Re: Disastro o cospirazione? Discussione sulla crisi economica in corso

Inviato da  Descartes il 13/10/2008 18:05:40

Ecco, questo è il discorso che Brown ha tenuto nella City di Londra (che ricordo che è uno stato nello stato, come il Vaticano a Roma, solo governato dai banchieri).

Segnatevi questo discorso, e segnatevi questa data, 13 ottobre 2008, perchè questa data segna di fatto l'avvento del Nuovo Ordine Mondiale, imposto con la shock doctrine:



Monday 13 October 2008
Speech on global economy

Transcript of the Prime Minister’s speech on the global economy at the reuters building.

Read the transcript:

Check against delivery

I’m grateful to Niall [Fitzgerald] and Reuters for inviting me to speak to you this morning.

At this difficult time for the global economy, I wanted to come here today - to the heart of our financial services industry - to discuss with you:

· the steps we are taking in Britain
· and what i believe the international community must now do together

To secure the future of our financial system.

Britain has two great financial traditions: from the coffee houses of london to the establishment of the Royal exchange, we were pioneers of a modern-day banking system built on trust. It has always been said of the city - my word is my bond. And that is the trust that must underpin everything we do in the future.

Our second tradition is our openness to the world.

We are internationalists, with more global reach as a country than any other. While some would use the world financial crisis to recommend policies that are protectionist, we know that the only way forward is to maintain our tradition of openness: an open trading economy where there is now proper global co-ordination and supervision.

So we want strong banks succeeding in an open global economy

· with national action to restore confidence and trust in the banking system founded on our core values of fair reward for hard work, effort and enterprise. Not unfair incentives for irresponsibility or excessive risk-taking for which the rest of us have to pay.

· and international action to build a global solution to global problems - by working with our international partners to reshape the global financial system to make it fit for purpose for the future. So that the problems of today never occur again.

Britain has many strong national and international banks - and they are essential for every family and every business in the country.

I don’t need to tell any one here about the centrality of the banking system to everything we do as a nation. You know better than anybody that banks aren’t just economic entities - they are woven into the fabric of all our lives: vital to savers, mortgage holders businesses and ordinary families everywhere.

This isn’t abstract - this is about the conversations people will be having on their sofas tonight once they’ve put the kids to bed.

For when problems in america can lead to people in britain wondering if they can get a mortgage - then we know that we are in extraordinary times. And when in these times normal markets have ceased to work, we can not just leave people defenceless and on their own.

I say – to leave everything to chance would be an abrogation of responsibility - at precisely the moment people are looking to their governments to provide a lead.

And as i said a few days ago - we will not shirk our responsibilities and are prepared to go beyond conventional thinking by taking the decisive action needed to support british families and businesses through difficult times.

So today Alistair Darling is implementing the restructuring plan announced last wednesday - action that we are taking to deal with the impact and root causes of the current financial instability – taking the unprecedented action necessary for unprecedented times.

In addition to the extra liquidity the Bank of England is continuing to provide, British banks are being strengthened through the injection of nearly 50 billions of new capital - including a series of commercial investments amounting to 37 billions of public money in a number of UK banks.

Taking shares is a temporary measure. We have no interest in running British banks: we do have an interest in strengthening their financial position. A common sense response to the difficulties we are facing. For we are investing to secure the future of the banking system and to stabilise the economy - money to let banks resume their proper functions on which our businesses and families so depend.

And we have today also announced the terms of our guarantee for new lending across the banking system. Each bank will be offered a guarantee at an individually determined risk-related price to allow the medium term funding markets to reopen ———-enabling banks to lend to each other and support the financial system more generally, while protecting the taxpayer.

Taken together, these steps will leave british banks stronger than if we had not acted.

And it is precisely because we - the government and city working together - are prepared to take this tough action now, that i believe that this city of london will be a stronger financial centre for the future.

As you would expect the government will protect the taxpayers interests at all times. So as part of this plan we are laying down clear conditions to ensure that the taxpayer gets a fair deal.

