.
March 11th, 2009 at 5:23 pm
It appears that Bernanke is referring to the OECD as becoming the regulatory body – this is not a good thing. Basically, the OECD would become a taxing agency that ignores sovereign borders. Obama and Bernanke have been parroting OECD propaganda for some time. Don’t believe me? Do a search for OECD on Google or YouTube – they are all over.