Tag Archives: Germany

What to Watch for in 2012!

If the single word that typified the zeitgeist of 2011 was uncertainty, then the spirit of 2012 will probably be just more of the same piled higher and deeper. Are we at a turning point, a crossroads in our present social/political order that has prevailed since the end of the Second World War?

There is so much that is at play in the world today. For the last few weeks there have been many commentators who have written predictions about what will actually happen during the next 12 months. Predicting the future, even by the world’s most outstanding analysts, remains a remarkably complex, error-prone task—perhaps akin to trying to solve a “triazzle.”

In a triazzle each piece of the puzzle has three sides that all can be mixed and matched with the other pieces of the game in a number of seemingly logical ways. After being induced by visual clues to pursue one particular hunch, a gamer may initially find that the pieces do seem to easily fit the desired pattern until—while holding the very last piece of the puzzle —the gamer discovers that it’s all wrong! And the seemingly sound, logical assumptions based on what seemed like solid evidentiary clues turned out to be in reality a misleading tease that kept the triazzle gamer from seeing how the pieces to the puzzle really fit together.

What we do know will happen in 2012 is that four of the five most powerful nations of the world—four of the five permanent U.N. Security Council member—will see some type of leadership changes. America and France have elections this year that may not return the incumbants to office. Russia also is holding presidential elections although they are mostly for show. Vladamir Putin will continue to run the nation and is just changing offices after playing a little game of musical chairs, moving back to the Kremlin offices of the presidency from the prime minister’s more humble offices. In China, Xi Jinping is considered the most likely person to take over the presidency from Hu Jintao. And, it is estimated that around 70% of the rest of China’s leadership will also change during the upcoming Chinese Communist Party’s congress this fall.

As for the “Arab Spring,” look for the steady rise to political power of Islamic fundamentalists in Egypt and in other newly “un-dictatored” countries of that region. Watch as the values held dear by the secular Western liberal democracies fail to thrive in the lands where the majority hold that Mohammed is the only sort of prophet that counts.

Regarding the European Union, look for more financial bad news that will put the euro and consequently the various euro-zone governments under increasing pressure. Look for the weakest of the weak European nations to seriously consider jumping the EU ship, or perhaps be pushed over the railing by Germany and the European Central Bank. The stronger euro-zone nations, however, will probably feel more heat to circle the wagons and cede additional financial/political sovereignty to a central E.U. authority, as that will be touted again, by Germany and the ECB, as being the only way to defend themselves from an increasingly bleak financial situation.

Yes, we all know that the developed world’s public and private finances will continue to wallow in a morass of public and private debt. Presently, the value of the U.S. Treasury Bonds and the U.S. dollar have strengthened remarkably in recent months due to massive influxes of global capital seeking a safe haven from the uncertainties posed by the European Union’s tottering euro. The U.S. dollar is still seen for the most part by financiers as the world’s reserve currency.

But the question is for how long? The U.S. dollar at present is only the best of the worst in comparison to the Japanese yen or the E.U.’s euro. There is an on-going move by global central bankers to diversify away from holding too many U.S. dollars in their reserves. They are making major purchases of gold bullion. And the Chinese have been striking deals with their south-east Asian trading partners so that they will no longer use the U.S. dollar as their mutual medium of exchange for business. Instead these Asian tigers are agreeing to facilitate their mutual importing/exporting by directly exchanging their own national currencies, cutting out the previously essential middleman role formerly held by the U.S. dollar.

The United States government has an extremely serious problem of annual budget deficits now running in the trillions of dollars. Watch as this annual operating deficit inexorably adds to an already obscene mountain of American federal government debt that will soon be more than 80% of the entire nation’s annual gross domestic product.

The only possible solutions to this coming U.S. budgetary Armageddon are to heavily depreciate the value of the dollar in order to allow exports to surge and/or to severely cut a wide variety of expenditures, including medicare and social security. But watch in 2012 as America fails to find a charismatic leader with a sound, convincing vision for the nation that can muster enough political will to do what needs to be done before it is too late.

Consequently, you should look for American public opinion to remain about evenly divided. And, thus, the financial and political reforms needed to effectively, and calmly turn around this looming national catastrophe in a timely rational manner, will be stymied.

Look for inflation to increase significantly as the stresses caused by too much debt, too much money printing, and not enough real economic growth continue. The savings and standard of living of millions of Americans will erode dramatically as a vampire inflation sucks the life out of the purchasing power of the U.S. dollar.

