America’s gross domestic product declined in the second quarter of this year, and in September the economy continued to lose jobs. Yet because the decline in the GDP was not as bad as predicted, and the number of jobs lost in September was less than those lost in August, both economic trends were generally reported in a positive light.
The G-20 Pittsburgh summit is over, and the Steel City is returning to normal. For the rest of the world, however, the latest gathering of leaders of the world’s 20 strongest economic powers is likely to mark a turning point towards more comprehensive international regulation and control over finance and banking.
Almost as if a global memo had been sent out, headlines of major media outlets across the planet announced the unfolding of the coming “New World Order” — with a smaller role for the United States and freedom. A correspondingly larger role will be reserved for tyrannical governments like China and global economic management by international institutions, the news reports explained.
According to U.S. Treasury Secretary Timothy Geithner, the leaders of the G-20 nations now assembled in Pittsburgh are close to agreement on a set of international limits to be imposed on bonus compensation for bank executives. According to Geithner, limits on executive compensation for bankers allegedly responsible for the global financial meltdown will be in place by year’s end, and will be enforced by the Financial Stability Board, an international group of central bankers and regulators.