Global Financial Summit Underway In D.C.

World Leaders Dine At White House Ahead Of Meetings Aimed At Preventing Future Financial Crises

(CBS/AP)  World leaders prepared Friday to adopt an early warning system for financial calamities, a commitment to tougher accounting rules and other modest steps to try to prevent future crises like the one now threatening the livelihoods of billions of people around the globe.

Nearly two dozen leaders assembled in Washington on Friday in the largest gathering of its kind here in nearly a decade. They dined in extravagance at the White House in a prelude to a day of closed-door negotiations Saturday over how best to wrestle both large and developing economies back from the brink of economic disaster.

CBS News White House correspondent Mark Knoller reports that Mr. Bush will be asking the summit to adopt principles of reform, while reaffirming his view that government intervention in financial markets is not a cure-all.

The leaders were on track to approve measures to make the world financial system more accountable to investors and more transparent to regulators, diplomatic sources said. To do so, the leaders were expected to endorse more effective accounting rules governing how companies value their assets, a weakness seen as partly responsible for the current financial crisis.

The sources, speaking on condition of anonymity because leaders had yet to give formal approval to the draft communique, said the emerging agreement also calls for steps to sharpen the world's eyes watching for the kind of dangerous investing that led to the present chaos.

A new early warning system would look for signs of burgeoning problems like those in the U.S. housing market and related overuse of mortgage-backed securities. On Friday, the heads of the International Monetary Fund, the world's financial firefighter, and the Financial Stability Forum, a group that includes central banks and major financial regulators, said they would cooperate on "early warning exercises" to detect vulnerabilities.

Also, a new "college of supervisors" would gather global regulators tasked with scrutinizing the world's largest financial institutions together to compare notes as they seek to spot excessive risk-taking.

Altogether, the U.S. preference for boosting oversight of shaky financial markets seemed to be holding sway over Europe's desire for tougher internationally enforced regulation.

"Billions of hardworking people are counting on us," Bush said on a night when urgent motorcades swept presidents and prime ministers through a dark Washington mist to the White House.

A second summit is envisioned in early spring, after Barack Obama becomes president. The first meeting, called by President George W. Bush, falls in a period of transition that inevitably leaves unclear what actions the U.S. is ready to take in the months ahead.

The president-elect stayed away from the meeting, but designated former Secretary of State Madeleine Albright and former Rep. Jim Leach to represent him in meetings with leaders on the sidelines. They saw the leaders of Argentina, Mexico and South Korea on Friday and had talks scheduled with lower-level representatives from several other nations both Friday and Saturday.

Leaders from Britain, France, Germany, Russia, China and India were among those in Washington.

The summit, meant to be the first in a series, has a two-pronged agenda: Discuss what might still need to be done to turn the world's economies back from the edge of disaster and explore ways to revamp the global financial system's architecture to prevent similar meltdowns in the future.

New reminders of the urgency facing the leaders came even as they poured toward the U.S. capital city from around the globe. The government reported that sales by American retailers fell by a record amount last month. Federal Reserve Chairman Ben Bernanke hinted at another interest rate cut to encourage consumers. The Dow Jones industrials dropped 338 points.

Fearing another Wall Street plunge if the summit produces little, the White House has been lowering expectations as fast as other nations have been raising them.

"This problem did not develop overnight and it will not be solved overnight," Bush said in a dinner toast.

The agreement lacks big, splashy elements, such as the establishment of a single global regulator or strict new regulation of financial firms or products.

Europeans had wanted to close loopholes that allow some financial institutions to evade regulation. They also want to ensure supervision for all major financial players, including credit ratings agencies or funds carrying high amounts of debt. They want a pledge for concrete changes in just 100 days.

But Bush bet that including developing nations such as China, India and Brazil in the talks would act as a brake on any push for intrusive regulation. Red-hot emerging economies bristle at being restricted just as they are trying to catch up to the developed world.

Even the part of the agreement that lays blame avoids specifically pointing a finger primarily where many wanted it: what they see as a freewheeling U.S. system where easy credit, risky investing and lax oversight have become the norm. Indeed, the crisis started when the bubble in the U.S. housing market burst in August, leading to a ripple effect of events as mortgage-related investments soured, financial companies suffered huge losses and lending locked into a freeze that spread around the globe.

