G-20 forms global "Financial Stability Board"

The recent G-20 meeting in London, with President Barack Obama's blessing, formed an entity that appears to have a great deal of authority in global economic matters. The entity is the "Financial Stability Board."

In a video posted on YouTube, Political consultant and Fox News contributor, Dick Morris, says of the new Financial Stability Board: "Obama is a willing accomplice to a decision that effectively repealed the U.S. Declaration of Independence and abrogated the sovereignty of the United States."

Jerome Corsi of WorldNetDaily wrote, "By agreeing to the stipulations in this document, President Obama gave the blessing of the United States to the G20 decision to elevate the Financial Stability Forum into the Financial Stability Board. The United States has only one vote in the newly constituted Financial Stability Board, a group that will be largely controlled by European central bankers."

A Bloomberg piece titled, "G-2o Shapes New World Order With Lesser Role for U.S., Markets," made this statement, "Global leaders took their biggest steps yet toward a new world order that’s less U.S.-centric with a more heavily regulated financial industry and a greater role for international institutions and emerging markets."

The document put out by the G-20 titled, "Declaration on Strengthening the Financial System," declaraes that the Financial Stability Board will have authority reaching even as far as compensation for employees including U.S. companies. The document states, "Supervisors [Financial Stability Board] will assess firms’ compensation policies as part of their overall assessment of their soundness. Where necessary they will intervene with responses that can include increased capital requirements."

The Bloomberg piece also quoted Joseph Stiglitz, “This is a major step forward and a reversal of the ideology of the 1990s, and at a very official level, a rejection of the ideas pushed by the U.S. and others,” said Stiglitz, an economics professor at Columbia University. “It’s a historic moment when the world came together and said we were wrong to push deregulation.” Stiglitz headed a panel of experts appointed by the United Nations who recommended the forming of a Global Economic Council.

With the recent talk of a global currency and now the formation of the Financial Stability Board, it looks as though the free markets could be a thing of the past and a one-world economy may be looming.