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Bush’s November 15 “International Summit”
We already have a socialist president―and his name is Bush.
Bush’s latest scheme is a November 15 “international summit,” including the United Nations Secretary-General, to “begin developing principles of reform for regulatory bodies and institutions related to our financial sectors.” This is bureaucratic doublespeak for what has been called “global governance.” Some may fear with good reason that world government and global taxes are on the way in and U.S. sovereignty is on the way out.
Kept hidden from the American people is the fact that the U.N., under its new General Assembly President, Miguel D’Escoto, a sort of Jeremiah Wright on a global level, is working to take advantage of the continuing crisis.
D’Escoto says that “there is growing recognition that the current financial turmoil cannot be solved through piecemeal responses at the national and regional level but requires coordinated global efforts that should be led by the United Nations,” according to an Associated Press story. This means it has to be a U.N.-managed or supervised process, in order to loot the U.S. and benefit the rest of the world.
Bush’s “international summit” fits perfectly into D’Escoto’s anti-American plans.
Bush insists that the nations at this summit must “recommit to the fundamentals of long-term economic growth―free markets, free enterprise, and free trade.” He has got to be kidding.
While mouthing platitudes about free enterprise, Bush has already authorized several socialist-style schemes, including a $700-billion “bailout” of Wall Street, nationalization of mortgage companies, massive subsidies to American International Group (AIG), and the federal government taking ownership stakes in big banks. The estimated cost is already $1.8 trillion―more than $17,000 per American household.
Calling the global financial crisis an “historic opportunity,” a coalition of “progressive” individuals, social movements and non-governmental organizations met in Beijing on October 15 and issued a statement urging the “radical economic transformation” of the global economy. They advocate a “global taxation system,” including what are known as “Tobin taxes, on the movements of speculative capital,” and “stringent progressive carbon taxes on those [nations] with the biggest carbon footprints.”
Of course, U.S. taxpayers will be hardest hit by any such scheme.
Their plan also includes phasing out the U.S. dollar as the international reserve currency and establishing “a people’s inquiry into the mechanisms necessary for a just international monetary system.”
They intend to bring the U.S. into a system of international socialism, with new and more powerful global agencies deciding our economic and financial fate. We will pay for the international bureaucrats and foreign elites to rule us. It will mark the end of the American system of self-government.
At the same time, the Left wants to make sure that “aid transfers do not fall as a result of the crisis.” Foreign aid must not only continue, they say, it must be expanded. The primary vehicle for this is the Millennium Development Goals project of the United Nations, whereby nations such as the U.S. are supposed to provide .7 percent of their Gross National Product (GNP) in foreign aid.
The hope of the international Left is that Bush’s November 15 summit can be manipulated to provide a cover for forcing the U.S. and the other nations to agree to global socialist proposals to manage the world economy.
Here’s what they say: “The past few months have seen one of the most significant financial crises in North American and European history. The response was just as historic. To stave off regional and global recessions and restore stability and confidence in the market, northern governments are pursuing a massive and unprecedented program of government intervention, nationalizing banks, injecting massive subsidies into ailing institutions and re-regulating their financial sectors.”
But they want to go further. The new process must be “inclusive and participatory of all governments of the world,” they say. This is globalism gone mad.
Their point man is Joseph Stiglitz, who won the Nobel Prize in 2001 and is now a Columbia University professor. Stiglitz has been appointed by D’Escoto to chair a high-level U.N. task force to review the global financial system.
His first book, Globalization and its Discontents, was praised by George Soros as "Penetrating, insightful.... A seminal work that must be read." In it, Stiglitz suggested that while a global tax on currency transactions, the so-called Tobin Tax, was being seriously studied in Europe, it might involve serious “implementation problems.” But with his subsequent book, Making Globalization Work, those problems have vanished, as he argues for a variety of global tax schemes that would cost American taxpayers billions of dollars.
Stiglitz, a financial contributor to Obama’s presidential campaign and major backer of the national Democratic Party, is in a perfect position to guide the transition into a global socialist economy.
On October 23, at a U.N. meeting, U.N. Secretary-General Ban Ki-moon met with Stiglitz to discuss the financial crisis and the November 15 global summit. One of the other economists in attendance was Jeffrey Sachs, also of Columbia University, and the head of the U.N. office that supervises foreign aid commitments and contributions to the U.N.’s Millennium Development Goals (MDGs).
Sachs has estimated that the U.S. is short by $65 billion-a-year in foreign aid, which adds up to $845 billion over the 13-year period during which nations are supposed to attain the MDGs. Through references to various U.N. resolutions and conferences, as well as the MDGs, Obama’s Global Poverty Act is designed to make the U.S. comply with the requirement of .7 percent of GNP being provided for “official development assistance.” Sachs has stated openly that a global tax will be necessary to force the U.S. to come up with the money.
At the Clinton Global Initiative meeting in September, Obama reaffirmed his own “embracing” of the MDGs and noted, “This will take more resources from the United States, and as President I will increase our foreign assistance to provide them.” On top of that, Obama supports the Jubilee Act, which would cancel as much as $75 billion of third world debt. That adds up to $920 billion more in taxpayer money on top of the estimated $1.8 trillion in national and domestic spending to deal with the current crisis.
We are facing the bankruptcy of the United States.
The Global Poverty Act or the Jubilee Act have passed the House of Representatives and both were also approved by the Senate Foreign Relations Committee, headed by Obama running mate and Senator Joseph Biden. This is the same Joe Biden who denies that his running mate is a socialist.
The irony is that the same socialist process begun by the Republican president, Bush, could be dramatically expanded under a Democratic President, Obama. This time, the “bailouts” and “rescues” will be global in nature and used to benefit the rest of the world, using U.S. tax dollars.
The inevitable result will be global government financed by global taxes. The last time this was tried in America was when King George attempted to impose taxes on what became the founders of the greatest country in human history, the United States of America.
The cry of “no taxation without representation” led to a revolution.