The agreement says broadly that policymakers and regulators failed to address the risks building up in financial markets.

Before leaders arrived, Bush warned for the second day in a row of the dangers - in his view - of overeager government intervention. He said "reforms in the financial sector are essential" but that strict new regulations would crush the global economy instead of protect it.

He got a boost from British Prime Minister Gordon Brown, who used rhetoric similar to Bush's in talking about a need to keep trade flowing and markets free. "Protectionism is the road to ruin," Brown told the Council on Foreign Relations in New York.

Brown has been among the leaders pushing for nations at the summit to pledge coordinated stimulus spending worldwide to combat the downturn that is squeezing millions of families and businesses.

Bush, however, cautioned that the billions of dollars being spent already by the U.S. and other countries should be given a chance to work.

"Our actions are having an impact," Bush said in his Saturday radio address, taped Friday and released early by the White House. "The United States and our partners are taking the right steps to get through the crisis."

Deeply skeptical, protesters staged demonstrations and their chants could be faintly heard as leaders arrived in a misty rain at the White House for the working dinner.

In a sign of the complicated arrangements necessary to house and host the largest gathering of government heads in Washington since NATO's 50th anniversary in 1999, Perino noted it would take 300 or 400 cars to accomplish the highly choreographed feat of bringing the leaders to dinner.

Bush, alone without his wife, greeted each of his guests individually as they pulled up to the North Portico, with smiles and back pats for most, a protocol-laden process that took over 75 minutes. The leaders then ate with him in the State Dining Room, working for about two hours over a gourmet meal of quail, lamb and fondue accompanied by fancy wines.

[wardoglrs]

Paper printed on a machine is worth it''s value IF it''s backed by Gold & Silver. Gold & Silver currencies give the people the wealth not the Government. Paper money is and one day will be found out by the Public and the world will know they were robbed of there labor only to find themselves homeless

[wardoglrs]

KNOW YOUR RIGHTS%u2014KNOW YOUR DUTIES as they REALLY are, or you, your children and your grandchildren will continue to be victims of the largest scam in the history of mankind%u2014the misrepresented and misapplied Federal Income Tax.

IF YOU CAN COUNT TO THREE, YOU CAN AGAIN BE FREE!

ONE:

THERE IS ABSOLUTELY NO LAW making the typical American working man or woman liable for the Federal Income Tax. More

TWO:

Your personal earnings (wages, salaries, fees, commissions and bonuses) ARE NOT 100% PROFIT, received in exchange for nothing, so ARE NOT 100% %u201CINCOME%u201D%u2014THERE IS ABSOLUTELY NO LAW that permits the IRS to classify your personal earnings as income, much less as being 100% income, profit%u2014for nothing in return. More

[wardoglrs]

THREE:

Just as you have a God-given FUNDAMENTAL RIGHT to free speech and to worship as you choose, the Supreme Court has held that you also have a GOD-GIVEN FUNDAMENTAL RIGHT TO EARN A LIVING FOR YOURSELF AND YOUR FAMILY THROUGH ANY LAWFUL OCCUPATION (Did you know about that right? Most people don%u2019t. Why?), and the Supreme Court has held that YOUR CONSTITUTION FORBIDS TAXATION OF YOUR EXERCISING YOUR FUNDAMENTAL RIGHTS, and those include your freedom of speech, your freedom of religion AND YOUR RIGHT TO EARN A LIVING. More

IF YOU THINK THIS IS ABOUT MONEY, THINK AGAIN!

THIS IS ABOUT YOUR FREEDOM AND YOUR RIGHT TO GOVERN YOUR OWN LIFE AND YOUR OWN STATE, COUNTY AND COMMUNITY, BUT MOST OF ALL:

THIS IS ABOUT YOUR SOLE OWNERSHIP OF YOUR LABOR AND THE FRUITS OF THAT LABOR!!!

YOU ARE NOT A SLAVE, NOT IN WHOLE, NOT IN PART, NOT IN ANY BRACKET OF SLAVERY!!

