The hegemony of the USA dollar and the continual bail-out of the USA and its dollar regime by the IMF must end.
While there are huge bailouts for banks and financial institutions, there is no bailout plan for the vulnerable peoples of the world, said Sylvia Borren of the Global Call to Action against Poverty (GCAP) on Tuesday 02 December 2008, at the end of the four-day Conference on Financing for Development (FfD) in Doha, Qatar. (1)
Fortunately, on Wednesday 26 November 2008 at the III Extraordinary Summit of the Bolivarian Alternative for the Americas (ALBA), Venezuelan President Hugo Chávez proposed the creation of a regional monetary bloc with its own currency to break the hegemony of the USA dollar and USA-dominated international financial institutions. “We are going to create a proposal for a monetary zone of solidarity-based commercial exchange,” said Chávez. “The hegemony of the dollar must end.” (2)
Echoing these Venezuelan comments, President Mahmoud Ahmadinejad of the Islamic Republic of Iran said on Saturday 29 November 2008, at the FfD, that all governments and thinkers should think of an economic system that is based on justice, rights of human beings and nations and friendship and serving masses. (3)
As a result of the Venezuelan and Iranian pleas, participants at the FfD reached a consensus on holding a meeting at the highest level to discuss a new global financial architecture, despite stiff opposition from some quarters. The proposed meet, to be held before June next year, will debate putting in place new international financing, fiscal and monetary policies keeping in view the “requirements of the 21st century” and to “prevent instabilities in future”. (4)
In other words, the proposed convention might repeal the World Bank and the International Monetary Fund (IMF).
Leaders of the six Gulf Co-operation Council (GCC) Member States will meet in Muscat, Oman, on 29 and 30 December 2008 for a GCC Summit where the 2009 Gulf Monetary Council (GMC), a precursor to the 2010 Gulf Central Bank (GCB), will be set up. (5)
The task of the GMC and GCB will be that of maintaining price stability in the Gulf Monetary Union (GMU) area within the framework of optimal utilisation of economic resources by marking the GCC oil, gas, and gold reserves to market (price). (6)
The banks and financial institutions of the dollar regime, which is continually being bailed out by the IMF, are fraudulent.
That’s why Venezuelan President Chávez opposes them.
That’s why the meeting at the highest level to discuss a new global financial architecture, proposed by the FfD, will repeal the World Bank and IMF. Since 15 August 1971 when USA president Richard Nixon broke the Bretton Woods agreements of July 1944, these Bretton Woods institutions have indeed no more reason to exist except in order to bail out the bankrupt and corrupt dollar-regime.
That’s why the Islamic Republic of Iran has switched financial reserves into gold, as an adviser to President Ahmadinejad said in comments published on 15 November 2008. (7)
That’s why the GMU is considering the marking to market of its oil, gas, and gold reserves.
This marking to market of these reserves will display that the GCC, Iranian and Venezuelan economies and their participants are not fraudulent.
Ivo Cerckel
ivocerckel@siquijor.ws
NOTES
(1)
DEVELOPMENT: ‘No Bailout Plan for the Vulnerable’
By Ann Ninan
http://www.ipsnews.net/news.asp?idnews=44947
SNIP
DOHA, Dec 2 (IPS) – “Good but not enough!” “Missed opportunity!” “Talks fail to deliver!” These were some of the reactions from civil society as the U.N. Financing for Development (FfD) talks drew to a close in Doha, Qatar, on Tuesday.
Deep divisions over the question of how to overhaul the international financial architecture, which nearly derailed the negotiations, were papered over with the governments agreeing to convene another U.N. conference to deal with the ongoing financial crisis and its impact on development.
“The world urgently needs effective decisions and follow-up which are inclusive and decisive. Instead of action plans, (they) spent four days going back and forth on language, not on the food, energy, gender, climate, moral crises,” says Sylvia Borren of the Global Call to Action against Poverty (GCAP).
