Mumbai & India's Resistance to IMF's Global Regulator Scheme

[Guest guest]

Think Global and Follow the Money. This allows for the development of accurate conclusions.

 

Terrorists are the chaos troops for powerful vested interests. The basic foundation of terrorism began with the British development of the Pirates that attacked the superior Spanish fleets back in the 1600s. It allowed the Brits plausible deniability while they ruthlessly savaged the Spanish Armadas and robbed them of their gold. Secretly the Brits controlled the pirates and gained control of vast hordes of Spanish wealth. Of course the Spanish gold was looted from the Native Americans and mined by slaves.

 

The British, continued their proxy war by the use of pirates. Today's Terrorists are the direct descendants of these same forces. The British powers that waged the Opium wars against China have never relinquished their power nor control of the black market trade. Believe it or not most terror is still controlled by forces based in London. Norway is also involved in its support of the LTTE in Sri Lanka as revealed by Norwegians Against Terrorism. OPEC nations, particularly Saudi Arabia and its promotion of radical Wahhabi Islam are complicit partners as well. Thus after NATO 'liberated' Kosovo the Saudis poured millions of petro dollars into the region, destroyed the ancientTurkish mosques and rebuilt them into modern Wahhabi Mosques. So what do I have to say about terrorists? I say they are controlled at the highest levels.

 

The recent efforts of Pakistani President Zardari to make peace with India are a serious threat to continued British machinations against Peace in South Asia. The Mumbai attacks are a direct attempt to instigate a massive war between India and Pakistan. India's obstinate refusal to give up control of its financial institutions to a common global regulator and become indebted to the IMF are also a factor. Indian PM's men resist IMF influence. India's sound economy allows it to resist the IMF. The powers behind the IMF are the powers behind terror.

 

 

 

 

 

 

PM's men resist IMF influence

 

16 Nov 2008, 0353 hrs IST, Shantanu Nandan Sharma, ET Bureau

NEW DELHI: A section of key policy makers in India are strongly resisting attempts by the International Monetary Fund (IMF) to resume an active role

 

 

in the country as they believe Asia has always remained at the bottom of IMF’s priority list. In a letter to Prime Minister Manmohan Singh, dated November 11, PM’s Economic Advisory Council (EAC) member Satish C Jha termed IMF’s response to the present crisis as “strange and worrisome” and accused the international body of indulging in “ethnocentric and geographical bias”. “What we find strange and worrisome is that the IMF has once again relegated Asia to the bottom of the priority list in terms of assistance and has been far more focused on Eastern Europe and Russia. This is a repeat of 1997, when the IMF was late and reluctant to offer funds to Asia claiming that market forces should sort out the crisis. There is a certain degree of ethnocentric and geographical bias within the IMF, which is negative for Asia,” he wrote. SundayET has a copy of Mr Jha’s letter to the PM. The

IMF has influenced India’s approach to the crisis, according to officials in the finance ministry and the Prime Minister’s Office (PMO). In fact, the appointment of former IMF chief economist Raghuram Rajan as honorary economic adviser to Prime Minister just two weeks before the G-20 meet is believed to be a well-designed approach before the meet. EAC member Mr Jha further argued that IMF-led approach won’t help much. “It has become apparent, as was witnessed in the Asian financial crisis of 1997, that Asia may once again be at the bottom of the list of assistance from the IMF in times of crisis. This must be halted,” he further added. In fact, IMF has made attempts to have full-fledged operation in the country, according to Indian government officials. When contacted by SundayET, an IMF spokesperson from Washington said; “The IMF works closely with the Indian authorities through the annual Article IV review, as we do with

other member countries. It is the member country, not the IMF, that decides whether additional advice or assistance by the Fund should be requested. We stand ready to respond to their needs.” “Ultimately, it was included in the deal that India must have an IMF programme to draw 20% of the stipulated amount ($3 bn) for swapping. Many of us have been opposing the growing influence of IMF here as they would soon begin to dictate terms on policy formulation,” a senior government official said.

