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Germany, IMF, OECD, World Bank, WTO, ILO Joint Press Release On Ponzi Perpetuation
Well, if the Senate can say it, so can we - this shit is now beyond ridiculous and has hit accelerated Goldman prop selling dimensions. Below is a joint press release by German Chancellor Angela Merkel, OECD Secretary-General Angel Gurria, WTO Director-General Pascal Lamy, ILO Director-General Juan Somavia, IMF Managing Director Dominique Strauss-Kahn and World Bank President Robert Zoellick. For the most this bureaucratic essay is worse even than overflowing fecal matter, but this particular statement from the pathological Keynesianites gets a 10 even from the French judge in both hypocrisy and braindeath: "Only a sustainable global economy can continue to guarantee growing
wealth without jeopardizing the chance for future generations to meet
their own needs." And how do we sustain it? Why, by having the developed world issue half a trillion in debt each and every month.
International policymakers have countered the global economic crisis with determined and coordinated action. Thanks to these efforts the global economy has now returned to a growth track, even if the crisis is not yet over and unemployment continues to be high.
Therefore, we have to continue major international efforts with the aim of ensuring a lasting recovery in the financial sector and strengthening growth in the long term, and to address the impact of the crisis on poor countries and vulnerable populations.
With regard to development in the longer run, industrial and emerging economies are working intensively along with international organizations within the G20 summit process to reorient the global financial architecture, create conditions for more balanced and sustainable growth and develop suitable exit strategies.
While the G20 has established itself as the premier forum for international economic cooperation, it remains important to cooperate within diverse networks consisting of national governments, international organizations and other stakeholders to reach common goals.
We welcome that our five international organizations have strengthened their cooperation during the crisis: In the context of the G20 we have increased our cooperation with joint work on labour (OECD, ILO), on trade and investment (WTO, OECD, UNCTAD) and on fossil fuels (WB, OECD, IEA, OPEC).
We will continue to do so in support of a more sustainable and fairer economy, especially in the following six fields of action:
1. We welcome the progress achieved so far in countering the crisis, including the extraordinary collaborative fiscal stimulus policies, especially within the framework of the G20 summit process.
Now it is important to continue effectively implementing the work programme formulated at the Pittsburgh summit and to pass key joint measures for strengthening the international financial architecture, reducing global imbalances and designing exit strategies.
Ensuring cross-country consistency is critical, as is recognized in the G20s Mutual Assessment Process and in international discussions of financial sector reform and taxation. We welcome the ongoing work within the G20 and the IMF on options to improve the global financial safety net based on sound incentives.
2. These endeavours have to be accompanied by policy measures to strengthen employment and to address the social consequences of the crisis, building on the Global Jobs Pact approach adopted at the ILO International Labour Conference of 2009.
We welcome the outcomes of the most recent G20 Labour Ministers meeting, which we regard as a significant contribution to the creation of new jobs and the reinforcement of social protection.We also welcome the emphasis in the G20 process on the needs of poor countries and vulnerable populations and stress the importance of continued strong and coordinated international support.
3. We welcome the fact that most countries have refrained from implementing protectionist measures, thereby helping to avoid a general tendency towards protectionism. However, the potential of multilateral trade liberalization was not sufficiently realized as a means of contributing to global economic recovery.
Therefore, we appeal to all WTO partners to do all they can to ensure the success of the Doha Round and to strive for the adoption of modalities as soon as possible. The multilateral approach to trade liberalization will continue to play a significant role in the future too as a means of ensuring fair competition, preventing trade distortions and creating new market opportunities, especially for developing countries.
4. Only a sustainable global economy can continue to guarantee growing wealth without jeopardizing the chance for future generations to meet their own needs. The G20 Framework for Strong, Sustainable and Balanced Growth, to which the international organizations make important contributions, will support this idea by macroeconomic, fiscal and structural policies.
Moreover, we need an overarching consensus, supported by states and international organizations, that helps prevent excesses in the market and works to counter future crises. Therefore, a dialogue process in the G20 on important policy areas in this respect could be helpful. International organizations expertise could provide valuable input for this process.
5. When contemplating new sources of growth, economically advanced countries in particular have to focus on new areas, such as cutting-edge technologies, new ways of turning ideas into market success and concepts like “green growth. Innovative approaches like these could help expedite economic recovery, also on a global scale.
As another lesson of the crisis, we should consider expanding our traditional concepts of growth. GDP, as the main indicator of economic development, could be complemented by including appropriate social, employment and environmental components. The work by the Stiglitz Commission will be continued, hosted by OECD. Experts in Germany and France will draft a report on a complementary growth concept by the end of this year.
6. The global fight against climate change must remain a top priority. Last years UN Climate Change Conference in Copenhagen did not achieve the progress we had hoped for. We must continue and strengthen our shared commitment to ambitious global climate targets on the basis of common but differentiated responsibilities.
