Finance Minister P Chidambaram said he did not “expect the need for another type of Bretton Woods institution” ahead of the 20-country Summit on Financial Markets and the World Economy starting in Washington DC on November 14.
“It’s very difficult to say that we could invent another Bretton Woods type of institution. What we’re trying to do is improve global governance and global oversight of these financial institutions,” Chidambaram said at an on-board press conference.
Reiterating and expanding on Prime Minister Manmohan Singh’s three-point Summit agenda — greater inclusivity, protecting developing countries’ growth prospects and avoiding protectionist tendencies — the finance minister said, “The key point is that we must move towards a new global order that can only be achieved by greater inclusivity in the international financial system.”
“The International Monetary Fund (IMF) has been unable to be an early warning system. The G7, too, is too narrow and small,” Chidambaram said, adding, “More inclusivity would ensure better oversight and serve as an early warning system.”
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Suggesting that India would be focusing on a greater role for developing countries in the global financial system, the finance minister said, “As the world grapples with the crisis, only a handful of countries are driving economic growth, China and India among them. It is very important that countries that can drive economic growth should not suffer in the period during which we grapple with the crisis.”
To this end, the finance minister said it was important that the crisis was not used as an excuse to go into “a protectionist cocoon”.
“We must try to encourage freer flow of goods, services and capital without which the world will not recover and get back to the growth path,” he said.
November 15th, 2008 at 7:14 am
I heard that Bretton Woods took about two years to draft. Let’s see how quickly they roll out this new system. The speed at which they do this will speak volumes as to how much foreknowlege they had.
November 15th, 2008 at 7:15 am
It is not 1950 anymore. We are no longer an economic superpower. We are broke. The U.S. can afford to dwell in the “free trade” fantasy. Our economy is collapsing. We no longer have the capability to feed and clothe ourselves. We’ve lost tens of millions of good paying jobs to countries like India and China, who are now insulting us and clucking about their money and growth. We are on track to becoming a third world country. It’s time for the U.S. to withdraw from these “trade” agreements which have devastated our economy. “The LORD is in His holy temple; He has His throne in heaven. He watches people everywhere and knows what they are doing. He examines the good and the wicked alike; the lawless He hates with all His heart.” (Psalms 11:4-5)
November 15th, 2008 at 9:33 am
excuse me mr. india breath, we still have a constitution here in the usa, and it is forever !!!!!!!!! why don’t all you globalists move to saudi arabia or north korea !!!!!!!
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November 16th, 2008 at 12:25 am
Kingsman
The strategy is to get the g20 or similar groupings into the public’s eye and get the ideas of global governance across to them. The “leaders” will begin to implement this NWO in a while from now maybe 6 months to 2 years as the depression arises globally and a sense of urgency overcomes public sentiment.
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November 16th, 2008 at 6:49 am
Assholes!
Taking Our life’s down the shithole.
While they eat better, live better from off our money.
Assholes!
November 16th, 2008 at 11:49 am
Not on my watch (It’s TIME Folk’s) hold them FULLY TO THIS–>
READ CAREFULLY:”The general misconception is that any statute passed by legislators bearing the appearance of law constitutes the law of the land. The Constitution of the United States is the supreme law of the land, and any statue, to be valid, must be in agreement. It is impossible for both the Constitution and a law violating it to be valid; one must prevail. This is succinctly stated as follows: The general rule is that an unconstitutional statute, though having the form and name of law, is in reality no law, but is wholly void, and ineffective for any purpose; since unconstitutionality dates from the time of its enactment, and not merely from the date of the decision so branding it. An unconstitutional law, in legal contemplation, is as inoperative as if it had never been passed. Such a statute leaves the question that it purports to settle just as it would be had the statute not been enacted.” “Since an unconstitutional law is void, the general principals follow that it imposes no duties, confers no rights, creates no office, bestows no power or authority on anyone, affords no protection, and justifies no acts performed under it.. A void act cannot be legally consistent with a valid one. An unconstitutional law cannot operate to supersede any existing valid law. Indeed, insofar as a statute runs counter to the fundamental law of the land, it is superseded thereby. No one is bound to obey an unconstitutional law and no courts are bound to enforce it.”
Sixteenth American Jurisprudence, Second Edition, Section 177. (late 2nd Ed. Section 256)