TGIF 26 February 2010

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26 NZTONIGHT February  2010

Key watching Heatley page

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WORLD

MUSIC

BOOKS

Obama’s lonely health plan

Show me the Cash

Patti Smith writes

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Auckland

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DPA

Too much money and time invested to give up now – the United Nations has confirmed it is pushing ahead with plans for a“global governance”institution to regulate the lives of all people in the fight against climate change. Even though a controversial clause ushering in

a new global “government” was dropped from the failed Copenhagen Accord at the last minute as negotiations collapsed, the UN is refusing to take no for an answer, and has named 2012 as the date the new world control agency will be launched. The deal, which should have been signed off at Copenhagen if things had gone according to plan, has now been rescheduled to coincide with a new

summit at Rio de Janeiro – scene of the big Earth Summit in 1992 – scheduled to take place on the 20th anniversary of that event in 2012. Capitalising on the symbolism, UN documents call the event Rio+20. A UN Environment Programme briefing paper put together for a conference of world environment ministers in Bali, Indonesia this week, suggests the UN is perfectly placed to capitalise on a perfect storm: “Over the past two years the world has witnessed the emergence of multiple global crises related to food, fuel, freshwater and ... a financial and economic crisis whose recessionary impacts continue to be felt in most parts of the world.Adding to the situation’s complexity is climate change, a phenomenon that is exacerbating the impact of each global crisis.” The UNEP document goes on to say that these events present the opportunity for“a dramatic shift” in the way the world is governed. “While it is clear that Governments and the international community face multiple and serious challenges, the situation also presents genuine opportunities for a dramatic shift from what can be termed ‘business as usual’. “While our current dominant economic model has clearly improved the well being of many societies over time, its operations have also created significant negative externalities in the form of global environmental risks (eg, Climate Change).” The UNEP says countries are too focussed on old style indicators of progress such as gross domestic product (GDP), which the UN claims is“unsustainable”and“risks perpetuating and exacerbating persistent poverty and distributional disparities”– UN codespeak for wealth redistribution from first world countries to the third world. The UNEP, working with Helen Clark’s UN Development Programme, is proposing a new world order that fundamentally breaks the existing world economic model of free market capitalism, in favour of a world economy essentially controlled by a UN environmental treaty. Continue reading

Bernanke confirms probe of Goldman Sachs’ role in Greece fiscal woes

WASHINGTON – Federal Reserve Chairman Ben Bernanke has confirmed that investment titan Goldman Sachs is under investigation for use of exotic financial instruments to profit from the deepening debt problems of Greece and other European nations.

www.tgifedition.com

|  26 February 2010

Major US banks under investigation

By Kevin G. Hall and Greg Gordon McClatchy Newspapers

Sat: 26°/13°    Sun: 18°/12°

ISSN 1172-4153 |  Volume 3  |  Issue 55  |

UN: Still pushing for global government

By Ian Wishart

Dunedin

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A separate Securities and Exchange Commission inquiry into the “destabilizing effects”of Wall Street’s use of derivatives also appears certain to include Goldman’s dealings. The revelations came as Democratic Sen. Christopher Dodd of Connecticut, the chairman of the Senate Banking Committee, questioned Bernanke during a hearing on monetary policy. Bernanke said

that Goldman and other banks are being looked at for their use of insurance-like contracts called credit-default swaps to profit when foreign governments slide toward defaulting on their debt. Investors used these swaps, which were like gasoline on fire during the near meltdown of U.S. financial markets in September 2008, to hedge against the risk of losses from a debt default. For countries

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INSIDE

HOWZAT?

Black Caps hammered Page 11

INSANE

Shutter Island review Page 13

ORCA STALKER

The story behind the attack Page 9

such as Greece, however, they also raised borrowing costs, making it harder to prevent a default. “Since there is no requirement that purchasers of credit default swaps actually own any of the underlying debt, we have a situation in which major financial institutions are amplifying a public crisis for what would appear to be ... private gain,”Dodd told Bernanke.“I want to ask you here whether or not you think there ought to be limits on the use of credit default swaps to prevent the intentional creation of runs against governments.” “I just want to say first of all that we are lookContinue reading


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TGIF 26 February 2010 by Investigate Magazine - Issuu