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A Registered Investment Advisor

301/924-2056 OCTOBER, 1996 Vol. 10, Issue 3

Special report - THE GROUP OF SEVEN

"The interdependence of our destinies makes it necessary for us to approach common economic problems with a sense of common purpose and to work toward mutually consistent economic strategies through better cooperation..." (emphasis added) Group of Seven 1978 Joint Declaration from San Juan, Puerto Rico

"Over the past fourteen years, the world economy and economic policy have undergone profound changes. In particular, the information technology revolution and the globalization of markets have increased economic interdependence, making it essential that governments consider fully the international dimensions of their deliberations." (emphasis added) Group of Seven 1988 Economic Declaration, Toronto

"We agree that the protection and enhancement of the environment is essential. The report of the World Commission on Environment and Development has stressed that environmental considerations must be integrated into all areas of economic policy making if the globe is to continue to support humankind. We endorse the concept of sustainable development. Threats to the environment recognize no boundaries...The Montreal Protocol on Substances that Deplete the Ozone Layer is a milestone...Further action is needed. Global climate change, air, sea and fresh water pollution, acid rain, hazardous substances, deforestation and endangered specie require priority attention." (emphasis added) Group of Seven 1988 Economic Declaration, Toronto, Canada

"We the Participants in the Lyon Summit...discussed how we could build a better international system to secure security and stability...In an increasingly inter-dependent and inter-active world with rapid globalization in progress, we renewed our determination to work together amongst us and in partnership with leaders of other countries..." (emphasis added) Group of Seven 1996 Joint Declaration from Lyon, France

For most people, the phrase "Group of Seven" has no meaning because of the lack of understanding as to the part they play in international affairs. However, since 1975, the leaders of the most industrialized worlds have met throughout the years to discuss global problems and how the world should approach the 21st century. While the conventional thinking of most Americans is that each country is responsible for their own fate--economic, social,political and environmental--according to the Group of Seven, the "interdependence of our destinies makes it necessary...to work toward mutually consistent economies strategies through better cooperation..."

Who are the Group of Seven? How long have they met? What have they done? Exactly who appointed them to build a "better international system"? What authority do they have--or have they taken?


The Group of Seven first met in 1973, two years after President Nixon severed the last attachment the dollar had to the gold standard when he suspended the rights of foreign countries to convert their paper-dollars to gold in August, 1971. The world monetary system since that time has been based on a faith in paper currencies which float against each other, according to good or bad economic and/or political news or by how much profit the "speculators" can make on the changes in currency. Between 1971 and 1973, the world monetary leaders tried to keep the world's system glued together by agreeing on the parameters that the dollar would float against on the yen and Deutsche mark. By February, 1973 that accord, known as the "Smithsonian Agreement," fell apart when the dollar dropped below those parameters. (Although The New York Times states the reason for the drop in the dollar is due to multinational companies, banks, Middle East oil countries and private investors selling dollars, they did not establish any controls to curb "speculative trading.") In 1973, the world monetary markets were closed on two occasions, the weekend of February 14 and the beginning of March for three weeks while central bank governors met at the Bank for International Settlements to determine the new value of the dollar. At the time, Arthur Burns, chairman of the Federal Reserve Board said there was a "collapse of confidence" and told congress that "the task of overhauling the international monetary system must be done in a matter of months rather than years." (NYT 3/2/73)

Due to the monetary instability caused by taking the world's monetary system off of the gold standard in August, 1971 and the fact that various groups of people, called "speculative investors" could now buy and sell large amounts of any countries' currency on a whim to make a profit, President Nixon in May, 1973, called together U.S., French, British and German finance minister to meet informally in the White House library while he, FrenchPresident Georges Pompidou, Prime Minister Edward Heath and German Chancellor Willy Brandt met in the Oval office. As reported in the June 23-29, 1995 edition of The European, who quoted a German participant at that meeting, "We agreed there was a need for someone to be in control again on an international scale. We hardly knew each other prior to the meeting. But mutual appreciation and sympathy developed as we talked, laying the ground for successful cooperation." Hence the idea of a group of world leaders meeting to "monitor" the world's currencies markets was born.

The first official meeting of the then-Group of Five, met in Rambouillet, France in 1975. The participants of that first meeting were the United States, France, Germany and England. In turn, England invited Japan and Italy. In 1976 Canada was invited, thus making it the "Group of Seven." In 1978, the President of the European Community was invited to join. Then in 1991, President Mikhail Gorbachev was invited to participate on the political side of the G-7. Gorbachev called his unofficial presence the "Group of Seven plus one." Russia has participated since then and for the last several years participates, we are told, only on the political level as they are considered a key political power by the other G-7 countries. It should be noted that their ministers meet when the G-7 ministers meet, thus expanding their influence.

