World Economic Forum Annual Meeting 2010
Davos-Klosters, Switzerland 27-31 January - Improve the State of the World: Rethink, Redesign, Rebuild
http://www.weforum.org/en/events/AnnualMeeting2010/index.htm
Globalists see econ crisis as excuse for 'new world'. Leaders in Davos bill meltdown as opportunity to expand control
January 28, 2009
Klaus Schwab
NEW YORK – A call to utilize the current global economic crisis as a panic in which governments worldwide can move to nationalize banks is emerging from the 2009 World Economic Forum in Davos, Switzerland.
The forum's founder, Klaus Schwab, told CNN yesterday the current global economic slowdown is a "transformational crisis" that should be utilized to shape a "new world."
"Above all else this is a crisis of confidence," Schwab said. "To restore confidence you have to establish signposts that the world after the crisis will be different. We have to create a new world and that is what Davos 2009 will be all about – serving society."
Speaking from the Davos conference yesterday, Nouriel Roubini, New York University professor at the Stern School of Business,
told CNBC the global banking system is "effectively insolvent."
Roubini estimated that the worldwide crisis in bad bank assets will extend far beyond the Collateralized Mortgage Obligation problem caused by subprime loans. He expects the crisis to include bad loans in consumer credit cards, car loans and student loans, as well as commercial loans that have been packaged into securities sold as assets to banks and brokerage firms.
Roubini estimated the bad asset crisis would amount to $3.6 trillion, about half of which he believes will be held by U.S. banks and brokerage firms.
Roubini called on the Obama administration to employ the "Swedish solution," in which the U.S. government would nationalize troubled banks, not just investing bailout cash but also taking over and giving management control to U.S. government bureaucrats.
Roubini, a frequent guest on financial cable news shows, is known as "Dr. Doom" for his typically gloomy but often accurate forecasts.
In the early 1990s, Sweden nationalized banks but only after the banks had written down their own troubled losses.
Economists Christopher Wood argued in an influential Financial Times op-ed piece that the U.S. Troubled Assets Relief Program, or TARP, has failed to follow the Swedish model, in that the U.S. government has poured $700 billion of bailout into banks and brokerage firms without requiring the banks first to write down their bad assets and without the government taking majority control.
Joseph Stiglitz, a Colombia University professor and 2001 Nobel economics laureate who advised the incoming Obama administration during the transition, echoed Roubini's concerns in a CNBC interview from the Davos conference.
Stiglitz fears the U.S. Treasury and the Federal Reserve have used TARP funds to overpay for bad assets.
"The private sector would not touch these bad assets with a 10-foot pole," Stiglitz said. "It's not clear we have here a good deal for the taxpayers."
Arguing that "taxpayers have provided capital but have received no control," Stiglitz also contended the U.S. government should begin nationalizing the banks under the Swedish plan in which the private owners of the banks would first take the losses for bad assets, and the government would nationalize the banks at a much lower share price.
Stiglitz reasoned economic incentives dictated that private bank managers – if left in place after injecting TARP funds without government control – would "have incentives to pay themselves bonuses, to pay shareholders dividends and to use bailout funds to make acquisitions."
"We need to run these banks for our interest," Stiglitz said, arguing the Obama administration should move to nationalize banks.
"The government could not do worse than the banks themselves have done," he observed, insisting TARP bailouts made no sense unless the government ended up controlling the banks.
"You can call it 'conserving the banks,' if you want to use a nice term," Stiglitz said.
"But right now the government is paying too much for bad bank assets and ending up with no real control," he said. "It's not clear it's a good deal for the taxpayers."
http://www.wnd.com/index.php?pageId=87405
~snip from a blog ... October 6, 2009
key meeting in Switzerland this week to unlock world finances
Former Japanese Finance Minister Shoichi Nakagawa was killed before he could talk
Former Japanese Finance Minister Shoichi Nakagawa was killed because he was getting ready to tell a lot of secrets to the media, according to Japanese underground sources.
Nakagawa was the man who, at a recent G8 meeting, appeared “drunk” at an internationally televised press conference. In fact, he was drugged by the Papa Bush/Federal Reserve crime syndicate because he refused to hand over any more Japanese money.
