World wide financial system move to

towards a monetary singularity?

Governor seeks more bank powers
The governor of the Bank of England has called for greater powers to allow it to fulfil its new role of promoting financial stability.

Thursday, 18 June 2009 10:05 UK

In a major speech in London, Mervyn King said the Bank could no longer act "like a church" whose congregation "ignores its sermons".
His remarks appeared to be at odds with those made earlier by the chancellor. Alistair Darling told the same event he had no plans for fundamental changes to the current system of regulation.
The speeches came as the US government announced a major reform of banking regulation to prevent future financial crises. (Learn more at)

Federal Reserve To Be Given Sweeping New Powers
Bankers get what they lobbied for, media reports total lack of transparency as “regulation”
Steve Watson
Infowars.net
Tuesday, June 16, 2009

The privately owned and run Federal Reserve is to be handed sweeping new powers under Obama administration proposals in a deal that will please bankers who lobbied for more Fed “oversight” of their activities. The new rules would see the Fed given the authority to “regulate” any company whose activity it believes could threaten the economy and the markets. “The final plan due to be released on Wednesday — which originally aimed to streamline and consolidate banking and securities regulation in one or two agencies — now is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources, ” reports the ( learn more at )

Obama to unveil financial supervision reforms
Jun 17 11:15 AM US/Eastern

US President Barack Obama will propose wide reforms on Wednesday that will see the Federal Reserve gain broad powers and a national bank supervisor created to avoid a repeat of the financial turmoil. It will be the first major bid to overhaul the highly complex US financial regulatory network since a home mortgage meltdown shook the core of the system and sent markets into a tailspin worldwide. "We're going to make sure that we've got a systemic regulator, somebody who can oversee the entire system and, when you start seeing the kinds of risks that we saw being taken in this last crisis, that we can catch it before the crisis occurs," Obama told Bloomberg Television. ( Learn more at )