March 23, 2009

Global Economic Council to be proposed at G-20


A panel of experts appointed by the United Nations is expected to recommend a "Global Economic Council" at the upcoming April 2 G-20 conference in London. The panel of experts is headed by economics scholar, Joseph Stiglitz, who is a professor at Columbia University and recipient of the Nobel Prize in economics.

The idea of a global economics council was originally proposed by German Chancellor, Angela Merkel earlier this year. Mrs. Merkel said,
"All of these issues... need to be enshrined in a charter for the global economic order....This may even lead to a UN Economic Council, just as the Security Council was created after World War II."

According to the Associated Press, Stiglitz' panel is going to propose that the Global Economic Council "should 'help set the agenda for global economic and financial reforms' and work together with all important global institutions such as the International Monetary Fund, the World Bank, the World Trade Organization and the International Labor Organization, the panel said. Proposals by the panel, which also include creating international bodies for financial regulations and competition policies, will be discussed at a G-20 financial summit to be held in London on April 2."

Granting the United Nations controlling power over a global economy could among other things mean the end of free markets and could easily lead to tyranny.


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