As Borren put it, “What is disappointing is there is no bailout plan for the vulnerable peoples of the world, but huge bailouts for banks and financial institutions.”
(2)
Venezuela Proposes New Regional Currency During ALBA Summit
November 28th 2008, by James Suggett – Venezuelanalysis.com
http://www.venezuelanalysis.com/news/3994
SNIP
Caracas, November 28th, 2008 (Venezuelanalysis.com) — In a speech at the III Extraordinary Summit of the Bolivarian Alternative for the Americas (ALBA) in Caracas on Wednesday, Venezuelan President Hugo Chávez proposed the creation of a regional monetary bloc with its own currency to break the hegemony of the U.S. dollar and U.S.-dominated international financial institutions.
“We are going to create a proposal for a monetary zone of solidarity-based commercial exchange,” said Chávez. “The hegemony of the dollar must end.”
(3)
Iran understands the causes of the credit crisis
November 30th, 2008 by Ivo Cerckel
http://bphouse.com/honest_money/2008/11/30/iran-understands-the-causes-of-the-credit-crisis/
(4)
Top-level meeting to discuss new financial order
Web posted at: 12/3/2008 2:50:11
Source ::: THE PENINSULA / By MOBIN PANDIT
http://www.thepeninsulaqatar.com/Display_news.asp?section=Local_News&month=December2008&file=Local_News2008120325011.xml
SNIP
DOHA: Participants in the UN-sponsored conference held here in the backdrop of global financial turbulence yesterday reached a consensus on holding a meeting at the highest level to discuss a new global financial architecture, despite stiff opposition from some quarters.
The proposed meet, to be held before June next year, will debate putting in place new international financing, fiscal and monetary policies keeping in view the “requirements of the 21st century” and to “prevent instabilities in future”.
In other words, the proposed convention might drastically review the way the World Bank (WB) and the International Monetary Fund (IMF) function.
(5)
Monetary union treaty referred to heads of state
Publish Date: Friday,28 November, 2008, at 02:30 AM Doha Time
http://gulf-times.com/site/topics/printArticle.asp?cu_no=2&item_no=257371&version=1&template_id=57&parent_id=56
DUBAI: Foreign and finance ministers from Saudi Arabia, Kuwait, United Arab Emirates, Bahrain and Qatar this week approved for referral an agreement to set up a Gulf Co-operation Council Monetary Union and a Charter for a Monetary Council, to heads of states, said a top GCC Secretariat official yesterday.
“Among the issue discussed such as free trade agreements between the GCC and European Union, was also the setting up of a GCC Monetary Union Treaty and Monetary Council Charter,” the official told Zawya Dow Jones in a telephone interview from his office in Saudi Arabia.
The official declined to be identified due to the sensitive nature of the high-level talks that had taken place in Muscat, Oman.
Ministers met on Tuesday in Muscat to review the draft Monetary Union Treaty and Monetary Council Charter plans which were agreed upon by regional central bank governors in July in Doha.
“One issue that was also agreed on was that the Monetary Council, which will evolve into the GCC Central Bank, will act independently,” he said.
He said although no location for the Monetary Council has yet been decided it could be set up physically as soon as 2009.
The next step will come in December when heads of states will meet in Muscat to review the draft agreements which have been work in progress since 2001. If ratified by heads of states the Treaty and Charter will then be referred to legislators. – Zawya Dow Jones
(6)
GMU can be achieved within minutes …
November 29th, 2008 by Ivo Cerckel
http://bphouse.com/honest_money/2008/11/29/gmu-can-be-achieved-within-minutes-%E2%80%A6/
(7)
Iran switches reserves to gold: report
Sat Nov 15, 2008 3:14am EST
http://www.reuters.com/article/GCA-Oil/idUSTRE4AE1F820081115
SNIP
TEHRAN (Reuters) – Iran has converted financial reserves into gold to avoid future problems, an adviser to President Mahmoud Ahmadinejad said in comments published on Saturday, after the price of oil fell more than 60 percent from a peak in July.