Brown: World Needs 'Global New Deal'

Curt Here...

Thanks for the heads up to the anonymous poster in my last blog entry for this story.

According to UK Prime Minister Gordon Brown the world needs a global new deal to get out of this worldwide economic crisis. He calls this global deal a "grand bargain" between all the countries based on the "best principles." My initial reaction to this was who's best principles? Who's principles are we going to model in this new global new deal?

My question was quickly answered by Nicolas Sarkozy when he added this gem on top of Brown's comment. He said "Europe wants to see an overhaul of the system. We all agree on that. We're not talking about superficial measures now or transitional measures -- we're talking about structural measure, which need to be taken."

It seems to me, from this response that the structural measures Sarkozy says need to be changed is of course the American free market capitalistic system, and in my humble opinion the system he is advocating that we adopt is the European more liberal/socialistic system.

It is also clear from the article that the Europeans politicians have all agreed that international financial markets must be regulated more thoroughly. So, let's be honest and I have said this before, this economic crisis will turn into a huge power grab for EU, and I believe it will eventually lead to the mark of the beast.

Stay Tuned.

Curt


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Brown: World needs 'global New Deal'

BERLIN, Germany (CNN) -- The world needs a "global New Deal" to haul it out of the economic crisis it faces, Prime Minister Gordon Brown of the United Kingdom said Sunday.

"We need a global New Deal -- a grand bargain between the countries and continents of this world -- so that the world economy can not only recover but... so the banking system can be based on... best principles," he said, referring to the 1930s American plan to fight the Great Depression.

Brown was speaking as the leaders of Europe's biggest economies met to try to forge a common position on the global financial crisis ahead of a major summit in London in April.

French President Nicolas Sarkozy said the world's response to the global financial meltdown had to be profound and long-lasting, not just tinkering around the edges.

"Europe wants to see an overhaul of the system. We all agree on that. We're not talking about superficial measures now or transitional measures -- we're talking about structural measure, which need to be taken," he said.

German Chancellor Angela Merkel, the host of the meeting, urged nations of the world to work together to fight the problem.

"Confidence can only be restored if people in our countries feel that we are pulling in the same direction and have understood that we really must learn lessons from this crisis," she said.

And she proposed that a new institution grow out of the crisis, "which will take on more responsibility for global [financial] mechanisms."

The Europeans say they have agreed international financial markets must be regulated more thoroughly. That also means stricter rules for hedge funds and credit-rating agencies.

European and world leaders have been holding frequent summits as they struggle to cope with a financial crisis that has affected banks, homeowners, businesses and employees around the world.

London will host a meeting of the Group of 20 nations in April. The G-20 includes the G-7 leading industrialized nations -- Canada, France, Germany, Italy, Japan, the United Kingdom and the United States -- as well as the world's largest developing economies: Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey, plus the European Union.

The managing director of the International Monetary Fund and the president of the World Bank, plus the chairs of the International Monetary and Financial Committee and Development Committee of the IMF and World Bank, also participate in G-20 meetings.

http://www.cnn.com/2009/WORLD/europe/02/22/germany.financial.summit/index.html