Comment

Jerome Corsi: Very Bad Craziness on Fox News

52
Gus10/14/2009 11:49:37 am PDT

Looks like Corsi is already spreading that G20 conspiracy theory at WND. The G20 doesn’t implement regulation. The G20 is simply a meeting in which they sometimes come to agreements on policy and the direction member nations should take. The Financial Stability Board that was established this year has a mandate of:

* assess vulnerabilities affecting the financial system and identify and oversee action needed to address them;
* promote co-ordination and information exchange among authorities responsible for financial stability;
* monitor and advise on market developments and their implications for regulatory policy;
* advise on and monitor best practice in meeting regulatory standards;
* undertake joint strategic reviews of the policy development work of the international standard setting bodies to ensure their work is timely, coordinated, focused on priorities, and addressing gaps;
* set guidelines for and support the establishment of supervisory colleges;
* manage contingency planning for cross-border crisis management, particularly with respect to systemically important firms; and
* collaborate with the IMF to conduct Early Warning Exercises.

As you can see it is mainly to “monitor and advise.” The original agreement from the G20 can be seen here.

None of this supersedes US law. The fact remains that the US markets are integrally tied to international markets and stability. They do not exist in a vacuum of US isolationism no matter how much people like Corsi, Paul, et al, would have you believe. Things will change over time and a greater emphasis on international cooperation and standards will grow even greater over time. It is essentially the evolution of financial systems and governance.