"But the truth of the matter is the socialists at the G20 have prevailed, and Obama is, for all intents and purposes, one of them. It's not just the $1 trillion they have pledged, the G20 nations, to the IMF and the World Bank to ostensibly wipe out Third World poverty, worldwide poverty and stabilize the world economy, these clowns wouldn't have the first idea about stabilizing anything. They're about destabilization.
But, you know, Sarkozy -- and this just happened, I haven't had enough time to check this. I just had another television network headline to go off of here. Sarkozy, the president of France, was threatening to walk out of there unless he got one thing, and that was a global regulator for the world economy. And if I read it right, there was a headline on one of the news channels that said that the G20 guys did indeed set up a global regulatory body. That is huge, and that certainly is not in the best interests of the United States.
Now, if that happened, if what I read is pretty much what Sarkozy wanted, then this market, when they figure this out, is going to plunge because the reason the market is up today is that mark-to-market rules have been relaxed so that the valuing of these toxic assets that the banks hold can be placed at something other than their current market values of today, which is zero, and the markets are up because of that, and the fact that Obama's out of the country.
The longer he stays out of the country, the greater the chance the markets will stay up, if he would stay out for a month who knows how many points up. But now with this announcement coming out of there about this global regulatory body, this is like a world court. This is like a world court where, for example, US soldiers could be tried for war crimes if some country accuses them of such in the middle of a war. So now a global regulator of the world economy, which means that people other than Americans are going to be able to pass regulatory regulations and laws for our economy, if what I saw is what I saw.
Now, you have to cut me some slack on this because it's cable news reporting this and it was just a headline, but I saw "global regulator, G20 authorizes," so I'm assuming that's what this is. But the markets are not up because of what's happening today and, if anything, they're going to level off once people get wind of that. The markets are up today because mark-to-market ostensibly has been relaxed.
RUSH: The White House is saying that they are not going to cede sovereignty to the global regulator. That's in the New York Times today: "G20 Pact Has New Rules and $1.1 Trillion in Loan Pledges." Now, here's an excerpt from the story from the G20. Sarkozy pushed for a global regulator to reach inside US borders because he said, "The crisis didn't actually spontaneously erupt in Europe. It happened over there," meaning here. We need a global regulator. The White House said, well, there's not going to be a ceding of sovereignty to a global regulator. "While the United States was determined to resist European efforts to create regulatory authorities with crossborder authority, officials said the two sides worked out policies on transparency and early risk warnings for banks that would placate France and Germany.
"'There's not going to be a ceding of sovereignty to a global regulator,' said a White House official, who spoke on condition of anonymity because the negotiations were confidential." But what is this? Worked out policies on transparency and early risk warnings for banks that would placate France and Germany? Wha...? Wha...? (sigh) You might also say, "We don't need a global regulator." Hell, Obama is doing more damage than a global regulator could do to this economy. We've gotten to the point that I might want a global regulator to shut down some of the stuff that's going on here! Do you think a global regulator would come in and start nationalizing businesses? Well, I don't... Yes, it's possible, depending on who's on the global regulatory board. We're so cooked! We're so fried. "