Did your grandpa or grandma ever pass on to you any of the old worthless Confederate paper dollars or Confederate bonds that the family got stuck with during the Civil War? Did any of your old folks pass on the stories of what it was like when the money was no good and what the family did to survive when hungry and desperate? Metaphorically speaking, the value of the U.S. dollar is presently propped up more by the Fed’s push up bra, rather than by naturally abundant sound financial fundamentals.

So, watch for the continuing, slow decline of the American Empire in 2012. Unless, of course, an unexpected black swan event occurs. War with Iran and a subsequent oil shock? A horrendous natural disaster that destroys a major American city or a critical agricultural crop or energy production and distribution? If something really bad happens to the U.S.A. then all bets are off about the decline being slow!

But most of all, you should watch out for your own spiritual state in 2012. Most of us have very little influence over what does go on in this world. In geo-politics and macro-economics we are merely spectators. We watch and make our plans accordingly. But in our own personal life we do have a great influence on what we think about, and the type of character, morals, and ethics we choose to live by. Over such things we have power and are accountable for how we exercise it. I’m not responsible for the government’s finances, but I had better take care of my own state of affairs. In 2012, I repeat, we should be very watchful of our own spiritual state. As the Apostle Paul advises us:

But know this, that in the last days perilous times will come: For men will be lovers of themselves, lovers of money, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, unloving, unforgiving, slanderers, without self-control, brutal, despisers of good, traitors, headstrong, haughty, lovers of pleasure rather than lovers of God, having a form of godliness but denying its power. And from such people turn away!

But evil men and impostors will grow worse and worse, deceiving and being deceived. But you must continue in the things which you have learned and been assured of, knowing from whom you have learned them, and that from childhood you have known the Holy Scriptures, which are able to make you wise for salvation through faith which is in Christ Jesus. 2 Timothy 3:1-5; 13-15 (NKJV)

Jesus of Nazareth himself advised us to be spiritually alert and ready to serve him in sincerity and truth at such a time when he decides to once again intervene in world affairs to save humanity from the consequences of our own collective stupidity:

Be dressed, ready for service, and have your lamps shining. Be like servants who are waiting for their master to come home from a wedding party. When he comes and knocks, the servants immediately open the door for him. They will be blessed when their master comes home, because he sees that they were watching for him. I tell you the truth, the master will dress himself to serve and tell the servants to sit at the table, and he will serve them. Those servants will be blessed when he comes in and finds them still waiting, even if it is midnight or later.
“Remember this: If the owner of the house knew what time a thief was coming, he would not allow the thief to enter his house. So you also must be ready, because the Son of Man will come at a time when you don’t expect him!” Luke 12:35-40 New Century Version


So don’t forget to watch your own spiritual state while keeping an eye on 2012’s many uncertainties.

Finem Respice! Principiis Obsta! The Rise of the 4th Reich?

Finem respice! Principiis obsta!  Yeah, you know I must be an antiquity since I did indeed study Latin in the 8th grade in public school. But a little Latin and a love of history and the Bible does give me something of an edge when it comes to discerning the World Tomorrow. After all, as King Solomon the Wise once wrote:

What has been is what will be,

and what has been done is what will be done,

and there is nothing new under the sun.

Is there a thing of which it is said,

“See, this is new”?

It has been already

in the ages before us (Ecclesiastes 1:9-10,

English Standard Version).

Finem respice means “consider the end,” while Principiis obsta translates as “resist the beginnings.” I lifted these Latin phrases from Milton Mayer’s 1955 book They Thought They Were Free: The Germans, 1933-45, published by the University of Chicago Press.

Mayer’s book was all about how the Nazis used the human nature and cultural characteristics of the German people in order to manipulate and gradually subvert them in order to ensure their acquiescence to, and then compliance with their evil program of world war and genocide.

