Has Obama given up US sovereignty to world?

After last weeks G20 summit that seemed to go so well – but got nothing done – we need to ask the question concerning United States sovereignty. Has President Obama signed our country up for some sort of financial oversight board that would place US companies under international regulation?

Of course, Congress needs to get involved with all of this, but I note all the warmth Obama got during the conference .. other leaders were probably laughing together in some back room wondering if it was really going to be this easy to roll us.

Here are some excerpts of the official Global plan for recovery and reform released at the end of the summit last week. Do take the few minutes to read the full communique, it will only take you ten minutes to read and absorb.

First, they start of with the prosperity statement – has to be shared don’t you know – and mention effective regulations and strong global institutions are needed to do the sharing. The “open world economy” part is a lie, since I don’t think it can exist with all of the United Nations/IMF/[name your world body here] regulation they propose.

… We start from the belief that prosperity is indivisible; that growth, to be sustained, has to be shared; and that our global plan for recovery must have at its heart the needs and jobs of hard-working families, not just in developed countries but in emerging markets and the poorest countries of the world too; and must reflect the interests, not just of today’s population, but of future generations too. We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions. …

Where is all of the following money going, and where is it coming from?

The agreements we have reached today, to treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs, to ensure $250 billion of support for trade finance, and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries, constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy.  Together with the measures we have each taken nationally, this constitutes a global plan for recovery on an unprecedented scale. …

… Today, we have further agreed over $1 trillion of additional resources for the world economy through our international financial institutions and trade finance.

This sounds doable…

We will support, now and in the future, to candid, even-handed, and independent IMF surveillance of our economies and financial sectors, of the impact of our policies on others, and of risks facing the global economy. …

… We will take action to build a stronger, more globally consistent, supervisory and regulatory framework for the future financial sector, which will support sustainable global growth and serve the needs of business and citizens. …

Now, they get into the real crap, they want to have regulatory control of all financial institutions…

… to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission; …ereighn

… to extend regulation and oversight to all systemically important financial institutions, instruments and markets.  This will include, for the first time, systemically important hedge funds; …

… to endorse and implement the FSF’s tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms;

This does not look good to me, but at least they didn’t include a bunch of climate change crap in the letter. They put off that decision until the end of the year.

We reaffirm our commitment to address the threat of irreversible climate change, based on the principle of common but differentiated responsibilities, and to reach agreement at the UN Climate Change conference in Copenhagen in December 2009.

Accuracy in Media’s Cliff Kincaid writes how Obama has seemingly falling into lock-step with our friend George Soros.

… the official conference document proves that plans are being made for what can only be described as the further looting of American taxpayers in order to feed unaccountable and corrupt global entities.

This is not “global cooperation,” as so many in the media described it, but a massive new expansion of the power and authority of international agencies and institutions such as the United Nations, the International Monetary Fund and the World Bank….

The Special Drawing Rights proposal, which is a vehicle for further U.S. foreign aid to the rest of the world, was the brainchild of billionaire George Soros, who told CNBC’s Maria Bartiromo that the G 20 conference was a “success.”

Nice. Dick Morris is also trying to call attention to this global plan and all that is tied to it. He was on Fox News with Greta Van Susteren on Friday, and released the following video at his blog. Are you listening?


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