The Declaration of Independence Has Been Repealed

Submitted by Bill St. Clair on Thu, 09 Apr 2009 10:08:39 GMT  <== Politics ==> 

Dick Morris - you think the Federal Reserve is a bad idea? Just wait till we've been ground under the jack boots of the Financial Stablity Board (FSB), an international body that was given control of the world's finances at the G-20 meeting in London. Obama, of course, is cool with this. Remember, Obama's "change" is your money, in the pockets of the international bankers. [westernrifleshooters]

The mandate conferred on the FSB is remarkable for its scope and open-endedness. It is to set a "framework of internationally agreed high standards that a global financial system requires." These standards are to include the extension of "regulation and oversight to all systemically important financial institutions, instruments, and markets...[including] systemically important hedge funds."

Note the key word: "all." If the FSB, in its international wisdom, considers an institution or company "systemically important", it may regulate and over see it. This provision extends and internationalizes the proposals of the Obama Administration to regulate all firms, in whatever sector of the economy that it deems to be "too big to fail."

The FSB is also charged with "implementing...tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms."

That means that the FSB will regulate how much executives are to be paid and will enforce its idea of corporate social responsibility at "all firms."


The Europeans have been trying to get their hands on our financial system for decades. It is essential to them that they rein in American free enterprise so that their socialist heaven will not be polluted by vices such as the profit motive. Now, with President Obama's approval, they have done it.

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