Most of us are somewhat familiar with a small portion of Mayer’s book in which he relates the observation of a German university professor during the 1930s and 1940s who remarked that the Nazis first targeted the Communists, then the Socialists, and next the Jews, etc., but the professor did nothing because he wasn’t one of them. Mayer wrote:

Pastor Niemöller spoke for the thousands and thousands of men like me when he spoke (too modestly of himself) and said that, when the Nazis attacked the Communists, he was a little uneasy, but, after all, he was not a Communist, and so he did nothing; and then they attacked the Socialists, and he was a little uneasier, but, still, he was not a Socialist, and he did nothing; and then the schools, the press, the Jews, and so on, and he was always uneasier, but still he did nothing. And then they attacked the Church, and he was a Churchman, and he did something—but then it was too late.
http://www.press.uchicago.edu/Misc/Chicago/511928.html

Of course, as the Nazi program unfolded, the pastor and the professor and  others like them, found themselves being isolated and then targeted. But by then it was too late as there were too few left to effectively stand and resist with them.

You see, at the beginning of the Hitler regime in 1933, the Nazis didn’t seem all that bad—a little uncouth, maybe. But after all, they had great ideas about how to rescue the economy, get people back to work, and restore some of Germany’s lost pride. So most Germans hopped aboard the Nazi Volkswagen and went along for the ride. But, of course, there was a catch, wasn’t there? There was a price to be paid in blood. Millions of Germans had their lives and families destroyed by the Second World War. One must foresee the end in order to resist, or even to perceive the mild beginnings of oppression and tyranny.

The recent Dec. 9-10th emergency Brussels meeting of the European Union marks a critical new beginning for that supra-national body. German Chancellor Angela Merkel told the press at the end of the conference “This is the breakthrough to the stability union.”

The breakthrough that 26 or the 27 European Union members agreed to was about agreeing to create a new inter-governmental treaty by which all the participating nations will have to submit their national budgets for approval by the European Commission bureaucracy, which will have the authority to veto it and order it to be revised.

The new treaty will also create an unspecified “automatic correction mechanism” that will punish any country that breaks the new European Commission fiscal rules. At least, that’s where it starts.According to the European Central Bank’s president Mario Draghi:

“It’s a very good outcome for the euro area, very good. It is going to be the basis for much more disciplined economic policy for euro-area members. And certainly is going to be helpful in the present situation.”

Well, I’m glad Mr. Draghi thinks so.  However, as of December 12th the world’s financial markets have not been as thrilled as Mr. Draghi with this outcome. But then, neither was Great Britain’s Prime Minister, David Cameron.  His was the sole dissenting voice to this newly promised Euro discipline, and he forcefully resisted this push by Germany’s Chancellor Merkel and France’s President Sarkozy.

Cameron tenaciously defended his refusal to go along, saying to the press at the close of the Brussels conference on Friday:

What was on offer [by Merkel and Sarkozy] is not in Britain’s interest so I didn’t agree to it. We’re not in the euro and I’m glad we’re not in the euro. We’re never going to join the euro and we’re never going to give up this kind of sovereignty that these countries are having to give up.

Some of the French, though probably a minority, actually agree in principle more with the British Prime Minister than with their own president. Former French Prime Minister Dominique de Villepin, who has just announced his candidacy for the upcoming French presidential elections in April-May 2012, dismissed the Merkel-Sarkozy deal that would bind the countries that use the euro ever more closer together, including giving officials in Brussels control over national budgets, remarking:

“We’re falling in line behind interests that are not those of France. I think we need more courage than that!”

Simon Heffer, a prominent English Euroskeptic, wrote in Britain’s Daily Mail newspaper as quoted by newstatesman.com:

“What we are witnessing is the economic colonization of Europe by stealth by the Germans. Once, it would have taken an invading military force to topple the leadership of a European nation. Today, it can be done through sheer economic pressure.” This is, he says, the “rise of the Fourth Reich,” in which Germany is “using the financial crisis to conquer Europe.” Fiscal union, favoured by some as the long-term solution, “would make Europe effectively a German empire” and lead to “a loss of sovereignty not seen…since many were under the jackboot of the Third Reich.” http://www.newstatesman.com/print/201111240017

The motivating force behind the new German push is neither Nazism nor an overly ambitious or aggressive German lust for European domination. Rather, paradoxically, it is fear – fear of the present and fear of the past.

Any student of modern European history over the last 300-400 years knows that whenever there has been a strong continental European power seeking to assemble a coalition of European states under its hegemony, whatever the reason, the end result has always been disastrous for regional peace and freedom. Has human nature changed? Can a leopard change its spots? Are the Germans still Germans, the French still French, and the United Kingdom still British?

If you would like to learn more about what is going to happen in the future and Bible prophecy, check out my video presentation “Who Will Be King” on http://cogwebcast.com/

 

 

Ignoring the Big Bad Wolf? Take warning from reliable sources!


