The financial crisis threatens to drag the world back to the dark days of the 1930s and wipe out the gains of globalisation, a hard-hitting report said tonight.
In its annual assessment of the global economy, the World Economic Forum warned of a rising tide of protectionism, nationalism and protests as seen during the Great Depression.
It warned that without action to tackle youth unemployment and support an ageing population the world would become ‘a place where life is full of hardship and devoid of hope’.
Dollar Power On The Wane, New Reserve System Likely
The days of the US dollar as a global currency, with its overarching charisma as a brand to measure everything from hamburger prices to trade between remote nations could be on the wane, says Nobel-prize winning Joseph Stiglitz. Stiglitz expects a new world reserve system to evolve at the next meeting of the G-20 group of the world’s leading economies.
“I am for a new global reserve system because money is moving in the wrong direction – from poor to rich countries. China and Russia pushed for a new reserve system at the last G-20 meeting but the United States did not agree to let the dollar be replaced,” Stiglitz said. “Hopefully, there will be a consensus on a departure from the dollar-dominated regime.”
Stiglitz, a staunch critic of economic globalisation, feels a new global monetary order is imminent in view of the slide in the US economy and China’s emergence as a major economic power. The weakening of the euro was also a factor, he said.
Iranian Paper Calls For Retaliation Against Israel After Killing Of Nuclear Scientist
A hard-line Iranian newspaper called Thursday for retaliation against Israel, a day after the mysterious killing of a nuclear scientist in Tehran with a magnetic bomb attached to his car.
Provocative hints from Israel reinforced the perception that the killing was part of an organized and clandestine campaign to set back Iran's nuclear ambitions, which the U.S. and its allies suspect are aimed at producing weapons. Iran says the program is for peaceful purposes only.
However, the day before the attack, Israeli military chief Lt. Gen. Benny Gantz was quoted as telling a parliamentary panel that 2012 would be a "critical year" for Iran - in part because of "things that happen to it unnaturally."
The blast killed Mostafa Ahmadi Roshan, a chemistry expert and a director of the Natanz uranium enrichment facility, the centerpiece of Iran's expanding program to make nuclear fuel.
IDF Official: Iran, Hezbollah Stepping Up Efforts To Save Assad Regime
Iran and Hezbollah are strengthening their efforts to ensure the survival of the Bashar Assad regime in Syria, Military Intelligence Chief Major General Aviv Kochavi said on Wednesday.
"They are providing [Assad] with knowledge, weapons and other means and recently with active involvement," Kochavi said.
Kochavi also said that the face of the Middle East is changing in such a way that it is no longer recognizable.
"It may be that the winds of change carry opportunities and promise, but in the short and medium term the risks are increasing," he stated.
"Assad and the Syrian regime may have a hard time acting against us in the short-term, but we also need to take into account that Syria has advanced weapons systems. They have advanced Russian arms such as Yakhont missiles."
The IDF chief said that he was not sure whether the Golan Heights, on the border with Syria, will remain quiet in the near future.
Three U.S. Warships To Patrol Waters Near Strait Of Hormuz
A total of three US warships will patrol the waters surrounding the Strait of Hormuz following confirmation that a third aircraft carrier strike group is being sent to the Arabian Sea as tensions with Iran rise.
"Another carrier strike group, led by the aircraft carrier USS Abraham Lincoln, concluded a port visit to Thailand on Tuesday and was now in the Indian Ocean. It is on track to join the Vinson in the Central Command area of operations, which begins in the neighboring Arabian Sea,” reports Reuters.
Iran is set to conduct a “massive” new naval drill over the next two weeks that will coincide with a major US/Israeli wargame exercise in the same region, increasing the chances that a war provocation manufactured by either side could take place.
The announcement followed an escalation in rhetoric after the United States sent the massive battleship USS John C. Stennis sailing through the narrow Strait of Hormuz amidst Iranian wargames based around closing the Strait, a key oil choke point.
Iran responded by firing off missiles during the drill and ordering the US aircraft carrier to “stay out of the Persian Gulf”.
