British Prime Minister Gordon Brown has called for a new Bretton
Woods system, saying that the financial crisis should be used
to make world leaders agree to fresh rules and regulations under
a long planned new global financial order.
"Sometimes it takes a crisis for people to
agree that what is obvious and should have been done years ago,
can no longer be postponed," Brown told
an audience earlier today.
Speaking at Thomson Reuters' editorial headquarters,
Brown called for "a new financial architecture for the global
age", stating that the Bretton Woods system devised after
the second world war was out of touch with the new world order.
Brown said: "This crisis demonstrates beyond doubt that
a global capital market requires much stronger global cooperation
and supervision. And we need to ensure that we have an effective
global early warning system to alert us across continents to economic
and financial risk."
Brown contended that the current financial system is "too
clouded with opacity, conflicts of interest, irresponsible risk-taking,
and when problems occur countries have tended to look inwards
and deal with them in isolation when it is clear they should look
outwards and join in international co-operation."
"We are proposing a world leaders' meeting in which we must
agree the principles and policies for restructuring the financial
system across the globe," Brown added.
His speech came after the UK government announced
it would bail out three high street banks - RBS, HBOS and Lloyds
TSB - to the tune of £37bn. Since that announcement, shares
in the banks have
plunged on the stock market.
Brown's call echoes that of elite figures such as CFR
member Jeffrey Garten and Timothy Geithner, president
of the Federal Reserve Bank of New York, who have both recently
called for a "new global monetary authority", a de-facto
global financial dictatorship, operating across borders and forcing
nations and corporations to register and adhere to strict monitoring