Is the Bank Tax a Major Step Toward World Government?

Finance ministers and central bank governors are in Washington D.C. this weekend for a G-20 meeting, in preparation for the G-20 Summit to held in November in South Korea.

Hyun Song Shin, special economic advisor to the President of South Korea, gave a briefing today at the National Press Club on the G-20 activities. I attended.

During the Q & A, I asked Shin if the plans for a global bank tax had caused concern by anyone at the G-20 meeting that the tax was moving in the direction of creating a one world government. His answer scared the hell out of me.

He said that, no it was not moving in that direction because "There is no legal basis for the meetings."

In other words, there are no restrictions on the G-20 participants. They are not part of any agency that has a specific mandate. They are not part of any global agreement. It's a wild west show, without any adult supervision.

Expect future moves in global domination to take this ad hoc approach. It results in fewer roadblocks and opposition because there is no, as Shin put it, legal basis for such meetings. It's just "members coming together where there is mutual benefit."

Once they have most of a particular plan down and in place, they will form some organization to patrol what they have created for a given sector, but the serious planning is done at these wild west events.

As for the specifics of the global bank tax, as I pointed out on Wednesday, when discussing the tax:

One key point to note is that the tax will be based on "riskiness" where government paper will most assuredly be ranked as least risky, thus driving banks funds in the direction of propping up the government debt sector at the expense of the productive private sector.

The tax can thus be used to drive funds to the government financial securities markets and to other politically favored investment sectors. If a sector isn't in good favor with the global elite, they will tax financial instruments coming out of that sector at a higher rate. Banks will make a lot fewer loans in sectors where instruments are heavily taxed.

Manipulative macro madness will be upon us with this move. The coming control of the financial sector at a global level will be something never before seen on the planet.The global elite are winning.