In a related development, Russian Security Council Secretary Nikolai Patrushev told Russian news agency Interfax that Israeli pressure on the United States to attack Iran was building.
Video: Iran's Straits Of Hormuz Threats 'Provocative And Dangerous'
Rio +20 Earth Summit Will Tie Population Into Green Knots
The United Nations is not giving up its assault on the economic and political future of our country and of our planet. The first installment of the United Nations to control the globe environmentally and economically was “The Convention on Biological Diversity,” held in Rio in 1992. The UN Bruntland Commission released its official UN Agenda 21 that same year, following the Conference on Human Settlements in 1976 and the 1987 report, “Our Common Future.”
President Clinton signed Executive Order 12852, creating the President’s Council on Sustainable Development to translate UN Agenda 21 into U.S. public policy called “ecosystem management,” administered by the federal government.
The President’s Council created “Sustainable America” with 16 “we believe” statements. The ultimate goals were to abolish private property, control education, control and reduce population, and control the economy. Currently, every federal government agency has a sustainable UN Agenda 21 plan. (fedcenter.gov)
In June 20-22, 2012, participants will sign on to 10 new sustainable development goals for the planet and promise to build a global green economy in order to reduce consumption and poverty. (The Guardian)
The new United Nations Rio +20 conference in June 2012 will demand:
-Universal access and right to information and communications technology
-Integration of local governments into all levels of decision making in sustainable development
-The need to reflect the views of children and youth
-No new trade barriers
-No new conditions on aid and finance
-Green technology in the public domain for all to share
-Global policy framework requiring all listed and large private companies to integrate sustainability information within UN required reporting cycles
-Move the entire world to low-carbon development
-The UN-established specialized agency for the environment with universal membership should be located in Nairobi
-Regular review of the state of the planet and Earth’s carrying capacity
-Global trade should be regulated by World Bank, International Monetary Fund, World Trade Organization, and regional development banks
-Development and implementation of integrated water resource management
-Efficient human settlements
-Restoration and enhancement of natural capital
-Sustainable land and water management practices
-Family farming, ecological farming, organic production systems
-Sustainable forest management
-Rational use of biodiversity for economic purposes
-New markets linked to renewable and unconventional energy sources
-Green job creation/green economy
-Promote education for sustainable development
-It looks like the greenologists and the third world dictators at the UN have a lot of work to do between now and June, determining how to better steal our wealth, technology, to indoctrinate impressionable youth into the religion of Gaia, and replenish their bank accounts with U.S. and western money and economic aid under the “wise” United Nations global governance and the guise of eradicating poverty.
Obama To "Take On" Netanyahu After Election?
The Obama administration asked the Palestinian Authority not to make any major demands until after the presidential election in November, a senior PA official told WND.
The PA official, speaking on condition his name be withheld, said that Obama promised to renew stalled Israeli-Palestinian negotiations on the basis of the 1967 borders, meaning an Israeli withdrawal from eastern sections of Jerusalem as well as from Judea and Samaria, also referred to as the West Bank.
“After elections, the negotiations will be renewed on basis of the Clinton plan and Obama’s speech in Cairo of the 1967 borders,” the official said.
The Clinton plan is a reference to the formula used during the Camp David negotiations in the summer of 2000 that saw sections of Jerusalem in which Jews predominantly live go to Israel, while areas inhabited by Arabs would become a Palestinian state. The negotiations also called for a nearly complete Israeli evacuation of the Gaza Strip and West Bank.
This is not the first time the PA claimed the Obama administration asked it to hold off until after this year’s election.
Last September, WND quoted a top PA official saying the Obama administration told the Palestinian Authority it cannot significantly help advance a Palestinian state until after the election.
The official, however, said the U.S. will press for a Palestinian state quickly if President Obama is reelected.
Earlier this month, Washington Post columnist David Ignatius said he expected Obama to “take on” Israeli Prime Minister Benjamin Netanyahu during a second presidential term.
