Beijing, Oct. 25 — Leaders from Asia and Europe called for new rules and a stronger regulated global monetary and financial system at the close of a two-day summit in Beijing.

There were more than 40 leaders in attendance, including Japanese Prime Minister Taro Aso, German Chancellor Angela Merkel, and French President Nicolas Sarkozy. The conferees issued a joint statement promising to:

“…improve the supervision and regulation of all financial actors, in particular their accountability” …also…

“to undertake effective and comprehensive reform of the international monetary and financial systems.”

It was the consensus of the conference that a new controlled world economy needed to be implemented under the supervision of a world body.  Also, the idea of a new world currency was kicked around.

The recent economic turmoil has led to growing criticism of US-style free market capitalism. Meanwhile, President Bush called for a recommitment to the fundamentals of long-term economic growth – free markets, free enterprise, and free trade.

Response: Setting up one controlled world economy is worrisome to many Christians who see the beginning of an end-time scenario in any attempt to completely regulate all world markets, trade, money, and economy.

The Europeans and Asians (including the Middle East) seem poised to create a new system that will replace the dominate economic role that the USA has played since the end of WWII. A possible new Europe-Middle East-China hegemony rising up out of the dust of the current crisis?  Sends a chill up my spine.

Throw in a new possibly weaker US President and the World as we know could be forever changed–some would say for the better–many are not so sure–others of us will be looking for the worse.

It will be interesting to watch what comes out of the World Economic summit planned to start on Nov.15, hosted by Pres. Bush and attended by the new President Elect. The Europeans and the Asians seem to have already decided on an agenda going in.          

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