10 October 2008
Biggest Power Grab in the History of the World
Posted by Joy Bischoff under: Constitution in Peril; World Affairs; World Economy .
Below is an excerpt from the London Times that I predict will come about. From everything I am reading, the bailouts will not stabilize the economic crisis on a long-term basis. The consequences of such action will be enormous, as we have discussed here many times. Chancellor Darling’s statement about doing whatever is necessary for financial stability shows that freedom has become secondary to the pocket book. We will only get it back at a terrible cost.
British banks face nationalisation if £400bn bailout fails
Only option if the crisis continues will be for UK Goverment to take over the banking system to stabilise economy
Senior UK sources at the IMF in Washington gave strong hints tonight that if the British Government’s £400 billion bailout fails, the only option left to stabilise the economy and financial system could be wholesale nationalisation of the UK banking system.
The gravest warning so far during the global financial crisis came after one of the worst days on stock markets since the 1987 crash as panic selling swept around the globe, wiping an estimated $831 billion from the value of banks and industrial companies world-wide…
Alistair Darling, the Chancellor, said that it was now time for the world’s financial leaders to take decisive action.
“I would have thought that the case for acting is rather obvious at the moment,” he said.
What I want to see today and tomorrow is countries committing themselves to doing whatever is necessary to ensure that we build stability and we support the financial system. I hope we will get that commitment.
“Today we will be not be the end of the story by any means, either. We need a clear commitment. It is a real test of international financial institutions as to whether they can sign up to doing something. It is really critical that we sign up to doing something and not just a piece of process.”
Mr Darling’s call came amid growing signs that other leading economies are set to follow the lead set by Britain under its radical £50 billion plan to inject new capital to underpin the UK banking system.
I beg our readers not to be naive out of fear of facing what this means. Rewriting the rules means the constitutions of the nations. It means sovereignty is gone. Those who have studied the writings of the people involved in the movement for globalization, are well aware of what is happening. It is now time for everyone to wake up and face the danger and to decide whether their god is money, or the God of freedom.
Berlusconi Says Leaders May Close World’s Markets (Update1)
By Steve Scherer
Oct. 10 (Bloomberg) — Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they “rewrite the rules of international finance.”
“The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,” Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis “can’t just be for one country, or even just for Europe, but global.’‘
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