Deceitful Messages Coming Out Of Friday’s G-20 Meeting

Posted: 5 September 2009 by Little Alex in International Affairs, Political Science
Tags: , , , , , , , , , , , , , , , , ,

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.

  1. despicable says:

    The massive stealing that has and is taking place should be understood if you or anybody is to understand anything about the world economy!
    Private Property, was aquired in the early days, by the conquering of weaker tribes and grabbing their land Those that profited from owning land profited because of the exploitation of chattel slaves, share croppers and feudal serfs. …
    After the industrial revolution owners of factorys, mines and mills, got rich profiting from the exploitation of cheap labor.
    People that own for a living, have only land, factories, mines, mills and stores. None of these investments by owners is creating new value, until a decision is made, to create new value. New value is only created by the purchase of people that are willing to work for a wage. The worker creates value, and that value is measured by the amount of necessary time that is spent by that worker in the creation of that thing of value. That value could be exchanged for value that has an equal amount of socially necessary time attached to it.
    Because the worker that created a thing of value, receives value in the form of a wage, that is much less than the value that he or she created as a worker.
    The amount of value produced by the worker and not received by the worker is the amount that was stolen by the owner from the worker.
    The evidence of this grand theft is the fact that due to this exploitation of labor power all over the world, the workers had and have been encouraged to organize as a class, so as to receive more of that pie known as the gross national product.
    This thievery by the private sector is a form of stealing that overshadows every other kind of massive stealing!
    Taxes is not thievery, as some ignorant individuals would have you believe!
    The Government that has the responsability of maintaining social order so that the society can run without disruption, must collect taxes to pay for what is necessary to maintain order and promote the general good!

  2. […] Deceitful Messages Coming Out Of Friday’s G-20 Meeting […]

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