Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc Message Board

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Politics : Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc

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To: Sidney Reilly who wrote (547)	10/6/1998 7:31:00 PM
From: SOROS	of 1151

Does the Bible say anything about a coming GLOBAL FINANCIAL SYSTEM??? WASHINGTON — President Clinton urged financial leaders Tuesday to take "urgent steps'' to contain the world economic crisis and to update the international financial system for an era of 24-hour global trading. Speaking at the opening of the annual meeting of the International Monetary Fund and the World Bank, the president renewed calls for Europe to boost growth and for Japan to deregulate its economy and shore up its ailing banks to help overcome the immediate crisis shaking world financial markets. He once again urged Congress to approve funding for the IMF, which he said was essential to U.S. efforts to contain the crisis. But Clinton also called for long-term reforms of the world financial system to limit market gyrations that he said threatened public support for open markets. "We must find a way to temper the volatile swings of the international marketplace, just as we have learned to do in our own domestic economies,'' Clinton said to an audience of thousands of top banking and finance officials from around the world. Referring to the Bretton Woods system set up after World War Two to help manage the world economy, Clinton said, "the institutions built at Bretton Woods must be upgraded for 24-hour global markets.'' While he offered few new specifics, Clinton said economic oversight functions similar to those carried out by agencies such as the U.S. Federal Reserve and Securities and Exchange Commission, and protections similar to bank regulation and deposit insurance were needed internationally. "We must address not only a run on a bank or a firm, but also a run on nations,'' he said. The president also said he applauded recommendations by IMF committees that the IMF examine the adherence by nations to international economic standards and work for higher accounting and loan standards for private firms. He said U.S. Treasury Secretary Robert Rubin and Federal Reserve Chairman Alan Greenspan worked last weekend with their counterparts in the Group of Seven major industrial countries on his proposal for "precautionary lines of credit'' that could help shield countries with strong economic policies from market shocks. Clinton also said he would resubmit to Congress next January two free-trade measures he has so far been unable to win passage of — "fast-track'' authority to negotiate expanded free-trade deals and an Africa trade bill. The current system of free markets and open trade was threatened with a loss of public support as market shocks undermined individual economic well-being, Clinton said. He said a strong social safety net was essential to maintaining support. "Today we see a profound political challenge to the global economic order,'' he said. "If citizens tire of waiting for democracy and free markets to deliver a better life for themselves and their children, there is a risk that democracy and free markets, instead of continuing to thrive together, will shrivel together.''

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