The European in June, 1995, described the power and position of the Group of Seven to be the top industrialized countries of the world. The article stated that they dominate "the global financial and banking system and their currencies have reserve status in the rest of the world." In addition, they work with a number of international bodies including the Organization for Economic Co-Operation and Development (OECD) in Europe, "hold close to 40% of the votes at the IMF and the World Bank and from a diplomatic point of view, are all permanent members of the United Nations' Security Council."

In comparing the depth, breadth and width of the activities covered by the G-7, their first communiqué', which is considered their final statement of the meeting and action they will take, was one and a half pages long. In Lyon, the final communiqué', called the "Chairman's Statement," issued by host country French President Jacques Chirac, was 22 pages in addition to a six page statement by the "P8 - Senior Experts Group" listing 40 recommendations on how to combat transnational organized crime, and a seven page statement by the G-7 Finance Ministers on "International Monetary Stability." From overseeing the stability of the monetary system, the G-7 plus one are now concerned with both the macro as well as the micro in all areas--economic, environment, crimes/terrorism and political.

It appears that the Group of Seven operate in "cycles." According to Professor John Kirton from the University of

Toronto, the first cycle was from 1975 to 1981 and consisted of annual meetings with the leaders, accompanied by their ministers of foreign affairs and finance. As the G-7 expanded their power, they added the ministerial level. On the following page, you will find a flow

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chart of the G-7 structure, as currently understood. From 1982 to 1988, the G-7 added regular stand-alone meetings of the ministers of trade. Then in 1982 they added foreign affairs and in 1984, finance.

In 1982, the G-7 issued a document in which they "linked the Finance Ministers of the seven countries." The document states that "our representatives will meet here today and tomorrow to propose...the manner in which we should cooperate with the IMF, to implement the decision that will be adopted in accordance with the third paragraph of the international monetary declaration." Then in less than a month, they would take the "appropriate measures to define the field and form of the study on [monetary] interventions." (Refer to the section on Exchange Rate Stability) The ministers and the EC representatives whom they would meet with, would refine the principle of coordination and regulations "to regulate is not only to coordinate an international monetary system, but to foresee and effective system in the medium-term." The joint declaration specifies that, if necessary, interventions could be made in the foreign exchange market to counteract disorderly situations.

In the Declaration on Economic Recovery, item No. 5 said, "We have invited the Ministers of Finance, in consultation with the Managing Director of the IMF, to define the conditions for improving the international monetary system and to consider the part which, in due course, be played in the process by a high level international monetary conferences." What this really means is that the economic boarders of managing the world are gone---we are ONE.

For us in the U.S., on the ministerial level, for example, our Secretary of the Treasury, as well as our other Secretaries for trade, environment and state appear to function not only in his/her appointed duties for the United States but also in a "global framework" for the Group of Seven. They then meet throughout the year with their counter-parts from the other G-7 countries. Over the years, these various ministers, have also met with the directors of the United Nation agencies, the IMF/World Bank, the OECD, and the Central Bank Governors. Due to the escalating importance and power of the G-7, some have called them a "global board of directors" to the United Nations while others have termed them a "global economic commission."

In the third cycle, from 1989 to 1995, saw the birth in 1991 of the "annual G-7 post-Summit meeting with the USSR and then Russia, the emergence of environment ministers in 1992 and a flurry of ad hoc ministerial meetings from 1993 onward, dealing with assistance to Russia and Ukraine to the micro economic issues of jobs and the information highway." What you see here is basically the G-7 global structure is fully empowered and bypasses the Congressional level.

As the G-7 assumed more responsibility, it became obvious that the President/Prime Minister needed someone to helphim with the growing global duties he was assuming. Professor Kirton writes that "in 1977, when Carter became President, he appointed a trusted advisor, with cabinet rank to work on summit preparations on a full-time, year-round basis. Since that time all countries have employed specially designated personal representative or 'Sherpas' who normally serve on a continuing basis for several years. These Sherpas meet formally on at least four occasions throughout the year preceding the summit, as well as at the opening of, and throughout the summit itself. They are supported by an elaborately layered network of 'sous- Sherpas' (either from foreign or finance) and 'sous-sous- Sherpas.'"

The Group of Seven have come a long way from the first one and a half page communiqué' as they are now concerned with every aspect of life on planet Earth and provide their agreement where they deem fit. Their goal is nothing less than a complete integration of all of the countries of the world, their politics, finances, economics, trade, people and military into ONE. In short, it is the G-7 who have been creating the need and the excuse for "integration." Let us review how this desire has evolved since 1975.


Their first communiqué' in 1975 stated that the G-5 "held a searching and productive exchange of views on the world economic situation...We came together because of shared beliefs...We are responsible for the government of an open democratic society, dedicated to individual liberty and social advancement. To assure in a world of growing interdependence the success...we intend to play our own full part and strengthen our efforts for closer international cooperation...."

