At a G-20 meeting, Europe focuses on bankster bonuses as the U.S. urges for reserves increase.
The AP reports (via The Washington Post) that “European countries have stressed the role that excessive payouts to banking executives played in the current crisis by fueling risk-taking, and called for bonuses to be severely curbed”, which doesn’t seem to make sense with a $645+ trillion derivatives bubble. I’m not saying that these robbers aren’t further robbing with their egregious bonuses, but the way thes talking points are worded lead to incorrect conclusions. The fallacy here being: curb bonuses and the risk of economic collapse significantly lessens. This is not only untrue, but an irresponsible statement with which to fill people’s heads. The crisis is that hundreds of trillions of dollars owed by this corporate elite to each other cannot be paid back and want the global population to pay that debt, not that execs are collecting eight or nine-figure bonuses.
Tim Friends at al Jazeera reports that “the rift over how to tackle the issue of bankers’ bonuses threatens to dominate the meeting” as “France, Germany and Japan have all officially come out of recession and now begins the tricky task of … withdrawing those big stimulus packages that we saw used to stimulate the world economies begins”.
Obviously, the U.S. doesn’t want to talk about bonuses at all—with the treasury secretary, Timothy Geithner, being the former head of the New York Federal [sic] Reserve. Those are his buddies on behalf of whom he participating in robbing the next hundreds of years of the global population of hundreds of trillions of dollars. From the AP:
U.S. Treasury Secretary Timothy F. Geithner has not raised the bonus issue either, preferring instead to focus on U.S. attempts to start talks on a new international accord to increase banks’ capital reserves.
The U.S. proposal would establish stronger global standards for the reserves banks are required to hold to cover potential loan losses. The United States wants to reach an accord by the end of 2010, with countries agreeing to implement the plan by the end of 2012.
Translation: the U.S. has created $12 trillion out of thin air to feed Wall Street’s international banksters and to prevent the dollar from collapsing, other countries to inflate their currencies at a somewhat similar rate—further indebt everyday people who are losing their jobs are facing higher costs of living at the same time.