http://www.newswithviews.com/Veon/joan162.htm

By Joan Veon
April 3, 2009
NewsWithViews.com

(Excerpted)

That is how I felt fourteen years ago when I read the 1994 United Nations Development Report. I was absolutely shocked to read the Special Contribution entitled “Global Governance for the 21st Century” by the 1969 Nobel Prize for Economics, Jan Tinbergen. He wrote,

Mankind’s problems can no longer be solved by national governments. What is needed is a World Government. This can best be achieved by strengthening the United Nations system. In some cases, this would mean changing the role of UN agencies from advice-giving to implementation. But some of the most important new institutions would be financial—a World Treasury and a World Central Bank. Just as each nation has a system of income redistribution, so there should be a corresponding ‘World Financial Policy’ to be implemented by the World Bank and the World Central Bank. Some of these proposals are, no doubt, far-fetched and beyond the horizon of today’s political possibilities. But the idealist of today often turns out to be the realists of tomorrow.

In that report, it also laid out the changes to be made to the international level of government in order to complete the necessary powers: They included:

A World Central Bank which should have five functions: (1) stabilize global economic activity, (2) lender of last resort to financial institutions, (3) calm jittery financial markets, (4) regulate financial institutions and (5) create and regulate new international liquidity.

The institution named to be the successor organization was the International Monetary Fund. This new central bank would float a new issue of Special Drawing Rights-SDRs and it would have “Global Macroeconomic Management” worldwide. It would also acquire some regular control of international banking activities.

A World Trade Organization to be the successor to the General Agreement on Trade and Tariffs.

An Economic Security Council to “review the threats to global human security and agree on required action.” It would have 11 permanent members and another 11 rotating members. They would not have any veto and it would “coordinate activities of the UN agencies and watch over the policy direction of all international and regional financial institutions.”

Other components mentioned included a World Anti-Monopoly Authority, a World Bank International Investment Trust and a World Bank Intermediate Assistance Facility.” The report also called for a World Police force, an International Court of Justice and a World Treasury.

The report stated, “It will probably take some time and probably some international financial crisis—before a full-scare World Central Bank can be created.” It appears we are there. For most people, the things that I wrote about were ridiculous. Why? Because they were not reading the same documents I was reading. At the 101 global meetings I have covered around the world, these kinds. of ideas were considered exciting and were being actively discussed, as they are now.

Also in 1994, The Bretton Woods Commission which was convened by Paul Volcker, former Federal Reserve Chairman and James D. Wolfensohn who was the Director of the World Bank met. Their report confirmed the 1994 Human Development Report and called for “greater economic convergence among countries.” With regard to a world monetary system, the Commission stated,

Any future international monetary system should focus on the major international currencies which dominate trade and global capital markets. For some time to come these will be the dollar, the yen and the Deutsch mark [or its successor European currency). The alternative to a new global system is to continue the present non-system of loose ad hoc cooperation, dominated by the G7 process (pages 4-5).

Furthermore the Bretton Woods Commission said the IMF “should be given a central role to play in coordinating macroeconomic policies and in developing and implementing monetary reforms.” They said that the IMF should be given surveillance in order to secure a more stable exchange rate system and that the Special Drawing Rights are needed—but not now, and should be considered at some other time.” Interestingly enough the Bretton Woods Commission was supported by numerous foreign and American Banks which included, J.P. Morgan, Kidder Peabody International, Inc., Merrill Lynch, Morgan Stanley Group, Salomon Brothers, The Ford Foundation, The Carnegie Endowment for International Peace, The German Marshall Fund and S. G. Warburg Group. Some of these banks no longer exist and some even had trouble earlier in our current banking crisis.

I was seeing the plan for a future world governmental structure. I used the 1994 Human Development Report as my blueprint for the future and what I should look for.

Then in February, 2004, I interviewed U.S. Treasury Deputy Assistant Secretary for Public Affairs, Tony Fratto at the G7 Finance Ministers meeting in Boca Raton, Florida. Part of our discussion follows:  READ MORE