2ndlook

The World Financial System – Shape of Things To Come …

Posted in Current Affairs, Gold Reserves, History, Satire by Anuraag Sanghi on March 14, 2008

The US President, flanked by Treasury Secretary, Jack Fleischacker, and Paul M.Gruber, Governor, European Central Bank, in a stunning move, announced the merger and re-capitalisation of the IMF and World Bank – a plan to rescue world economy. Forth Knox

IMAR

The new entity has been named as International Monetary Authority & Reserve (IMAR) – and will operate from Paris. It has been given the responsibility for world’s economic stabilisation.

The Governing Council Members will initially comprise of 3 internationally respected financial authorities and investors. The Chairman is likely to be Barran Wolfet and his team members are Sorg Goros and Rim Joggers. “The selection of the Governing Board was done on the basis of consensus and the expertise of the incumbents. This is not the time for being narrow – when the future of the global financial system is at stake.”, said Governor Gruber.

Capital Subscriptions

The US has subscribed to promissory notes worth 25,000 tons of gold, currently held at Fort Knox. The ECB will subscribe to the tune of 20,000 tons of gold – to be held at various European national Government vaults. Australia and Canada have also announced subscriptions to the tune of 10,000 tons of gold each to be held in bonded vaults at Montreal and Canberra respectively. Britain and Switzerland have committed 5000 tons – out of the Bank of England and Schweizerische Nationalbank Eiffel Tower(SNB) reserves. These countries will be allocated voting rights proportionately, based on IMAR gold reserve subscriptions.

The US dollar will now be backed by IMAR promisorry notes – which President Jack Boucher, asserted will create confidence in the US dollar – and in the world financial system.

Governor Gruber remarked,”The Bretton Woods Agreement has facilitated a “historic economic expansion in the global trade” – and this new measure will further strengthen the Bretton Woods system. IMAR single-point agenda is stabilization of the global economy.” Country reserves will be nominated on the basis of IMAR promissory notes – and countries will report on these regularly. Total monetary aggregates for the national economy will also see a change. “Old economic measures like M3 money figures will no longer be relevant in the era of derivatives and options”, said Gruber.

The ASEAN, Chinese and Japanese Governments have cautiously welcomed this move, with a joint declaration saying “this will hopefully lend some stability to the US dollar – and the trillions of reserves that we maintain”. The new martial law administrators in the South African Government are due to the announce their subscriptions soon. Saudi Arabia, Iraq, the UAE and Singapore have announced that they will be committing substantial assets towards their share of subscriptions. Russia is still undecided - and expected to approve soon.

CriticismBack From The Brink

India has criticised the move strongly. Prime Minister, Sonia Gandhi said, “this new system will perpetuate existing economic systems and divisions.” Iran’s President, Mohammed Hussaini bluntly dismissed this development and said, “the developing world will not have a voice in the new organization.”

The new Indian Finance Minister Banta Singh said,”This will not help in restructuring the international finacial systems. This is not the ‘new financial architecture’ that we are want.” When asked what his ideas were were declined to reveal them, as “it too premature.”

The IMAR Governor, Wolfet rejected the criticism, saying, “IMAR will be a international body – for implementing a rescue plan for the world economy. Developing Countries will have 50% representation on the Director’s Register. They, can get even higher voting rights by increased subscriptions. Our past experience shows that countries print currency – and risk global financial equilibrium. We cannot allow that to happen again.”

US and the EU have also announced a doubling in aid allocations. Instead of outright grants in aid, transfers will now be based on mutual trade norms. African countries, for instance, will be able to develop trade with the West – while receiving aid. EU and USA will commit to specific trade volumes, such that Africa will be able to develop, for instance, its mining and resource based industries.

Currency Fluctuations

Inflation & M3 FiguresGovernor Gruber claimed that “currency fluctuations are a thing of the past, as trade will now be denominated by currency demand and supply. International currency acceptance will be determined by IMAR reserves of each currency system.”

