Obama's Financial Reform Proposal - A Stealth Scheme for Global Dominance

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Obama's Financial Reform Proposal: A Stealth Scheme for Global Monetary Control - by Stephen Lendman

When politicians plan reform, it's wise to be skeptical and hold on to your wallets. So fixing the economy by bailing out Wall Street is wrecking it, and Obama's proposed health care reform taxes more, provides less, places profits above human need, avoids the most vital solutions, and leaves a broken system in place.

Now there's "Financial Regulatory Reform, A New Foundation: Rebuilding Financial Supervision and Regulation" - announced June 17 with Obama saying he'll send Congress a plan to create new government agencies, give the private banking cartel Federal Reserve more power, and address five major problems needing regulatory and legislative measures to fix.

Addressing business executives in the White House East Room, he said:

"A culture of irresponsibility took root from Wall Street to Washington to Main Street" with no mention that months of it worsened on his watch. "A regulatory regime basically crafted in the wake of a 20th century economic crisis - the Great Depression - was overwhelmed by the speed, scope and sophistication of a 21st century global economy." In fact, 30 years of deregulation since the late 1970s, not technology, caused speculative excesses, market bubbles, and inevitable collapses that always follow.

Of course, these problems are endemic under a system that's crisis-prone, unstable, anarchic, ungovernable, and self-destructive through repeated cycles of booms creating bubbles, then busts, followed by recessions or depressions with today's collapse grave enough for Michel Chossudovky to call it "far more serious than the Great Depression (because all) major sectors of the global economy are affected."

Proposed Financial Reforms

An 89-page Treasury Department pdf is available online for those inclined to read it. Along with an introduction and summary of recommendations, its five major objectives are to:

I. "Promote Robust Supervision and Regulation of Financial Markets

II. Establish Comprehensive Regulation of Financial Markets

III. Protect Consumers and Investors from Financial Abuse

IV. Provide the Government with the Tools it Needs to Manage Financial Crises (and)

V. Raise International Regulatory Standards and Improve International Cooperation"

The introduction cites "the most severe financial crisis since the Great Depression," admits that its "roots....go back decades (and states that) the government could have done more to prevent many of" them. Proposed reforms include:

-- a new regulatory "Financial Services Oversight Council;"

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I am a 72 year old, retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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