Thread: Gordon Brown calls for new world order to beat recession

Gordon Brown calls for new world order to beat recession

Prime Minister Gordon Brown will today set out a five-point plan to create a "stronger and more just" world order in the wake of the worst financial crisis since the Great Depression.

By Nick Allen
Last Updated: 10:44AM GMT 10 Nov 2008



Mr Brown wants agreement on a world trade deal and reform of the international financial system Photo: REUTERS

Mr Brown will call on fellow world leaders to use the current worldwide economic downturn as an opportunity to thoroughly reform international financial institutions and create a new "truly global society" with Britain, the US and Europe providing leadership.

His call comes ahead of an emergency summit of world leaders and finance ministers from 20 major countries, the G20, in Washington next weekend.

Mr Brown will say that the Washington meeting must establish a consensus on a new Bretton Woods-style framework for the international financial system, featuring a reformed International Monetary Fund which will act as a global early-warning system for financial problems.

The original Bretton Woods agreements, signed in Bretton Woods, New Hampshire in 1944, established post-war international monetary protocols governing trade, banking and other financial relations among nations, including fixed exchange rates and the IMF.

Mr Brown's plan for strengthening the global economy 60 years later involves recapitalisation of banks to permit the resumption of normal lending to households and businesses, better international co-ordination of fiscal and monetary policy and a new IMF fund to help struggling economies and stop financial problems spreading between nations.

He also wants agreement on a world trade deal and reform of the international financial system based on principles of "transparency, integrity, responsibility, sound banking practice and global governance with co-ordination across borders".

As Britain moves into a painful recession Mr Brown has staked his own leadership on helping to find a way out of the global crisis.

In a speech to City financiers at the annual Lord Mayor's banquet in London he will say: "The British Government will begin to begin a new Bretton Woods with a new IMF that offers, by its surveillance of every economy, an early warning system and a crisis prevention mechanism for the whole world.

"The alliance between Britain and the US, and more broadly between Europe and the US, can and must provide leadership, not in order to make the rules ourselves, but to lead the global effort to build a stronger and more just international order.

"My message is that we must be internationalist not protectionist, interventionist not neutral, progressive not reactive and forward-looking not frozen by events. We can seize the moment and in doing so build a truly global society."

Mr Brown has already discussed IMF reforms with French President Nicolas Sarkozy and German Chancellor Angela Merkel and has called on countries including China and the oil-rich Gulf states to fund the bulk of an increase in the IMF's bailout pot.

The Prime Minister wants the markets to be subjected to morality and ordinary people's interests are put first.

He believes that in electing Barack Obama, US voters have showed their belief in a "progressive" agenda of government intervention to help families and businesses through the current crisis.

He will say: "Uniquely in this global age, it is now in our power to come together so that 2008 is remembered not just for the failure of a financial crash that engulfed the world but for the resilience and optimism with which we faced the storm, endured it and prevailed."

However, the head of the IMF played down expectations of a new Bretton Woods system ahead of the G20 summit.

Dominique Strauss-Kahn, the IMF's managing director, said: "Expectations should not be oversold. Things are not going to change overnight. Bretton Woods took two years to prepare. A lot of people are talking about Bretton Woods II. The words sound nice but we are not going to create a new international treaty."

The European Union has called for an overhaul of the IMF with French President Nicolas Sarkozy, whose country holds the EU's rotating presidency, saying: "We want to change the rules of the game".

The US, however, has been more lukewarm on the possibility of radical change.

http://www.telegraph.co.uk/finance/fina ... ssion.html

The alliance between Britain and the US, and more broadly between Europe and the US, can and must provide leadership, not in order to make the rules ourselves, but to lead the global effort to build a stronger and more just international order.

"My message is that we must be internationalist not protectionist, interventionist not neutral, progressive not reactive and forward-looking not frozen by events. We can seize the moment and in doing so build a truly global society."

I'm just not so sure the world is ready for this. As it stands right now.....the people that don't like us very much can just stop and we, along with the EU would sink like rocks. For literally our basic survival needs.

We have opened trade doors as good faith and greed for cheap labor has taken our jobs, we have had our foods and products tainted to where we no longer feel safe in anything we buy. Some not so trusted people can pull the rug on a whim and I'm not so sold they wouldn't........and not to eager to kiss heinie so they won't.

Recently, I don't know where I heard it.....but some company was pulling out and going to China because basicly America had outlived it's usefullness for their profits. Can't rob Peter to pay Paul and think all is well. Can't run on debt or afford products with a cup of rice to keep the select few swimming in money and expect it to work on a global scale. They put the cart before the horse as it was and until the mess is cleared up and some common sense comes into the mix......I don't see globalization as anything but global poverty and not much hope. I personally don't see how it would stop a recession......just make it into a full fledged depression.

Well this is a frightening possibility.

Antichrist, anyone?

One world government.

Very convenient for the banks.

Bad news for the citizens of the world!

W

Oh I wished I lived in the DC area, I would be out front protesting these devils. "global governance with co-ordination across borders"?

No way.

It's always been just for the banks.

I have an answer for the NWO, it's called 1776.

Predictable - at least for those of us who have been watching the previous signs as intentional problems so that they can offer their own solutions. God, this is all REALLY coming true.

"My message is that we must be internationalist not protectionist, interventionist not neutral, progressive not reactive and forward-looking not frozen by events. We can seize the moment and in doing so build a truly global society."

WHO IN THE F WANTS THAT! Gordon Brown can just stay in his corner of the wrecked world and leave America alone. NO TO THE IMF AND GLOBAL NEW WORLD ORDER!

I WISH OUR FREAKIN LAWMAKERS WOULD QUIT BAILING OUT BANKS AND OTHER LENDERS. THEY SHOULD HAVE LISTENED TO THE AMERICAN PEOPLE IN THE FIRST PLACE! WE WERE RIGHT!

I hope and pray that Obama is found to be disqualified for the presidency. ITS THE ONLY WAY WE CAN SAVE OURSELVES!

Originally Posted by butterbean

I hope and pray that Obama is found to be disqualified for the presidency. ITS THE ONLY WAY WE CAN SAVE OURSELVES! [/b]

Even if Obama is not qualified under current law, Congress will pass a new law saying he is qualified. And the Globalist media will cover them for doing to.