[tbuckl]

Perhaps the Government would think different if all the home owners who are loosing their homes were to blockage their houses and take a stand, Use any and all force nessary to hold law enforcement off. One or two homeowners would not make a difference, but if 1 mil home owners put up a resistance then the police force would not have the man power to remove us all. If we band together, the Government will have to deal with us. Stand alone and they will take us one by one just like Nazi did. If it is the banks policy to rip us off, make us homeless while enjoying the bailout money for vacations, then take our homes and sale them for less than what we owe, it should be the policy of the citizens to repeal any and all government official attempt to effect this national swindle upon us. Again Thomas Jefferson saw that these tyrants would continue to rise up and we would need to forced them back down in order to maintain our liberty. He said, "I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."

[tbuckl]

The Preamble to his original draft of the Declaration of Independence, he wrote, "We hold these truths to be sacred & undeniable; that all men are created equal & independent, that from that equal creation they derive rights inherent & inalienable, among which are the preservation of life, & liberty, & the pursuit of happiness; that to secure these ends, governments are instituted among men, deriving their just powers from the consent of the governed; that whenever any form of government shall become destructive of these ends, it is the right of the people to alter or to abolish it, & to institute new government, laying its foundation on such principles & organizing its powers in such form, as to them shall seem most likely to effect their safety & happiness."

[tbuckl]

Hasn''t this government and the banking system proven to be destructive? Do the people now have a right to alter or abolish it and institute a new government? Thomas thought that "Rebellion to tyrants is Obedience to God." He further said, "The tree of liberty must be refreshed from time to time with the blood of patriots & tyrants." Perhaps we have reached that point where it is time to refresh the tree of liberty and deal with these tyrants now destroying American. Now that I have said my thoughts about this swindle, showed myself as a Son Of Liberty should I stand out front of my home and wait for the black van to pull up and take me to Guantanamo Bay?

[tbuckl]

The NAZI Fascist Bush Crime Regime and
The Republican NAZI Fascist Party
Can-Not Get it Through Their Heads

They Have Been - EXPOSED - For WHO they Really Are and
WHAT they Really Are ! ! !

EMISSARIES of That -

That is : THE DESTROYER - of - WORLDS

JOB DESTROYERS __ WAGE PACKAGE DESTROYERS
WORKING MIDDLE CLASS AMERICA DESTROYERS
FAMILY UNIT DESTROYERS __ HOME OWNERSHIP DESTROYERS
ECONOMY DESTROYERS __ CREDIT DESTROYERS
DEMOCRACY DESTROYERS __ CIVIL RIGHTS DESTROYERS
WORLD PEACE DESTROYERS __ BANK DESTROYERS
INVESTMENT DESTROYERS
UNITED STATES SOVEREIGNTY DESTROYERS
UNITED STATES INDEPENDENCE DESTROYERS
WORLD ECONOMY DESTROYERS
WORLD RELIGION DESTROYERS

ECONOMIC STRIFE That is Being used as a Weapon to :
ELIMINATE a DEMOCRACY and REPLACE IT With :
The Totalitarian Dictatorship of : A NAZI FASCIST RULE
Against : The Populace of the United States and
The rest of The World

Any Corporation or POLITICAL INFLUENCE __ That has Supported and Assisted in :
The Achievement of : PURPOSELY and INTENTIONALLY
DESTROYING : The DEMOCRATIC INFRASTRUCTURE and
The ECONOMIC INFRASTRUCTURE of The United States is an :
Act of TREASON

Definition of TREASON :
1 : The betrayal of a trust : treachery
2 : The offense of attempting by Overt acts to overthrow the
government of the state to which the offender owes allegiance

[qutlaw104]

The government yells about AIG''s expensive get togethers. How much is this financial summit costing the tax payers? They aren''t feeding them peanutbutter sandwichs. Its like the pot calling the kettle black.

[rebelscout]

Fawn over Obama? This is W''s game. He will stick it to us as long as he can. Get real!

[wardoglrs]

The real rulers in Washington are invisible and exercise power from behind the scenes. Supreme Court Justice Felix Frankfurter,1952

Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power which knowledge gives. James Madison

The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of [private cartel] lending institutions and moneyed incorporations
President Thomas Jefferson (a founder of America in condemnation of present and future monopoly money power. 1743-1826)

Competition [i.e. capitalism] is a sin.
I want to own nothing and control everything.