Appearing as a panel member on the syndicated “Chris Matthews Show,” Ignatius stated: “What I hear from the White House is looking towards a second term on foreign policy, which I cover, as an opportunity to do the broad things that would establish an Obama agenda. He came into office passionate about the Middle East, about the Palestinian issue. I’d see him taking another really strong crack at that.”
“Go head to head with Netanyahu again?” Matthews then asked, according to a transcript provided by the media watchdog Newsbusters.org.
“Yeah, and I think, this White House thinks … that he’s had success, that that’s an area. Who would have said that an anti-war President, candidate, four years ago, could run on a strong foreign policy record?”
So, the headline reads..
Obama To "Take On" Netanyahu After Election
Ya just gotta wonder how much is going to be left to take on and over what.
If you pay attention to all the news reports, all the press leaks, all the ship and troop movements....ya just gotta look at this and ponder.
I'm the odd man out on this board....because I think the fireworks will hold off to the second half of the year. Nobody that's paying any attention believes we will recognize the world by the end of elections. But it may....and if it does, and Bibi has to depend on a lame duck Obammy .....it ain't gonna be pretty. If the balloon doesn't go up before then and if Obammy wins, Israel is gonna be in a world of hurt....IMHO.
Well, provided the economy doesn't go belly up, and the earthquakes don't move us into Mexico, and the Swine Flue ain't wiped out the lower east side of the universe, and we don't run out of water, Yellowstone don't blow, we ain't in FEMA camps, and the food supplies don't go belly up due to Mr. Gore's global whatever.
Caver raises head, looks around, and calls the Dr....he needs some meds...some strong ones...maybe the pink-n-purple-n-green ones.:)
Speaking of Swine Flu, it appears to have mutated and about a dozen people have the new strain...I believe Drudge had an article on this recently
Yes the global financial crisis will worsen
Fiat money is dying as a result of banking insolvency and sovereign insolvency in the Eurozone; with the result being failure of global growth.
Banking insolvency in the European Financials, EUFN, especially the National Bank of Greece, NBG, means ongoing currency failure globally, persistent economic contraction, and continued diminished world trade.
Sovereign insolvency will spread from the EU periphery to the EU core. The loss of debt sovereignty will be a catalyst for the formation of a European Super State based upon unified fiscal rules. Bank failures and EU Treasury auction failures, will be the defining issues of the year. These will cause leaders to meet in summits, waive national sovereignty, establish a unified federal authority, mandate a European fiscal union, and establish either the ECB or the Bundesbank, that is Buba, as the Euro’s Bank.
Life in Europe will be characterized as a totalitarian collective. Totalitarian collectivism is the EU’s future. European Socialism will die in 2012. Diktat will provide seigniorage to replace the seigniorage of treasury bonds. Diktat will become a currency, that is a payment used in the exchange of goods or services.
Gary of Between relates that Welt reports Europe's interbank market is frozen and the continent's banks are only lending to each other through the ECB due to a lack of confidence within the financial industry, World Bank President Robert Zoellick was quoted as saying. If European banks don't lend to each other, how can others in the U.S. or in China be expected to do it, Zoellick said.
The seigniorage of fiat money is failing, and the seigniorage of diktat is rising in its place, as is seen in the rise of power of the EU ECB IMF Troika to appoint technocratic government in Greece and Italy. Diktat is rising as a currency to dominate mankind. Libertarian’s desire for Freedom and Free Enterprise are a mirage on the Neoauthoritarian Desert of the Real. And Choice is an epitaph on Neoliberalism’s tombstone.
Bible prophecy of Revelation 13:3-4 foretells that a world wide credit bust and global financial collapse is coming, and that regional global governance will be established. This was foretold long ago when the prophet Daniel explained the Statue of the Progression of Empires to King Nebuchadnezzar in Daniel 2:31-33.
For much, much more on bible prophecy, please consider reading here http://tinyurl.com/88baae7
Very insightful and professional TYG. I appreciate your knowledge and would ask your opinion of the future of the Australian economy in the midst of all the up and coming collapses.
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