At this first meeting, they discussed unemployment, inflation, energy, world trade, tariff cuts in agriculture trade, orderly and economic relations with socialist countries as well as "the need for stability that the form of the international monetary system must promote...." Throughout their twenty two years, the international economic and monetary system has been a priority. It was Lenin who said that the economy is the key to communism and that the legal and political constitute the structural. This is basically what is being set up--a global monetary system.

In order to empower the global system, throughout the years, the G-5 and now G-7 plus One, have given more and more power to the multilateral agencies such as the United Nations, World Bank, International Monetary Fund and the OECD--Organization for Economic Development and Cooperation who will help manage this new world.

In 1976, the G-5 said, "The interdependence of our destinies makes it necessary for us to approach common economic problems with a sense of common purpose and to work toward mutually consistent economic strategies through better cooperation." Since 1975, the G-7 have sought to "resolve difference on structural reform of the international monetary system and agreed to promote a stable system of exchange rates..." This has been

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accomplished through standardization and deregulation of laws. In 1977, the Declaration of Downing Street declared, "We are determined to respond collectively to the challenges of the future."

In 1995, while no sweeping statement was made with regard to integration, their Communiqué' was quite detailed and broad in its examination of growth and employment, strengthening the global economy which basically was comprised of a number of changes in the International Monetary Fund to make it a "world central bank" (description and phraseology used in the UN publication, Human Development Report 1994), promoting sustainable development, reducing poverty, safeguarding the environment, preventing and responding to crisis, reinforcing coherence, effectiveness and efficiency of institutions (the World Bank, regional banks, the IMF and a number of UN organizations), open markets, and nuclear safety. In short, they have basically integrated everything and are now "fine tuning."

Global Economic Monetary System

Although every meeting of the G-7 is important because it appears to add to the strengthening of a new global body to guide the world to an eventual harmonic outcome( theirs), there are a number of years which were key. One of them was 1982 when the G-7 met in Versailles. They restated one particular goal, "It is essential to intensify our economic and monetary cooperation" and to "Work towards a constructive and orderly evolution of the international monetary system," adding that "The future hinges on our political determination...."

Since 1971 when the world monetary system began to float against each other, the dollar has been pegged against the German Deutsche mark and the Japanese yen. It was, interestingly enough, in 1982 that the G-7 pegged the dollar against those two currencies when they said, "We will work towards a constructive and orderly evolution of the international monetary system by a closer cooperation among the authorities representing the currencies of North America, of Japan and of the European Community in pursuing medium term economic and monetary objectives."

One of the key ways to accomplish the global economic system is through a tearing down of tax laws so that eventually all of the countries of the world will have the same tax laws. In addition, through de-regulation of all industries, this will also bring all countries into harmony. Take for example the Monetary Control Act of 1980, this changed various laws so that foreigners could invest in America and we could invest outside of America. It also took away any ceilings on interest rates so that you could not only earn 19% on your money, but be charged it as well. While it is doubtful that interest rates will go back up to 19%, the interest on charge cards has not and will not go down as the banks are profiting all too much from that kind of interest. Lastly, it gave the Federal Reserve, which is a private corporation and not part of the U.S. Treasury or government, greater power over the U.S. Government.

Another key year was 1991. The theme of the economic declaration was "Building World Partnership." They stated, "We seek to build world partnership, based on common values, and to strengthen the international order. Our aim is to underpin democracy, human rights, the rule of law and sound economic managements...To achieve this aim, we will promote a truly multilateral system...Central to our aim is the need for a stronger, more effective UN system, and for the greater attention to the proliferation and transfer of weapons."

In 1994, at the Halifax Summit, the G-7 stated that they, "pledge our full energies to strengthening the institutions in partnership with the entire membership to enhance the security and prosperity of the world...The process of globalization, driven by technological change (which they started in 1980), has led to increased economic interdependence...The major challenge confronting us is to manage this increased interdependence..."

It appears, without going into all of the last 22 meetings which the G-7 have held that they have been bringing the economies of the world into harmonization or integration. This is being accomplished through a number of steps and laws, both national and international and between numerous supra-national organizations like the International Monetary Fund, World Bank, the Bank for International Settlements (BIS), the International Organization for Securities Commissions (IOSCO), the International Insurance Association, and other such global organizations.

In 1996, the G-7 Finance Ministers issued their own report, stating "The dramatic increase in trade and capital flows in the world has deepened economic and financial integration among all countries...This process of globalization creates new opportunities but also challenges for our countries and the international community..." This time, the G-7 finance ministers pushed for "surveillance" or a complete reporting by all countries of all of their finances and economic dealings. They call for reports to be made so that they can monitor for any problems such as Mexico or Barings Bank. (It should be remembered that Mexico devalued their peso arbitrarily and that the reason why Barings failed is because the England's Central Bank refused to make an overnight loan of monies to Barings to bring up their assets to their required minimum level.) This surveillance would, of course, require the need for the IMF to get involved and for closer ties and cooperation between the Deputies of the IMF along with the G-7 finance ministers.