· no rewards for failure.
· no cash bonuses this year for the boards of banks receiving public money
· no dividends paid until the government’s preference shares have been fully redeemed

And future remuneration will be based on performance and long-term value creation.

But this crisis has proved beyond doubt the virtues of the sound business practice of rewarding responsible risk-taking not irresponsibility.

We know – and all of you will recognise - that businesses built on a solid long term foundation - with the values of rewarding hard work, enterprise and merit at their heart - have the greatest long term success. So all our emphasis must be on sound business practice.

These are the real principles that lie behind successful wealth creation and are the best way of creating value.

So most importantly as a result of today’s announcement there is an undertaking to restore immediately and maintain to at least last year’s levels the availability of loans for homebuyers and small businesses at competitive interest rates.

This i know is the job the banking system wants to expand. And let me assure you that this government will always work hard to advance london’s central role in the world financial system and at all times seek to enhance its competitiveness.

We will not make the mistake of taking reflex and ill-considered actions when facing crises.

Our actions will be careful and will benefit from the widest possible consultation.

And as we reform our financial system in the weeks and months ahead, we know that the decisions we take now will have an impact for years and decades to come.

As a government, we will continue to protect the most vulnerable in the tough times ahead. We have a responsibility to do so. But government action alone will not be enough. We must all pull together to help each other - neighbours, families, local charities, businesses - for the character of our communities is being tested.

This has always been the way for britain. The British people have always risen to the challenge of a crisis and we must do so again. To pull together as a community - and show that spirit, resilience and determination which has defined Britain as a nation for generations.

And by maintaining that british spirit - and working in partnership with our friends across the globe - so i believe we can all come through these tough times together - as a global community that is stronger not weaker.

For what the markets are showing is that however comprehensive a national plan may be - no one country alone can act to resolve what is a truly global problem. It requires a truly global solution.

At one time this was seen not only as a problem that started in america but as a problem that was also primarily focused on America. That is far from the case now.

Market estimates suggest that in recent years some $2 trillion of us loans were bought by EU banks.

In this globalised 24/7 world when billions of pounds can be switched at the click of a mouse, there is no future in countries going their own way or pursuing a beggar thy neighbour approach. Such actions may give one country breathing space but will not halt but rather accelerate the later decline.

So i warmly welcome the fact that under the strong leadership of President Sarkozy, President Barroso and Jean-Claude Trichet, the Euro area countries have last night agreed to take action on liquidity, capital and funding guarantees.

And it is important that America and Europe work together so I spoke to President Bush last night after returning from paris and we agreed the common ground for action in our two continents.

But this financial crisis affects the whole world. And because we recognise the importance of Asia so I am in touch with the Asian authorities too.

Later this week we will seek to go further at the European council in Brussels. And we are proposing a world leaders’ meeting in which we must agree the principles and policies for restructuring the financial system across the globe.

For we will not stop at immediate measures to stabilise the system. We also need measures to reshape the global financial system to make it fit for purpose for the future. This work is important for building confidence and this work must start today.

And we must start by recognising that we are now in a global financial system and that while we have already global flows of capital we have supervision only at a national level.

And just as we need new global co-ordination to deal with the waves of change that are defining the new global age from energy supply to climate change, so we need enhanced global co-operation to monitor and then supervise financial flows that know no borders.

The global financial system is too clouded with opacity, conflicts of interest, irresponsible risk taking, and when problems occur countries have tended to look inwards and deal with them in isolation when it is clear they should look outwards and join in international co-operation.

A focus on short term rewards created risks for us all as money was lent that had almost no chance of being repaid and was then repackaged and sold on.

Depositors and shareholders wrongly thought that banks would be protected by complicated but insufficiently understood financial engineering to spread the risks across the deep global capital markets. In the end financial engineering will not work if people can not see or do not understand the nature of the assets and the risks they are taking on.

And this was exacerbated by deep conflicts of interest. Credit rating agencies were paid by those they rated. Bonuses and remuneration rewarded excessive risk taking. Those who created complicated financial instruments often did so for the transaction fees that they could charge rather than the value created for those who were supposed to benefit - ordinary borrowers and savers.

