The G20 has issued a European leaning statement part of which reads as follows:
We have also agreed to: regulatory oversight, including registration, of all Credit Rating Agencies whose ratings are used for regulatory purposes, and compliance with the International Organization of Securities Commissions (IOSCO) code; full transparency of exposures to off-balance sheet vehicles; the need for improvements in accounting standards, including for provisioning and valuation uncertainty; greater standardization and resilience of credit derivatives markets; the FSF's sound practice principles for compensation; and the relevant international bodies identify non-cooperative jurisdictions and to develop a tool box of effective counter measure.
For starters, we at the Real Liberal Christian Church know that there should be no off-balance sheet vehicles.
Despite the fact that the British have been much more closely aligned with U.S. laissez-faire economics than has Germany for instance and is paying the price, British Prime Minister Gordon Brown is calling for a global New Deal. He's calling for new standards, transparency, accountability, regulation, etc. He isn't able to push this in England as easily as Sarkozy may discuss such things in France, but he is not walking the U.S. tightrope without a net the way Tim Geithner is. Brown is being too political for that. He's hedging his bet. He's positioning himself so that he may swing in either direction depending upon who pulls what strings in deciding the winners and losers. We aren't speaking here of any invisible hand as suggested by Adam Smith. We're speaking about those at the top of the largest banks and the private individuals who ultimately control the currencies of the world: The secretive plutocrats.