The ability to deal with people is as purchasable a commodity as sugar or coffee and I will pay more for that ability than for any other under the sun.
John D. Rockefeller (Fascist cartel robber baron and promoter of the U.S. Federal Reserve Act in alliance with the Rothschild bloc. 1839-1937

I don%u2019t care who the government is. Let me control the money and I will control the country.
Mayer Amschel Rothschild (attributed to the German godfather of the Rothschild bank cartel and grandfather to heir Lord Baron Nathaniel Mayer Rothschild: owner of the Bank of England and a key promoter of the U.S. Federal Reserve Act. 1744-1812

Every citizen should be a soldier. This was the case with the Greeks and Romans, and must be that of every free state.
Thomas Jefferson

[wardoglrs]

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson, Letter to Treasury Secretary Albert Gallatin (1802)

When all government, domestic and foreign, in little as in great things, shall be drawn to Washington as the center of all power, it will render powerless the checks provided of one government on another, and will become as venal and oppressive as the government from which we separated - Thomas Jefferson

[wardoglrs]

%u201CWith the exception only of the period of the gold standard,all governments of history have used their exclusive power to issue money to defraud and plunder the people.%u201D - Friedrich Von Hayek


%u201CThe real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the government of the U.S. ever since the days of Andrew Jackson. History depicts Andrew Jackson as the last truly honorable and incorruptible American president.%u201D

"Paper is poverty,... it is only the ghost of money, and not money itself." Thomas Jefferson to Edward Carrington, 1788


President FDR (on Fascist rule in a letter to corporate con man %u201CColonel%u201D Edward M. House, a founder of the Council on Foreign Relations and political fixer for the ruling class. House also handled President Wilson for the foisting of the privately rigged %u201CFederal Reserve%u201D Corp bank monopoly. 11/21/ 1933)

[sayfud-deen]

lauriem216, bush and co. are war criminals! and you are worried about whether he is called mr. president or not! i don''t what you are smoking but,you need to stop! the severity of bush''s actions will fully come to light years from now when the country wakes upfrom the coma it''s in.

[inketolstoy]

Title of this article should be "World Leaders Consider Same-Old Plans"

[marinecwo2]

We absolutely cannot allow a one world economy. Absolutley not, now way no how.

[whitemale08]

If Bush would''ve announced that the private Federal Reserve System will be shut down and the Quadrillion in the derivatives market canceled then the meeting would''ve been a success.

But now countries around the world will listen to a bumbling idiot talk about ''free markets'' when the U.S. is doing the exact opposite.

That means we have transitioned into a ''tyrrany'' over the world where like a ''Empire'' we tell the rest of the world to ''do as I say not as I do''.

However this is not going to last because countries will no longer be able to support a worthless ''dollar'' based financial system this completely dead.

No more ''credit bubbles'' are available to bring us out of the "New Dark Age" that is unfolding. Only Lyndon Larouche''s plan for ''global recovery'' can do that.

larouchepac.com

[wardoglrs]

The funniest thing about our so called currency is that
it''s counterfeit nothing backing the worthless paper. We
used to have real money which was Gold & Silver but Nixon threw that out in 1974. The Federal Reserve is here for one thing and only one thing and that''s to keep fooling you all that your money has value and it does not have any''

In other word''s you all pay taxes to a counterfeit government that has built the most awesome ******* force ever created out of thin air and fooling the world that the dollar had value.

So yes CHANGE is coming Obama is right but what kind?
If you cant see the danger your in I don''t know what to tell you. Game Over

[endtimes72]

You know according the bible in the latter days before Christ return there is supposed to be a one world government and a one world currecy. For years now I''ve wondered what event was going to take place to bring this prophecy about. I think that the fact we are basically in a global recession and facing a global meltdown and in recent weeks we are constantly hearing about the leading industrialized nations and leaders trying to work out a solution to solve this global economic problem. it''s going to real interesting to hear what kind of talk comes out this meeting.

[ocasanas]

When I read the headline first I thought I had read: "World Leaders To Explore Financial Mess".

Anyway, this mess is what is making rich people say bye bye to their money and they will soon be like the rest of us. They better fix it, otherwise there will be unrest worldwide, more than there is now.

[easeup-2009]

There will not be any progress in regulating the finanacial idustry until the lame-brain idiot with a GPA of 2.2 in law school gets out of office. What a friggin idiot.

Posted by fehar at 09:36 AM : Nov 14, 2008

If you think any president comes up with fiscal policy on his own, you are a complete moron.