So now we must put in place new structures and new rules for the future. This can not simply be a short term rescue to paper over the cracks. Only surgical approach that gets to the root of the problem will now work to ensure the problems do not return.

And we must recognise that the action we need is not just national but global. Almost exactly ten years ago in a speech at harvard I said that “the initiatives and institutions of the post-war era were shaped to the conditions of the time - a world economy of protected national markets, limited capital flows, and fixed exchange rates’

And that ‘our aim must be an international financial system for the twenty first century that recognises the new realities - open not sheltered economies, international not national capital markets, global not local competition. It must be one that captures the full benefits of global markets and capital flows, minimises the risk of disruption, maximises opportunity for all and lifts up the most vulnerable, in short, the restoration in the international economy of public purpose and high ideals.

And that we must now return the international financial system to this idea of rules of the game. While the founders of bretton woods devised rules for a world of limited capital flows, we must devise new rules for a world of global capital flows.”

During the second world war, far sighted leaders like Roosevelt and Churchill were already thinking about the framework that would be needed for the future. Whilst in the heat of battle - taking steps to forge the reconstruction and peace that was to come.

Gatt, the UN, the World bank, the IMF – they were all devised by men and women of great vision - institutions profoundly of their time, but designed to help people make the most of the times to come.

With the same courage and foresight of their founders, we must now reform the International financial system around agreed principles of transparency, integrity, responsibility, good housekeeping and co-operation across borders.

First transparency. We must now insist on openness and disclosure, with an immediate adoption of the internationally agreed accounting standards - and the standards being brought forward for the valuation of assets.

And transparency must extend also to markets including the trillion dollar credit insurance markets which now play such a central role in shifting risk around the system.

Second integrity. We must tackle once and for all the conflicts of interest which have distorted behaviour and undermined trust; and now lie at the heart of public concern.

This includes a system of remuneration founded on long term success not short term irresponsibility. We must ensure that those who run our financial institutions have the right incentives.

Third responsibility. We must ensure that all board members have the competence and expertise to manage the risks and so effectively supervise their institutions and do not walk away from their obligations.

Fourth sound banking practice. We must have regulation and supervision that looks at both solvency and liquidity and ensures adequate protection throughout the economic cycle to prevent speculative bubbles when markets are rising and to cushion the impact of shocks when they are falling.

Fifth, we must have a new bretton woods -building a new international financial architecture for the years ahead.

Sometimes it takes a crisis for people to agree that what is obvious and should have been done years ago can no longer be postponed.

We must create a new international financial architecture for the global age.

This crisis demonstrates beyond doubt that a global capital market requires much stronger global governance.

We need to ensure that we have:

· an effective global early warning system to alert us to economic and financial risks;
· globally accepted standards of supervision and regulation applied equally in all countries;
· stronger arrangements for cross border supervision of global firms;
· and - if we have learned anything - much stronger institutions for co-operation and concerted action in a crisis.

So the IMF and financial stability forum should act as an early warning system - focused on crisis prevention rather than just crisis resolution.

And we need co-coordinated supervision of global companies - welcomed by them - to end the mismatch between global capital flows and only national supervision. So we must immediately implement the proposals for colleges of supervisors to oversee cross- border institutions.

And action for financial stability should be accompanied by wider international economic co-operation such as that which began last week with the co-coordinated action on interest rates.

These are the principles that will bring alive our commitment to an open flexible free trading global economy that is inclusive and sustainable.

The coming days will be a crucial time for the future of the international financial community and the world economy. And that in turn makes it a crucial time for British families and British businesses.

The stakes are higher than ever before.

It is a time for the right decisions not just for good discussions.

The resolve of leaders and nations across the world will be put to the test over the coming days. But if we can co-ordinate national action around the principles i have set out today - then i believe we can come through these difficult times and be stronger for it - both as individual nations and as a global community.

A global solution to a global problem. Ensuring that we are never again faced with such problems; and securing the future for our banking system so that for generations to come london and britain remains home to global finance.

fonte: http://www.number10.gov.uk/Page17161