It is not clear who killed him but, Japan may be about to face a major purge of all the people associated with former Prime Minister Yasuhiro Nakasone and the money distributors around him. They initiated, in cahoots with Ronald Reagan and George Bush Senior, a long term looting and weakening of Japan. The brother of the Emperor is their leader and will also be dealt with if necessary.
Meanwhile, there will be a key meeting in Switzerland this week to unlock world finances and begin a major campaign to turn the deserts green and repair the oceans using technology that has been forbidden until now. The Japanese traitors who are trying to block this must stand aside.
http://www.rumormillnews.com/cgi-bin/forum.cgi?read=157338
October 7, 2009
Turkey expects to seal deal Saturday, in Switzerland, with Armenia, doubts emerge
ANKARA/YEREVAN - Turkey expects historic accords to normalize ties with Armenia to be signed on Saturday in Switzerland in a step toward ending a century of hostility, senior Turkish government sources said on Wednesday.
But doubts have emerged in diplomatic circles about whether the ceremony would take place because of pressure from the powerful Armenian diaspora, as well as opposition within Armenia and to a certain extent Turkey.
"There are no changes to those plans," a senior Turkish government source, referring to the planned signature of protocols in Zurich on October 10, told Reuters. Another government source, who also declined to be named, agreed.
Armenian Deputy Foreign Minister Arman Kirakossian told Reuters that a decision had not yet been taken on when and where the protocols would be signed but acknowledged they needed to happen shortly as an agreed deadline was approaching.
"The signing ceremony is very important because Armenia has always stated its desire to establish relations without preconditions. And I hope that these protocols will be signed very soon," Kirakossian told Reuters in Yerevan.
Turkey and Armenia have no diplomatic ties because of hostility stemming from the mass killings of Armenians by Ottoman Turks during World War One. Turkey closed its border with Armenia in 1993 in solidarity with fellow Muslim Azerbaijan, then at war with Armenian-backed ethnic Armenians.
Turkey and Armenia agreed on August 31 to sign, within six weeks, two protocols on the establishment of diplomatic ties, opening a common border and for historians to investigate the events surrounding the killings of Armenians in 1915.
But Armenia was taken by surprise when Turkish Prime Minister Tayyip Erdogan announced in New York that the agreements would be signed on October 10.
Turkish Foreign Ministry officials later told reporters each country's foreign minister would attend the ceremony in Zurich.
Armenian President Serzh Sarksyan is on a week-long intercontinental charm offensive to calm concerns in the Armenian diaspora over the historic thaw with Turkey. Diplomatic observers also fear the signing could be disrupted by demands by some Turks for a resolution on the Nagorno-Karabakh dispute.
Armenian nationalists demand that Turkey acknowledge the 1915 killings as genocide and protests have erupted in France and Lebanon. Ankara rejects the term genocide, saying that many people died on both sides of the conflict.
Once the protocols are signed they must be approved by the respective parliaments. This leaves open the possibility that either side delays the approval in case they face unexpected domestic opposition.
NAGORNO-KARABAKH
Hanging over efforts to re-establish ties is the specter of one of the bloodiest and most intractable conflicts sparked by the demise of the Soviet Union.
Ethnic Armenian forces, backed by Armenia, fought a war with Azerbaijan in the early 1990s over the mountainous territory of Nagorno-Karabakh, an ethnic Armenian enclave located within Azerbaijan's internationally recognized borders. Some 30,000 people died.
International mediators are trying to put pressure on Armenia to negotiate with Azerbaijan over Karabakh as part of a wider attempt to secure a lasting peace in the region.
Turkey, a close ally of Azerbaijan, has also said ties with Armenia cannot be normalized until there is progress on Nagorno-Karabakh. Armenia insists the two issues are separate.
In the latest diplomatic round, two days before the Swiss ceremony, the leaders of Armenia and Azerbaijan will hold new talks on Karabakh in Moldova's capital Chisinau on Thursday.
Turkish government sources said they did not expect any major breakthrough in Moldova but said the meeting itself would help push a solution to the Nagorno-Karabakh dispute forward.
To be continued .... What is really up with Switzerland ...