We will work for substantive progress at the Bonn Ministerial Conference in May. We welcome that climate protection is increasingly finding its way into the work programmes of international organizations; on this issue, it is crucial to continue building an effective network among different organizations and with governments.
7. The financial crisis and the global economic downturn have had far-reaching effects, especially on developing countries. Against this background, we welcome the international communitys considerable financial efforts and political commitment to its goals of fighting poverty and promoting economic development in poorer countries, thereby resolutely advancing the implementation of the Millennium Development Goals.
To guarantee the sustainable development of the global economy in the long run, it is of paramount importance that the trust-based dialogue between developed countries and emerging economies continues. By further intensifying their own cooperation, the IMF, the World Bank, the ILO, the OECD and the WTO can continue to be valuable partners for governments when it comes to designing a more sustainable global economy. We ask the Canadian and Korean hosts of this years G20 summits to devote special attention to this matter.
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Zee Germans are gonna vote that crazy bag out of office this coming election.
Unfortunately, no. That chance flew by late last September. These are regional elections in the most populated state, Nord Rhine Westphalian. The most that will happen is that she will lose her majority in the upper house of parliament, the German equivalent of the US Senate.
Bumber. Because that crazy old bat has obviously demonstrated that she has more loyalty to the EU, than she does to the German people.
Don't forget: that old bat is not very German. She's born in West Germany which her father left for East Germany. She has had quite a career there before Kohl picked her out. She is a Fabian socialist and an opprtunist. F***king bastards all of them!
It is still refered to as "The Fatherland" by the faithful living there, no?
And almost every European country will face a major rise in Extreme Right wing groups. The Netherlands, Belgium, France, Italy, Sweden.... all extreme right in the next 3 months.
Yep, we saw it begin in last week's elections in Hungary
And just downtown in my city there is the "Braunhaus" of the NPD. For those who aren't familiar with political parties' colors, think of the Red Green coalition, then think of Brown (it helps if you put the noun "shirt" after their color)
UK too, even if the BNP dont win seats a significant increase in the % of the vote is expected.
...and vote in zhat red green coalition which is even creezier and would have given the greeks all zhey wanted wisout having to stage a theater in zhe first place!
Hey now! I'm part of that crazy Red-Green coalition! ;-)
Greece, the gift that keeps on giving the Ponzi another day of life. Portugal, are you ready for your round at the Ponzi wheel? Come on, put your game face on and get out there.
Hey, hey, hey, now. Dont be so quick to push Greece away from the table. They still got the dice in their hand. They still got a little bankroll left to roll on. Of course, I think I'll place my money on the "Don't Pass" line...
What exactly is the point of this issuing this fatuous bilge?
To justify extend and pretend, I presume.
Welcome to the Prognostications of the New World Order.
Nobody's Ever had the Opportunity to Vote for Them, eh?
This press release tells me the Greek Crisis is getting punted to the IMF, OECD, World Bank, WTO, and the Loo... The Germans are positioning themselves to wash their hands of the whole affair. Germany is the only European State that matters. No mention of France, UK, Italy, Russia.
Look at Item 6 - Discussions on Global Warming. Maybe they should have signalled support for AIDS research. I suspect that topic will be part of next week's press release.
What about poverty in Africa?
"Only a sustainable global economy"
No such thing if you use exponential growth for your bases of your system. You can expect maybe 60-80 years or a generation.
Well, to their credit, at least they are finally being honest. When was the last time anyone has ever heard the power-elite admit that the entire credit-money system is a ponzi scheme?
That is, the ponzi's continuing survivial is entirely dependent on continual economic growth in which to fuel further credit demand in order to payoff accuring principle+interest charges on past incurred debts.
But how is continued exponential economic expansion (necessary to offset exponentially compounding debts) achieved when the very thing that drives the engine is a finite source of fossil fuels?
What a system, huh? I guess the big question is how did this ever get to be our system? Who in their right minds would willingly adopt such a system to facilitate trade & commerce?
Imagine if heroin was not only legal, but was legally mandated (ie legal tender laws) to be included in all food substances. Who would agree to such an arrangement?
A reasonable person can only conclude that these guys know this fucker is going down. This is all subterfuge to ensure the PTB have enough time to get dressed in women's clothing in order to get on one of the last boats.
Well, it is the easiest route. The other route is harder to deal with. How do you reward without it being a pyramid scheme? Tough one if you ask me.
Either way the present system, and the systems before this one are unsustainable long term as you suggested.
Are you doubting capitalism? Don't you realize we have done it? We have reached the end of history!
You need a yellow armband. We need to keep an eye on you.
