A new world order: one currency, one central bank, one government, no democracy

Posted: April 7, 2009 in reflections, society
Tags: , ,

200388540-001It hasn’t been only lately that people like Gordon Brown or Obama espoused the idea of a New World Order; the concept developed naturally with globalisation and regionalisation of economies (like the EU). As capital left behind its national boundaries it needed to become unfettered from from the constraints that go hand-in-hand with sovereignty of nation states. The establishment of the International Monetary Fund (IMF) and World Bank were the first steps and go back to the 1944 Bretton Woods agreement, and the World Trade Organisation‘s (WTO) forerunner GATT was created in 1947. The US dollar became the de-facto reserve currency after the United States unilaterally terminated the convertibility of the dollars to gold in 1971; also in the 1970s, currencies were unpegged and made subject to market speculation. Out of GATT/WTO grew new legal frameworks in form of so-called Free Trade Agreements that pushed the deregulation of markets for goods, labour and financial capital at the same time as governments worldwide began to throw our public assets onto those markets with the passionate fervour of privatisation. And all of these efforts were driven by the need of large and growing corporate capital to move freely around the globe to astronomically increase the corporation’s profits outside the boundaries of the law that normally claims to protect the sovereign country’s citizens.

The needs of global capital of course are still the same, and in a way the current financial disaster that mainly affects the average person in the street gives the international elite a unique opportunity to drive the globalisation agenda further. When Brown, Obama and other heads of state are talking about a New World Order they don’t mean creating protection for the little guy so that he/she won’t lose their retirement funds and their jobs in future; they are contemplating an order that will prevent the inconveniences for capital that make it lose its stellar profit growth momentum. They want to drive economic centralisation further by establishing international bodies and rules that protect global capital even more. What they talk about is a World Central Bank that oversees the actions of national central banks and national governments and enforces rules in nation states that do not serve its people but global capital only – meaning transnational corporations. The rules will be extensions of what Free Trade Agreements already can do to some extent, and the World Central Bank will be a kind of IMF on steroids.

All this might sound like a conspiracy theory, but as the very long but very informative article below by Andrew Marshall shows, it’s all out there in the public arena. The problem is not finding facts to back up this evaluation, the problem is that the public does not take notice of what is happening because we leave our economy to specialists and politicians. The fact that they have driven us into the current disaster with policies and measures like the ones mentioned above (deregulation, privatisation, etc.) will not change our ignorance – one that might slowly lead us to what the Europeans already have begun to experience (the EU bureaucracy) and the Cinese know all to well: more authoritarian forms of government. Large corporations hate democracy, even ours which because of people’s political apathy is quite dysfunctional in terms of democratic rights and therefore already quite pleasing to the corporate world (as outlined above). Even so, this is what Gideon Rachman, chief foreign affairs commentator of the Financial Times, had to say after quoting an adviser to French President Nicolas Sarkozy (who said: “Global governance is just a euphemism for global government” and the “core of the international financial crisis is that we have global financial markets and no global rule of law”): “International governance tends to be effective only when it is anti-democratic.” Welcome to the New World Order.

The Financial New World Order: Towards a Global Currency and World Government

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