Gold ReservesGold Bars

The most interesting part of this development is the quantum of gold being committed by the subscribers. The ECB and the Federal Reserve have been able to fulfill their subscriptions based on gold reserves that they have enhanced in the last few months.

It is being whispered that Barran Wolfet and his team members, Sorg Goros and Rim Joggers had played a major role in the enhancement of these gold stocks – and the formation of IMAR. Initially named as Global Financial Reserve Authority for Development, the IMAR idea was first tossed out over a dinner at the famous Les Ambassadeurs eatery – which offers a classic cuisine by the Ducasse-trained chef, Jean-François Piege.

Want to decode this news? What this really means for you! Ask St.Barnum, The Propaganda Slayer.

Post Script

On 8th October, 2008, it was reported, that both the Republican and Democratic  candidates concede that Warren Buffet

would be a good replacement for current Treasury Secretary Henry Paulson who is standing down at the end of the current administration.

“I think the first criteria, would have to be somebody who immediately Americans identify with. Immediately say we can trust that individual,” said McCain. Buffett, chief of the Berkshire Hathaway holding company, has supported Obama in the race for the White House.

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10 Responses

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  1. Erle Frayne Argonza said, on May 21, 2008 at 12:19 pm

    Nice news. This isnt the ‘new financial architecture’ being advocated by patriots of developing countries. This will just perpetuate the oligarchic structures that are now in place. It will only save the pockets of the financial oligarchs, cartels, and every looter in the world. Nothing new about it.

  2. Anuraag Sanghi said, on May 21, 2008 at 2:08 pm

    I wish the developing countries had some idea what they wanted – and initiated some ‘first steps.’ Are they waiting for the West to give them a new architecture on a platter? On any currency matters and reserves policy, no global consensus is required.

    The ‘new financial architecture’ that is being bandied about will finally, possibly happen by default due to some accident, crisis or emergency. The Bretton Woods facilitated huge transfers of wealth and extended western enrichment at the cost of the rest of the world. The ceaseless noise about irrelevant issues (deliberately) drowns out the real issues.

    In case, you didn’t notice, the new authority was supposed to named as Global Financial Reserve Authority for Development (which would result in an acronym of Global FRAuD).

    Of course, some of the players, Barran Wolfet and his team members, Sorg Goros and Rim Joggers, public figures Jack Fleisc’hacker’, and Paul M.(money)Gruber, Jack Boucher (butcher).

  3. [...] On Marh 14th 2008, this blog talked about how [...]

  4. Tom said, on March 30, 2009 at 5:13 pm

    Good story, but I glanced through your first 8 links and could not find a ‘direct quote’ that supports the argument. Since it was only a glance please clarify the argument with a direct quote and link.

    You may be on the money, but if you are it’s more from an internal source than the sites I viewed.

    p.s. didn’t you love the irony of going into a Bear market with the collapse of Bear Sterns
    the gamers who gamel have such trite humor

  5. Anuraag Sanghi said, on March 30, 2009 at 5:30 pm

    Sir Tom – In case, you didn’t notice, the new authority was supposed to named as Global Financial Reserve Authority for Development (which would result in an acronym of Global FRAuD).

    Barran Wolfet and his team members, Sorg Goros and Rim Joggers – do these names remind you of someone?

    Have you ever heard of Iran’s President, Mohammed Hussaini?

    Governor Gruber first name is Kash!

    Are you getting the picture

  6. Tom said, on March 30, 2009 at 5:38 pm

    fraud, yes another trite joke, which i was commenting on within an emerging network of trite jokes

  7. Tom said, on March 30, 2009 at 5:40 pm

    ‘Barran Wolfet and his team members, Sorg Goros and Rim Joggers’

    no I don’t possess the context to get these

  8. Tom said, on March 30, 2009 at 9:03 pm

    this is all dummy sited

  9. Tom said, on March 30, 2009 at 9:13 pm

    ok so its buffett, sorenose and I dont get the last one, but one problem with your dummy story, everyone in the us knows there has been no gold in fort knox for ever


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