Conspiracy theorists are quick to point to the dangers of a one world government. For this reason many have blasted the UN and its predecessor, in spite of the kookiness of these theories such fears are proving to be far less outlandish as Representative Barney Frank of Massachusetts has called for the creation of a global financial regulator. Perhaps such calls would not be cause for immediate alarm if not for the fact that Frank and his leftist cohorts are poised to retake Congress from the equally inept GOP.

Cooperation is essential, Frank contends, as markets become increasingly globalized and exchanges transcend national boundaries. Such talk highlights the fundamental flaws of the socialist party in America, it’s not enough to impose greater government control over the economy, now we must have transnational government control. Such control presumably, will bring America more in sync with our socialist counterparts around the world, particularly in Europe.

The creation of a global regulatory body, will further strike at American sovereignty. Not only will the US economy be more susceptible to the whims of foreign entities but who will this regulatory body answer to? How will it be selected? How will it be replaced, if necessary? Under what authority will it operate and what regulatory powers will it have? Such questions have yet to be answered, but the answers spell certain doom for the American free enterprise system.

While a Democratic takeover of the House of Representatives will not be sufficient to secure US support for Congressman Frank’s proposal, his elevation to Chairman of the House Financial Services Committee will provide a bully pulpit from which Frank can promote his socialist designs while sowing the seeds for inevitable change once the Dems take the White House in 2008.
http://www.ft.com/cms/s/cf698368-679b-11db-8ea5-0000779e2340.html