Greeks work so hard they should have their retirement age lowered to 55. This could be funded by increasing the retirement age in the US to 70 and giving the Obamacare death panels absolute discretion to withhold expensive medical procedures and medications to those over 65. We just saved another $100 billion, now cut that check for Greece.
Just say anything to try and stop the bleeding, then you can always backtrack later.
Plan #11 will come out on Friday, see how this one works for the next day or so. :)
If I were Greece, I would just play along, sure we'll cut spending, send us the money... once you get the money, thanks guys but we have some spending to do. Let us know when the next check is coming.
This is it, Rose!
To me, it's a very clear sign of how worried they are about the contagion spreading very quickly and getting out of control. After the performance of the Asian markets last night and the CDS volumes that Tyler published last night - particularly those against the U.K., it's not surprising to see these guys come out and say "Nothing to worry about, folks. We've got the situation under control."
Mark it ALL zero, dude.
and give it the Empty Set sign.
Before responding to the virtually ubiquitous ZH poster "HarryWanger", please be aware of just whom and what you are dealing with in this person:
http://www.minyanville.com/businessmarkets/articles/AAPL-apple-gm-psycho...
His real name is James Kostorhyz, and he is here posing as a troll in dishonesty and in disregard for the fundamental purposes of this forum. He is NOT posting here in good faith, but is purposely antagonizing those with independent, anti-establishment views and opinions for his own selfish and cynical purposes, as part of a study on "the psychology of permabears".
He believes that anyone who opposes the current widespread fraud, corruption and rampant lies within our societies and governments are "utopian" and unrealistic, pollyannish dreamers.
And for those ZeroHedgers who are advocates of sound money backed by gold, this bankster shill is already out there with one of the most disingenuous, dishonest pieces of pro-establishment propaganda on the topic, expounding on how such financial integrity is "impossible", and merely "the rants of an ideological fringe":
http://finance.yahoo.com/news/The-Gold-Standard-Solid-as-minyanville-285...
Please do NOT respond to this reprehensible troll, here or anywhere else on ZeroHedge. He is NOT here in good faith, and should be shunned!
I'll keep on the side of the guys giving out the money. Just wait until the Fed decision. This market is now primed to accelerate quickly on that report.
"I'll keep on the side of the guys giving out the money."
I wouldn't expect anything less of you Kinito. Why don't you grow a pair and put your teeth back on? Do you think the flag sells better? At least have the decency to fly it upside down.
Because they're going to lower rates to -1%?
No. Because there will be no change in any of the dialogue from the Fed. Until that happens, we jump on the announcements.
"trust-based dialogue"
Fuck you.
"Only a sustainable global economy (perpetually exponential debt growth) can continue to guarantee growing wealth (the consolidation of the world's wealth by the banking cartels), without jeopardizing the chance for future generations to meet their own needs (enjoy a lifetime of indentured servitude.")
Good God, look at all the organizations feeding off of this. How can you have a 'sustainable' economy when you have this many quangoes, unctads, ofs, eus and what not producing nothing but noxious prose and taking up airline seats and hotel rooms.
[producing nothing but noxious prose and taking up airline seats and hotel rooms]
You realize I hope that you just described the value output of 20% of the global economy?
It's a zero sum game, sayeth the zeropean transnational socialists.
Yeah, that'll help them pay their debts and take care of their demographically dying, dependent populations.
Wonder what El Moron at PIMPCO thinks about these new world dynamics.
Ummmm, still the same question.
How is debt an issue at present times? Yes, the western world is issuing trillions of debt.
And? They are not putting front trillions worth commodities/goods. If it was the case, I'll be first to say that the wrong side of the deal is not where it should be.
The question is not the one of the debt. The question is how long other countries will be able to valorize this debt by yielding their resources and therefore their future generations.
Still have not understood how the debt is bad for the western world.
Still have not understood how bailing out/IMF money was US/European tax money... This might explain that.
You have it right. We have a good deal going out here if we can continue to get real stuff for paper and some electronic digits that only we can produce!!!
The commodity countries are the losers!
Tyler, You may want to post this from Bloomberg. They folks in Europe have learned to count into the trillions too!
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6AYdnnGl5kw&pos=2
I cannot take this any more now
we now have bailouts for volcanoes
what world are we living in
where is my bailout
I lost money in stocks
lets all apply for free money
http://www.dailymail.co.uk/travel/article-1269420/Iceland-volcano-Airlin...
I did meet the pathological Keynesianites who believe in the BS. Well, it has nothing to do will sound economics and it is all to do with politics.
There is no way to move forward without jettisoning people and social institutions responsible for the past failures, mistakes, theft and corruption.
Except those people and institutions now control access to the lifeboats.
Guess who gets saved?
One world government is here. Europe is being crushed into IMF 3rd world style slave labour.