What Was the MAJOR Cause Of the Market Failure?
The Failure OF GOVERNMENT MANDATED Organizations
Was the Major CONTRIBUTING Cause of the Market Failure!
Democrat controlled Congress Leaders backed corrupt Lenders,
But they have steadfastly refused to admit their personal Complicity,
And Now Present Themselves As The Party Which WILL Straighten it Out,
A gigantic national financial mess both Republicans AND Democrats Created!
It was caused by corruption in high places by man’s growing CARNAL Character!
It will not be straightened out until the Messiah Comes from His High Place to do it!
April 17, 2009
http://www.tribulationperiod.com/
SO WHAT WAS THE MAJOR CAUSE OF THE MARKET FAILURE
?
IT WAS MAN’S INCREASING CARNALITY THAT GENERATED THE CRISIS AND THE CRISIS WILL NOT END UNTIL THE SECOND ADVENT OF JESUS! THE WORLD SOCIETY IS EXACTLY AS PAUL SAID IN WOULD BE “IN THE LAST DAYS!
II Timothy 3:1-5 – This know also, that in the last days perilous times shall come. [2] For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, [3] Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, [4] Traitors, heady, highminded, lovers of pleasures more than lovers of God;
UNTIL MESSIAH COMES GOVERNMENT CLOWNS OF THIS WORLD WILL CONTINUE TO ENTERTAIN THE EARTH WITH THEIR CENTER RING ACT!
Psalm 2:1-9 – Why do the heathen rage, and the people imagine a vain thing
? [2] The kings of the earth set themselves, and the rulers take counsel together, against the Lord, and against his anointed, saying, [3] Let us break their bands asunder, and cast away their cords from us. [4] He that sitteth in the heavens shall laugh: the Lord shall have them in derision. [5] Then shall he speak unto them in his wrath, and vex them in his sore displeasure.
[6] Yet have I set my king upon my holy hill of Zion. [7] I will declare the decree: the Lord hath said unto me, Thou art my Son; this day have I begotten thee. [8] Ask of me, and I shall give thee the heathen for thine inheritance, and the uttermost parts of the earth for thy possession. [9] Thou shalt break them with a rod of iron; thou shalt dash them in pieces like a potter’s vessel.
Luke 21:26-28 – Men’s hearts failing them for fear, and for looking after those things which are coming on the earth: for the powers of heaven shall be shaken. [27] And then shall they see the Son of man coming in a cloud with power and great glory.
[28] And when these things begin to come to pass, then look up, and lift up your heads; for your redemption draweth nigh.
Malachi 4:1-3 – For, behold, the day cometh, that shall burn as an oven; and all the proud, yea, and all that do wickedly, shall be stubble: and the day that cometh shall burn them up, saith the Lord of hosts,
that it shall leave them neither root nor branch.
[2] But unto you that fear my name shall the Sun of righteousness arise with healing in his wings; and ye shall go forth, and grow up as calves of the stall.
[3] And ye shall tread down the wicked; for they shall be ashes under the soles of your feet in the day that I shall do this, saith the Lord of hosts.
Begin Excerpt from The Australian
G20 a circus for clowns
Michael Costa
April 17, 2009
Article from: The Australian
THE Group of 20 meeting in London produced plenty of media hype and uncritical commentary but very little to resolve the global financial difficulties. Most damagingly, leaders continued to perpetuate the myth that market failure, not the failure of government-mandated organisations, was the core contributing factor to present economic difficulties.
Political expediency, not sound economics, was the beneficiary of the meeting.
The summit communique reflected the primacy of politics over economics. Leaders were desperate to ensure the communique would allow participants to claim to their domestic audiences that they had succeeded as national leaders. So along with the usual self-important hyperbole – “we will bring the world economy out of recession and prevent a crisis like this from recurring in the future” – the communique provided specific phrasing to accommodate the more politically exposed leaders, particularly the summit’s host, Gordon Brown.
The British Prime Minister is struggling politically.
The latest opinion polls show his Conservative rival, David Cameron, has a double-digit lead. Brown’s key weakness is that he was chancellor of the exchequer during the the property asset bubble. Immodestly, but not uniquely, during the boom years he projected his personal role in creating the boom.