This evening I listened to the 6 p.m. news on CBC’s Radio 1 to catch up on the latest. The lead story was about the Executive Director of Scouts Canada resigning after less than a year in her new job. Next, there was a story about women and mammograms, or perhaps more accurately, when women shouldn’t get mammograms, as they have been over prescribed.

And then, there was a report about how the U.S.’s congressional super committee composed of 6 Republicans and 6 Democrats failed to agree on how to begin to cut the U.S.A.’s trillion-dollar budget deficit. Presently, for every dollar the U.S. federal government spends, it must borrow 36 cents. That means 36 percent of its budget must be financed by borrowing the money from the financial markets!

But, is it really news that the political situation in the U.S.A. is deadlocked and the nation divided. Most Americans know something about their unsustainable budget fiasco. They also know they are lacking the sound leadership to do something about their predicament, so their confidence in their elected representatives in Congress is at an all time low.

But it was the last part of this particular CBC news story that caught my attention. To conclude the reporting on the American impasse, the CBC cut away for a comment on the super committee’s failure by Christine Lagarde, who is the head of the International Monetary Fund. She remarked somewhat cryptically that this American bad news is especially ill-timed considering the extremely delicate situation in Europe.

Really, CBC ignored the biggest news story in the world at this moment that should have been last night’s lead. This story is about the unraveling of the European financial system, the Euro, and possibly the European Union itself, and how this is going to profoundly affect the lives of all of us living here in North America and everywhere else in the world.

Do you remember that it was the financial crisis of the 1930s that lead to the rise of the Nazis in Germany, the fascists in Spain and Italy, the militarists in Japan, and the isolationists and appeasers in the United States, the United Kingdom, and France? The final outcome of all that economic volatility and bad or inadequate political leadership in the 1930s was the Second World War.

Craig Alexander, who is Senior Vice President & Chief Economist of the TD Bank Group (one of the major Canadian banks), sent out an unusually sober briefing on November 21, 2011, to the bank’s investing clientele, observing:

The European debt crisis is like the Energizer bunny. It keeps going, and going, and going. Financial markets remain gripped by events in Europe; and, this is entirely appropriate. If Europe loses control of the situation the resulting government debt defaults could lead to European bank failures that could, in turn, create a global financial crisis akin – if not worse– to that in late-2008.

There have been several recent key developments. First, major European banks now face the very real possibility of failing in the near future. As Porter Stansberry wrote in the S&A Digest last Friday:

Most of Europe’s major banks are insolvent. But only in the last week have they lost most of their access to additional funding. Their key source of funding has been U.S. money-market funds. But these funds are bailing out of Europe as quickly as they can. The result is a run on Europe’s banks. This crisis is now past the point where the authorities can hope to control the situation. We are now days (not weeks or months) away from the first major bank failures.

The United State’s renowned investment “Oracle of Omaha,” Warren Buffet, while traveling in Japan on November 21, commented about the Euro zone crisis stating:

The system as presently designed has revealed a major flaw. And that flaw won’t be corrected just by words. Europe will either have to come closer together or there will have to be some other rearrangement because this system is not working.

The bottom line for Mr. Buffet is that the survival of the European Union (EU) itself is “in doubt now.” Buffet is following the European situation closely because he has more the U.S.$2 billion invested in Munich Re, a German re-insurance company.

Even that old staid Swiss bank, Credit Suisse, —where I once had a bank account during my 1970s student days in Switzerland—believes that the Euro sovereign debt crisis is now so bad that it will require a dramatic, massive intervention by the European Central Bank to cover the losses:

We seem to have entered the last days of the Euro as we currently know it. That doesn’t make a break-up very likely, but it does mean some extraordinary things will almost certainly need to happen – probably by mid-January – to prevent the progressive closure of all the Euro zone sovereign bond markets, potentially accompanied by escalating runs on even the strongest banks.

Something dramatic is going to happen—soon—that is going to reshuffle the world’s geo-political-financial deck of cards in order to save Europe’s house of cards. Some astute financial commentators are expecting that we will see the most massive government intervention in history to the tune of trillions in order to adequately monetize the bad European debt. This is going to mean big time inflation.

