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We will continue the move toward one world government and one world currency.
1. Now that the growth of debt and derivatives bubbles has stalled, we are committed to using governmental-central bank mechanisms to cover the positions of any of the large private financial institutions whose profits are at risk due to their management of these bubbles and who can use this opportunity to squeeze and acquire smaller rivals at low cost.
2. Our commitment to use derivatives and market interventions to shift investment from the real economy and commodities into a paper economy is firm. We will continue to use centralized governmental mechanisms to subsidize and manage this process.
3. All of the organizations and players who reaped a fortune engineering the debt and derivatives bubbles will be allowed to keep their winnings.
4. We will use this period of consolidation to further centralize the global financial system by enforcing greater centralization of the standards, practices and control of enforcement and regulatory bureaucracies. This increased governmental centralization will be presented as the “fix” for our “problems.”
5. We will continue the move toward one world government and one world currency.
6. We are prepared to use coordinated inflation of global money supplies and fiscal stimulus to protect our control and positions.
7. We are committed to the Slow Burn (see my blog post on this subject).
8. This process will continue to be managed to protect large insurance and risk positions.
9. The net result will be to continue to exercise growing control over the real economy by a handful of private families and institutions designed to protect and grow intergenerational wealth.
G-20 are silent on the military and covert action that will be required to make this stick. They are also silent on how they are going to manage this much inflation. For example, the most recent figures from the St. Louis Fed indicate that the aggregate monetary base is growing at an annualized rate of almost 800%.
Watch for a new focus on “green investing” as the trick in all of this will be how to create new productivity when the absence of real prices mean there is no market to provide the necessary signals and financial incentives.
We, the Finance Ministers and Central Bank Governors of the G-20, have a common goal of promoting employment, welfare and development in our countries.
We are convinced that strong and sustained economic growth is necessary both at national and global level to achieve this end. We have therefore discussed the requirements for long-lasting growth on the basis of our own experience and believe that domestic policy needs to address three tasks:
...establishing and maintaining monetary and financial stability; enhancing domestic and international competition; and empowering people to participate.
Transparency and accountability within an internationally agreed framework of codes and standards remain key to ensuring sustained economic growth and stability at the global level.
We agreed on the following key elements that will guide our domestic economic policies in the future.
In implementing these elements, microeconomic aspects must be given due consideration.
As these principles are interlinked, they must be implemented consistently, with due regard to possible trade-offs and complementarities, because many single elements have the potential of blocking the positive effects of others.
While appropriate and credible policies are the basis for economic growth, they need to be backed by high-quality institutions, including ethical standards in corporate governance.
Policymakers should build institutions in parallel with engaging in reforms and also ensure that institutions stay consistent with the requirements of a changing environment.
However, given the diversity of institutional settings and the success of different economic strategies among G-20 countries, there is no single template for strong long-term growth.
Policies need to be shaped to the special circumstances in individual countries.
Efforts along these lines will unfold their full potential in a favourable international environment, in particular in the context of a robust and effective international financial and trade architecture which supports countries in the adoption of these principles.