Bush Announces New World Financial Order
By Christopher J. Petherick
Nearly 20 years after President George H.W. Bush, in a landmark speech, heralded “a new world order,” which would crush any nation, leader or revolutionary group that defied the American empire, a second Bush
is proclaiming the advent of a powerful and unified global financial order that will foster such “ideals” as free trade, debt and the supremacy of the dollar.
On Sept. 11, 1990, President George Herbert Walker Bush addressed the nation and voiced those now infamous words before a joint session of Congress: “The crisis in the Persian Gulf, as grave as it is, also offers a rare opportunity to move toward a historic period of cooperation. Out of these troubled times, our fifth objective—a new world order—can emerge. . . .” Bush the Elder is a longtime luminary of the Trilateral Commission, Bilderberg’s brother group that has an interlocking leadership and a common goal of world government.
Two decades later, President George W. Bush, speaking before the neo-conservative Manhattan Institute in New York City on Nov. 13, said: “We must strengthen cooperation among the world’s financial authorities. For example, leading nations should better coordinate national laws and regulations.”
And with those words, the current Bush welcomed world leaders and economic experts from 20 of the world’s largest economies to Washington to feast on rack of lamb, smoked quail and $500-a-bottle wine and talk finance at a global summit characterized by many as Bretton Woods II.
Though the Group of 20 meeting only lasted a day, it is clear that Washington seeks to involve itself more in the world while ignoring the mess in its own backyard. According to the White House, Bush and other U.S. officials discussed ways to “update,” “coordinate” and strengthen international regulatory bodies, which would act to police markets around the world.
Ultimately, the leaders agreed to four rather vague points, which include: identifying companies that are critical to the world’s financial system; creating “supervisory colleges” for large financial institutions that do business around the world; working toward coordinating global accounting standards; and, finally, taking a look at compensation policies for top speculators and traders.
It is worth noting that usually G-20 gatherings only draw finance and economic ministers. This was reportedly the first time that the leaders of the member countries actually attended.
And while the mainstream media focused on the specifics of the talks, many missed the important symbolic gesture of who was seated right next to Bush. It was not British Prime Minister Gordon Brown, French President Nicolas Sarkozy or any of the other European Union leaders who attended. It was Hu Jintao, the president of China.
U.S. financial officials were certainly all ears as to what the Chinese leader had to say, given that the Asian country now holds $2 trillion worth of foreign reserves in its banks and could easily crush the United States economically overnight by simply unloading all of its dollar holdings.
After the G-20 talks wrapped up, Hu boarded a plane for highly publicized trips to Costa Rica and Cuba, where he discussed free trade deals with Latin American leaders and the prospects for increased Chinese investments throughout Central and South America.
Christopher Petherick is a journalist and publisher based in Maryland. For more information, see his website at www.brandywinehouse.us or write directly to BRANDYWINE HOUSE BOOKS AND MEDIA, P.O. Box 638, Cheltenham, MD 20623. Petherick encourages all readers with Internet access to sign up for AFP’s free weekly email newsletter. It’s loaded with house news and special offers available only to newsletter recipients and AFP web site users. See AmericanFreePress.net.
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(Issue # 48, December 1, 2008)