As Mr. Alexander wrote in his investment news update:

The recent developments leave the end game for Europe still unclear. A default by Greece is inevitable, but that is old news now. The worry last month was about contagion, and the risks on this front have clearly intensified. European leadership still appears to be lacking. Despite announcements of new plans to address the crisis in mid-July and late-October, implementation of those policies has not occurred. Progress needs to be made urgently…. It seems the final outcome in Europe will be some form of a fiscal union and the launch of Eurobonds—but this will not happen soon. If the political system cannot deliver this end game and conditions start to spiral out of control, the ECB will step in and act as lender of last resort. This would arrest the financial crisis but also create a new set of economic and financial problems. We’ve gone from a world of banks too big to fail, to a world of countries too big to fail. The implication is that three of the top financial themes will be volatility, volatility, and more volatility.

A series of soon-coming events are going to affect your life and my life—and not for the good! Just think. Over the last few weeks the German Chancellor and the French President forced the democratically elected prime ministers of Greece and Italy to step down and to be replaced with unelected European Union bureaucrats, whose self-interest and obligations for their position rest with the EU rather than the people they are now governing.

There’s a lot I could say about how what is presently going on in this world is leading to a dramatic fulfillment of biblical prophecy. How Germany is using and will continue to use its pre-eminent financial position to achieve what it could not gain in Europe by force of arms both 72 and 97 years ago. Wealth is power in 2011. Watch out!

The spiritual bottom line to our current financial crisis, really, is that neither the 99.9% of this world’s elite nor the average person in the street really believes in using the teachings and instructions written in Bible as a basis for organizing our financial and social systems. Why? Because they don’t really believe that the God of the Judeo-Christian scriptures actually exists or that He has the authority to instruct us on what should be done. So, we ignore the cornerstones of the biblical economic system with its periodic secured and unsecured debt forgiveness and mortgage write-downs, real property asset re-allocations (see Deuteronomy 15:1-11 and Leviticus 25:9-18), as well as the responsibility to establish sound money based on a combined gold/silver standard (Ezekiel 45:10-12).

These elements of the divine economy would have prevented the perfect financial storm fueled by debt, fiat paper money, greed, and fraud that is soon to hit this world. We have ignored God at our peril and will pay the consequences. Nevertheless, our merciful God is not out of the picture and He does have a plan to pick up the pieces after humanity will have proven itself incapable of organizing a financial and political system that is just, equitable, fair, and just plain works without regularly throwing the entire world into a state of economic volatility with its recessions/depressions and sometimes war. As the prophet said so long ago:

Remember this, you sinners; consider what I have done. Remember what happened long ago; acknowledge that I alone am God and that there is no one else like me. From the beginning I predicted the outcome; long ago I foretold what would happen. I said that my plans would never fail, that I would do everything I intended to do (Isaiah 46:8-10 Good News Translation).

This is better news than anything you will hear, see, or read about over the next few years.

Multikulti is dead! What can we do about Islamic indigestion?

Germany’s attempt since the 1950s to create an integrated multicultural society by incorporating millions of Islamic immigrants, mainly from Turkey, has failed. According to German Chancellor Angela Merkel, in a Potsdam speech on October 16th to the youth wing of the Christian Democratic Union:

“This approach has failed—totally!”

Canadian politicians, ever enraptured with our own rosy version of multiculturalism, should pay attention. For decades the integration of Muslims into Europe has been experienced as a costly and divisive social issue. But now, the multiculturalism policy that allowed Muslim immigration into Europe is recognized by mainstream leaders such as the German Chancellor as a serious policy failure.

For European Union members such as Germany, France, Sweden, the Netherlands, and Denmark the failure to assimilate the Muslim millions now plays an increasing role in deciding elections and the policies of the resulting governments of these nations.

At present laws are being considered or passed in Europe to outlaw the wearing of certain types of Muslim headscarves, provide more effective language training, restrict locations for building mosques, or tightening immigration policies. Will such efforts resolve Europe’s Islamic indigestion? The answer to this piecemeal approach is simple: too little, too late!

So what can we do about Islamic indigestion? What do you think the Europeans should do? Stay tuned for my next blog.

Are you naked and short?

Are you naked and short? Well, let me first clarify that I’m not talking about whether you are clothes- or height-challenged.  Rather, I’m talking about one of the current hot topics on the world financial scene that will be on the agenda at the upcoming G20 Summit in Toronto.

Most Canadians, if they know anything at all about the coming Toronto G20 meeting,  have only heard that we, the taxpayers, are going to have to pay a $1Billion event tab to safely throw this political/financial workshop and photo-op for the media and the leader’s of the world’s top 20 economies.

