Central Bankers Gather privately In Washington to Discuss "gold, the renminbi, and the multicurrency system"

Gatae

Attention, mainstream financial journalists! Here’s something else important for you to ignore this week, thanks to the diligent eye of gold researcher and GATA consultant Ronan Manly.

It’s a breakfast meeting to be held Friday in Washington for “a select group of central banks and other official-sector institutions,” sponsored by the Official Monetary and Financial Institutions Forum and the World Gold Council, to discuss “gold, the renminbi, and the multicurrency system,” convened in conjunction with the spring meeting of the International Monetary Fund and World Bank Group, a United Nations agency:

http://www.omfif.org/meetings/briefings/

“Discussions,” the discreet announcement from OMFIF says, “are under Chatham House Rules,” whereby information may be used but never attributed:

http://www.chathamhouse.org/about/chatham-house-rule

While many nations with central banks purport to be representative democracies and while the World Gold Council purports to be the representative of the gold industry, some of whose participants actually have to get their hands dirty every day —

http://www.gold.org/about-us

— attendance at Friday’s meeting will be by invitation only. So for the record GATA has requested one.

But if you don’t get an invitation, you can fairly assume that the valuation of all capital, labor, goods, and services in the world is none of your business. This is after all the central bankers’ world. The rest of us are lucky that they let us even pass through it from time to time, though the impertinent among us might wonder why central bankers should need to talk in secret about something supposedly as irrelevant and retrograde as gold.

Good thing for them that mainstream financial journalists have neither curiosity nor backbone.

CHRIS POWELL, Secretary/Treasurer

EU Banking Union Deal Advances One Currency Scheme

Susan Posel

The European Union has finalized their latest technocratic scheme in the form of a banking union that will centralize oversight of banks to ensure investors are protected.

The EU parliament and member states broke a deadlock vote to install this joint authority venture that will restructure current banking standards.

This consolidation of banks includes the establishment of rules and institutions that control and mitigate banking failures to manage public finances and have better control over monetary rescues such as the financial injection into Ireland in 2010.

Selling the idea that this move will “strengthen confidence and stability in the financial markets and help restore lending to the economy”, the EU is searching for more oversight on banking practices to avert more monies being lost to crashes.

Under the thumb of the European Central Bank (ECB), other financial corporations would be subject to:
• Supervision
• Specialized funding to rescue other banks

The creation of the single resolution mechanism (SRM) would be monies set aside to keep banks from failing when nations could not raise the funds to keep banks open while also make decisions on which banks would be saved.

The ECB explained that “the fund would be able to order the bank restructured, sold or closed down. Bank shareholders and creditors would be asked to take losses before taxpayers. Beyond that, the fund will have 55 billion euros ($76 billion) to put into banks, if needed. The money will be raised from levies on banks.”

Under this new control, the ECB will close banks that are “too weak to survive [to] an end to the era of massive bailouts.”

Two years ago, at a European Council Summit in Brussels, Germany, the centralization of financial power was established.

All banks, except for the ECB are now under centralization regulation of SRM by 2014.

German Chancellor Angela Merkel , explained that caution for the success of the encompassing merger of financial institutions must be observed.

Merkel said: “Concerning the move towards banking supervision, we have decided to move forward with the principle that quality is more important than rapidity. This means we will not have a working banking supervision at the beginning of 2013.”

This scheme lays out an international legal framework that created a single supervisory mechanism (SSM) to justify this new system of controlling fiat distribution and acquisition for the purpose of regulating capital and liquidity with technocratic oversight compliance for more than 6,000 banks in the Euro Zone.

Considered a “revolution” this usurpation of monetary power over sovereign nations in Europe will have one “supervisor for the whole of Europe.”

Nations will no longer be permitted, by international mandate, to manage their own finances. The Technocrats are using the global market crash of 2008 as validation for their self-imbued rule.

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Top Adviser To The Chinese Government Calls For A “Global Currency” To Replace The U.S. Dollar

Economic Collapse blog

The former chief economist at the World Bank, Justin Yifu Lin, is advising the Chinese government that the time has come for a single global currency.  Lin, who is also a professor at Peking University, says that the U.S. dollar “is the root cause of global financial and economic crises” and that moving to a “global super-currency” will bring much needed stability to the global financial system. And considering how recklessly the Federal Reserve has been pumping money into the global financial system and how recklessly the U.S. government has been going into debt, it is hard to argue with his logic.

Why would anyone want to trust the United States to continue to run things after how badly we have abused our position? The United States has greatly benefited from having the de facto reserve currency of the planet for the past several decades, but now that era is coming to an end. In fact, the central bank of China has already announced that it will no longer be stockpiling more U.S. dollars.

The rest of the world is getting tired of playing our game. Our debt is wildly out of control and we are creating money as if there was no tomorrow. As the rest of the world starts moving away from the U.S. dollar, global power is going to shift even more to the East, and that is going to have very serious consequences for ordinary Americans.

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