Thursday, April 02, 2009
Outrage of the Day: The Communique of the G-20From the Communique of the G-20:
...In particular we agree: to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission; that the FSB should collaborate with the IMF to provide early warning of macroeconomic and financial risks and the actions needed to address them; to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks; to extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds; to endorse and implement the FSF's tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms; to take action, once recovery is assured, to improve the quality, quantity, and international consistency of capital in the banking system. In future, regulation must prevent excessive leverage and require buffers of resources to be built up in good times; to take action against noncooperative jurisdictions, including tax havens. We stand ready to deploy sanctions to protect our public finances and financial systems...From the Declaration of Independence:
...Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it...Any government we don't vote for has no right to regulate us.
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Posted by Amy Ridenour at 11:34 PM