The main thing to focus your attention on is not the outrageous cost or the colourful, noisy antics of the anarchist protestors, but on the serious global issues that these leaders are trying to tackle. The real question is, “Will they develop a new effective, collaborative strategy to prevent our slide back into another round of financial recession, or perhaps even global financial meltdown?” The world’s financial system is on the ropes these days, to use a boxing analogy, due to unprecedented high levels of national debt and the  instability this creates in financial markets. We are on the verge of drastic and dramatic actions that will profoundly alter the world’s status quo.

On one side of the ring are the world’s leaders, their central bankers and financial ministers. On the other side are the world’s financial market speculators/gamblers. The speculator/gamblers have really been hitting some of these leaders hard.

The speculator’s blows are really hurting. In fact they’ve been making headlines in the financial world’s media: weakening values of currencies like the Euro and reducing confidence in the sovereign debt bond values of countries like Greece, Spain, Italy, Belgium and more. All this results in escalating borrowing costs and emergency bailouts, forcing the leaders to slash away at their national budgets in order to reduce the surge of red ink that is cutting deep and enraging many of their citizens. There is, literally, blood on the floor as a result of this bare-knuckle financial fight!

To fight back, leaders like Germany’s, Angela Merkel, and France’s, Nicolas Sarkozy, are seeking to neutralize the favourite punch of the speculator/gamblers: the naked short selling of certain stocks and bonds and the naked credit default swaps on sovereign bonds.

Naked what? Naked short selling of stocks and bonds is when investors sell securities they never owned nor even arranged formally to borrow! Naked shorting of credit default swaps is when traders buy swaps linked to bonds they don’t own!

In the old days market traders had to actually deliver the literal paper stock/bond certificates of the financial instruments they were trading.  These certificates were kept in enormous vaults located at the major stock/bond trading cities and were counted and shuffled around. But with the rise of high-resolution copiers, counterfeiting became a major problem so the system shifted to digital record keeping.

But the problem is the digital record keeping has been very sloppy and lax. Some of these securities being traded don’t even exist. And naked short-selling is simply selling what you don’t own and haven’t borrowed. This is fraud pure and simple.

In the old days the cautionary limerick for financial brokers and traders went something like this: HE WHO SELLS WHAT IZN’T HIZEN, PAYZ THE PRICE OR GOES TO PRIZON.

But rather than sending them to prison, we’ve been highly esteeming the financial market’s wealthy speculators/gamblers who naked short sell because they’ve been giving their clients high returns.  And these clients, of course, are the rich and powerful of this world, whether individuals, or corporations, or institutions like pension funds.

While the speculator/gamblers have been profitably playing this Alice in Wonderland game for some time now, it would appear that at the G20 meeting the European Union’s heavyweights, Germany and France, will push the United States, Britain, and Canada – the champions of unfettered markets – to move from their current positions in order to control what and how investors can buy and sell. They may also be pushing for a single world currency in order to take away from the speculators their ability to play the present world currencies against each other.

The world is entering uncharted waters of change due to this financial crisis that is not being resolved with the traditional solutions open to an individual nation or a small group of individual nations. Is it time to pay attention to the mysterious, and perhaps, controversial Book of Revelation to ponder where this might lead us? Consider the implications of Revelation 13:16-17:

16Also he compels all [alike], both small and great, both the rich and the poor, both free and slave, to be marked with an inscription [stamped] on their right hands or on their foreheads,

17So that no one will have power to buy or sell unless he bears the stamp (mark, inscription), [that is] the name of the beast or the number of his name (Amplified version).

Any attempt to regulate human greed on a global scale, which is how our financial markets work these days, necessitates the creation of a compulsory global system that all will require all players to participate in and obey.  Now, if God were in charge of such a system, then I could know that it would not be oppressive; it would be just and fair:

17Now the Lord is the Spirit, and where the Spirit of the Lord is, there is liberty–emancipation from bondage, freedom (2 Corinthians 3 Amplified).

Unfortunately, I doubt the decisions made to deal with the problems in our financial system that will be made during this coming G20 and  subsequent meetings will exemplify liberty and freedom. The decisions will undoubtedly mean more regulation and more control over us rather than less. So, here is a reminder for all of us to exercise endurance and faith in the days to come whatever the news that issues from the G20 meeting in Toronto.