Since the bubble burst, serious talk of national bankruptcy has become common. Brown’s response, including significant fiscal stimulus, has failed. Scandals surround substantial government bailouts, such as that of the Royal Bank of Scotland.
Brown went into the G20 meeting in conflict with his own Chancellor, Alistair Darling, and Mervyn King, governor of the Bank of England, over further stimulus packages.
Brown recklessly claimed that the G20 needed to commit to injecting a large fiscal stimulus into the global economy.
By large he meant more than $US1trillion ($1.38 trillion).
The Germans and the French, among others, refused to co-operate. Brown would have been left with egg on his face if US President Barack Obama hadn’t helped by conjuring up a figure close to that amount for inclusion in the final communique.
However, the $US1.1trillion program referred to in the communique is not a fiscal stimulus.
It represents potential loans or credits to be administered by the International Monetary Fund or the World Bank. Only $US250billion is new money and most of the money may not even be spent. The G20 communique is global political spin on a grand scale and Kevin Rudd, to his discredit, has been complicit in this foolhardy attempt to sex up the size of financial commitment.
The communique has many examples of this type of spin.
The pledge to “build an inclusive, green and sustainable recovery” and “accelerate the transition to a green economy” are transparently self-promoting. Yet the only action agreed to is to have more discussions on values and principles for a charter of sustainable economic activity.
More worrying, the spin extends to significant omissions in the wording of the communique compared with the document issued after the G20 meeting in Washington in November last year. Key wording agreed to in November has been dropped, including explicit commitments to free-market principles, the rule of law in respect of private property, open trade and investment, efficient financial systems and an explicit recognition that over-regulation would hamper economic growth and exacerbate the contraction of capital flows. These words were significant as they were agreed to by China and Russia and may well have long-term economic consequences for the global economy.
Even the much vaunted reforms to the governance structure of global economic institutions such as the IMF and the World Bank, when closely examined, are window-dressing. There are promises of greater representation of developing and poor countries through additional voting rights and a third African seat on the executive board. The new Financial Stability Board has vague goals such as “collaboration with the IMF to provide early warning on macroeconomic and financial risks and actions to address them”. Why the FSB would be better placed to predict changes to global economic activity than present institutions is not explained. In any event, predicting the emerging economic crisis does not guarantee co-ordinated global responses. The property asset price bubble at the core of today’s financial difficulties was obvious to many observers yet the political will to act was lacking.
The FSB’s designated role as a quasi-regulator of executive compensation schemes and global tax enforcer guarantees confused objectives and ultimate failure. Tax havens contribute to tax leakage and therefore are detested by national revenue agencies, but they play an important role in ensuring national tax regimes remain competitive. Criminal activities and money laundering through these tax havens is better dealt with as a law enforcement issue than an economic policy issue.
The detailed progress report on the actions of the Washington Action Plan shows most of the work is still under way, with further reports and meetings in the pipeline. Some actions and many reforms of regulatory regimes and prudential oversight have been deferred until recovery is assured.
Claims that these tentative and moderate actions represent global economic leadership on the scale of Bretton Woods are ridiculous.
The one area where the G20 leaders can play an important, immediately positive economic role is in reducing trade barriers and eliminating protectionism.
The communique contains all the right words on promoting global trade and investment. The leaders claim they will not “repeat the historic mistakes of protectionism of previous eras”. But their credibility was severely undermined by the release of a World Bank analysis of incipient trade barriers that showed that despite the G20 leaders signing a pledge in November last year to avoid protectionist measures, 17 of the 20, including Australia, have “implemented 47 measures whose effect is to restrict trade at the expense of other countries”.
The analysis shows that since the beginning of the financial crisis, according to the World Bank’s monitoring, 78 trade-restricting measures have been proposed or are being implemented. The Doha Round of world trade talks has ground to a halt with little prospect of a timely and successful conclusion.
The G20 summit barely dealt with the real issues that triggered the financial difficulties and are prolonging it. Stanford economist John B.
Taylor has empirically demonstrated in his book Getting off Track that the core of present problems were failed government actions and interventions. Central banks of many nations have confused policy objectives and ad hoc actions by governments to create continuing uncertainty.
Government institutional clarity and consistency in economic policy is what is needed, not global circuses such as the recent G20 meeting.
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