16 November 2008
Sovereignty Lost
Posted by Joy Bischoff under: Constitution in Peril .
Those of us who have read the writings of Karl Marx, Lenin, and other reformers of the socialist/communist bent, recognize the importance of the drastic move by this international meeting of the new G20. Our sovereignty dies with this shift and it will not be subject to the voice of any people by a democratic voting process. We are told it must be done because the financial situation gives them no choice. The god of money will prove to be a hard taskmaster and I wonder if we will come to value freedom over a tenuous security, and a climate of hope over the fear and intimidation that always follows the consolidation of power into the hands of an elite group. Time will tell.
The further loss of freedoms may not become obvious for a couple of years but history proves that it is just a matter of time. For those who do not see the obvious message of this article, I would suggest you ask yourself what President Bush’s words could mean other than we are losing our free market system. Combine that with the other bolded statements and study the definition of sovereignty.
World Leaders Agree to Seek Major Reform
By Glenn Kessler and Anthony Faiola
Washington Post Staff Writers
Sunday, November 16, 2008
World leaders holding an emergency meeting to combat the economic crisis agreed yesterday to a far-reaching action plan that, over the next 4 1/2 months, would begin to reshape international financial institutions and reform worldwide regulatory and accounting rules.
The leaders’ 11-page statement spoke of broad principles, leaving the details to be worked out by lower-level aides before another summit meeting in April, after Barack Obama assumes the presidency. But the gathering in Washington of the nearly two dozen nations — from every region of the world — reflected the new balance of power emerging in the aftermath of a financial crisis that has devastated even well-run economies, a wrenching process that British Prime Minister Gordon Brown has dubbed “the birth pangs of this new global order.”
Under the plans outlined by the leaders, countries such as China, Brazil and India would gain greater roles and responsibilities as part of a restructuring of the international financial system, while European leaders won a commitment to new regulations and controls on banks, rating agencies and exotic financial securities. The leaders also agreed that a dramatic failure of market oversight in “some advanced countries” was among the root causes of the financial crisis, an implicit rebuke of the United States.
“I’m a free market person,” President Bush told reporters after the summit ended, “until you’re told that if you don’t take decisive measures then it’s conceivable that our country could go into a depression greater than the Great Depression.”
The Europeans got “virtually everything” they sought at the summit, French President Nicholas Sarkozy crowed afterward at a news conference. He said it had been difficult to persuade Bush to hold the summit, but the results were worth it. “America is still the No. 1 power in the world,” he noted. “Is it the only one? No, it isn’t.”
The leaders agreed to set up a new regulatory body, “a college of supervisors,” to examine the books of major financial institutions that operate across national borders, so regulators could begin to have a more complete picture of banks’ operations. They demanded greater scrutiny of hedge funds and the completion of a clearinghouse system to help standardize and limit risk on some of the opaque and exotic financial derivatives that helped bring down Wall Street’s investment banks.
Leaders also agreed to submit their countries’ financial systems to regular, vigorous reviews by the International Monetary Fund — assessments that some countries, including the United States, had long resisted. And they urged new constraints on the pay schemes at financial firms that “reward excessive short-term returns or risk-taking.”…
Sources said other leaders, including Canadian Prime Minister Stephen Harper, spoke out against Sarkozy’s calls for broad global regulation, arguing that even in progressive Canada, the idea would be seen as violating national sovereignty.
And so we turn to prayer as we focus on strengthening family and community for the long winter ahead, a winter that may last for years. If we stand on a foundation of stone and not of sand and rely upon God as our covering, we will weather the storms. We study the principles of the Constitution so we can assist to reestablish what our wise founding fathers received from inspiration. Those who seek to overthrow the freedoms of all nations will overplay their hand, and underestimate the hearts of many Americans. The stars and strips will still be flying when the Lord returns.
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