 

http://economictimes.indiatimes.com/News/Economy/PMs_men_resist_IMF_influence/articleshow/3718373.cms

 

Strauss-Kahn smiles from afar

Dominique Strauss-Kahn, managing director of the International Monetary Fund is a leading French Socialist.

'Standards global, regulation national': FM

On Board Prime Minister's Special Aircraft, November 14, 2008

 

First Published: 09:29 IST(14/11/2008)

New global regulatory standards, prudential norms, greater surveillance mechanism and reform of the IMF are among the key points that the Indian contingent will raise on November 15 at the Summit on Financial Markets and the World Economy in Washington DC, Finance Minister P Chidambaram told reporters.

 

 

Most important among these, in terms of having a widespread impact, will be the setting up of common regulatory and accounting standards across the globe or at least for G20 nations. "We must have convergence of accounting standards," Chidambaram said.

'Not taking an election-constricted view': FM

 

 

 

The politics of a process that will be put in place in the November 15 Summit will not be restricted by the soon-to-change leaderships in the US and India, said Finance Minister P. Chidambaram.

"The resolution of this crisis will take us to a point of time well beyond January 20, 2009 (that's when President-elect Barack Obama will take charge as President)," he said. "Likewise, it will take us to a point of time well beyond May 22, 2009 (when a new government takes charge in India). So I don't think we are going to take a election-constricted point of view.

He pointed out that US President George Bush and Obama are reported to have talked about these issues are great lengths only two days ago. "I think Obama inputs will be there in whatever President Bush presents."

Briefing reporters on the impact of the crisis on India, Finance Minister P. Chidambaram repeated what is now getting to be a somewhat permanent government line: "We will be indirectly impacted. Our growth, our exports and currency flows will be affected. We can weather the crisis and still return a decent growth in 2008-09," he added.

"Even the IMF's last week's assessment places India's growth rate in the current fiscal at 7.8 per cent."

But he dismissed the idea of a common global regulator saying, "I don't think regulation can be raised to a global regulator. That's too ambitious, and perhaps not possible in today's circumstances. Regulation must be national."

The need for global standards goes hand in hand with IMF reforms. "IMF," Chidambaram said, "was unable to provide the early warning signals to the crisis." That does not mean the creation of new multilateral agencies and financial institutions, informally being called Bretton Woods II, he added. "But surely IMF must begin to discuss within itself governance reforms."

"We need to put in place a surveillance mechanism that would have identified the huge risks being taken by some financial entities," Chidambaram said, adding that an "agreeable entity" is needed. "This is what we talked about in Sao Paulo and this is what we'll talk about in the Summit."

Coming four days after finance ministers and central bank governors of G20 countries met in Sao Paulo and two days before the US President George Bush-initiated Summit, Prime Minister Manmohan Singh has the Indian agenda laid out.

"I will put forward our views on the need for greater inclusivity in the international financial system, the need to ensure that growth prospects of developing countries do not suffer, and the need to avoid protectionist tendencies," Singh said in a November 13 departure statement.

"Today there are only a handful of economies that are driving global economic growth," Chidambaram said. "These include China, India and few others. It is very important that the few countries that are able to drive economic growth should not suffer. More resources should be made available to these countries."

On that front, he clarified that India did not seek IMF funds. "We don't need an IMF programme," he said. "We need a development programme. So if World Bank is willing to give us more, we will be happy to take it."

The new financial order, the seeds for which will be laid in the Summit, needs to become more inclusive, Chidambaram said. "G7 is too small. It must expand." G20, perhaps, represents the new grouping.

Among the new prudential norms that are needed, Chidambaram listed common norms for capital adequacy, risk assessment and risk weights.

Taking Singh's anti-protectionist agenda forward, Chidambaram said the crisis should not lead to the creation of "protectionist cocoons. We must now try to ensure free flow of goods and services, capital." Which echoes one part of what George Bush wrote in his October 22 letter inviting the...

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