Exchange Rate Stability

The G-7 stated in 1979 that "Stability in the foreign exchange market is essential for the sound development of world trade and the global economy..." The U.S. started a program in 1978 in conjunction with other monetary authorities and the European Monetary System emerged. In looking to understand the role of the IMF, in 1980, the G- 7 said, "We support continuing examination by the IMF of arrangements to provide for a more balanced evolution of the world reserve system..."

In looking to "stabilize foreign exchange rates," the G-7 said in 1982 that they were prepared to "accept joint

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responsibility to work for greater stability of the world monetary system" which rests primarily on "CONVERGENCE OF POLICIES DESIGNED TO ACHIEVE LOWER INFLATION, HIGHER EMPLOYMENT AND RENEWED ECONOMIC GROWTH...MAINTAIN THE INTERNAL AND EXTERNAL VALUES OF OUR CURRENCIES." (emphasis added)

In April, 1995 the dollar dropped on the yen from 1.10 down to .80, the lowest of all post-World War II lows, below one. It was the central banks of the world who came and rescued the dollar on a number of occasions, bringing the value of the dollar back to 1.10. The finance ministers went on to discuss the "interventions" that would take place to stabilize and reinforce the credibility of their commitment to cooperate in the exchange markets when circumstances warranted. Could it be that everything in the world financial markets is being "orchestrated" which means a group of special people know when the market is going to peak and when it is going to drop????

If we were on the gold standard, the money system could not be inflated, we would have no need of "oversight by the G-7" and we would not need to worry about fluctuations because the value of the currency would be fixed.

Fast forwarding to 1996, the G-7 Finance Ministers stated they were happy with the "orderly reversal" of the dollar....


The G-7 first mentioned the environment in 1980 when they addressed population. In 1988 they commended a study by the "Brundtland Commission" in which the environment al agenda was set forth for the UN. Although the subject had been broached in 1972 when the first environmental conference was held in Stockholm, Sweden, it was the report of the Brundtland Commission, named after its chairwoman Gro Harlem Brundtland (Prime Minister of Norway) that the concept of sustainable development came to the forefront. This report built on another study done by former German Chancellor Willy Brandt called the North-South--A Program for Survival, which was commended by the G-7 several years earlier.

In 1991, a year before the UN's first mega-global conference of the 90's--the UN Conference on Environment and Development, that the environment was given substantial space in their communiqué'. From that time forward, the G-7 added the environment to their list of priorities stating, "Our economic policies should ensure that the use of this planet's resources is sustainable and safeguard the interest of both present and future generations...." This basically is a definition of sustainable development as found in the Brundtland Commission's report.

They asked that environmental considerations be integrated into all governmental policies and commended the OECD for their work in this area. Taking a very aggressive position on the environment, they projected thatthey would, by June 1992 when the Earth Summit was to be held, "achieve an effective framework convention on climate change, have an agreement on principles for the management, conservation and sustainable development of all types of forests, leading to a framework convention, mobilize financial resources to help developing countries tackle environmental problems, have a comprehensive approach to the oceans and seas (Law of the Sea), develop international law of the environment, and reinforce international institutions concerned with the environment like the UN Environment Programme, UNEP." Each of these agreements represent thousands of pages of rules, regulations and fines, thus restricting personal property rights with the goal of eliminating private ownership of land. What happens in the environment is as important toward financial well-being as what happens in the stock market.

While many people think the environmental agenda is a "passing phase", it is not. All of the programs of the UN, the World Bank, and IMF now incorporate the environment as part of their goals and operating procedures. Whenever the World Bank now makes a loan, the terms have been "environmentalized" meaning every country in order to get the monies, must now implement certain environmental measures in order to qualify. In addition, whenever the UN holds a conference, they appoint a follow-up committee to monitor each country's progress in complying with the terms of the conference.

In 1996, the G-7 declared, "Protecting the environment is crucial in promoting sustainable development....we place top priority on integrating environmental protection more completely into all of our policies...." (None of the aforementioned are valid or confirmed by imminent scientists--even though each side has their own opinion. The UN says we need to protect the environment thus restricting private property rights and empowering them as a global organization while the other side says we don't need anything, thus ensuring freedom through less bureaucracy from the global to the grass roots level.)

The G-7 went on to say that they were "exploring the possibility of supplementing our national income accounts to better measure resources, such as forests, minerals and fish and the economic value of air, water and soil quality." The writer found, in interviewing both Maurice Strong who is considered the environmental guru of the UN and Dr. Isamail Serageldin, Vice President of Sustainable Development at the World Bank, that the World Bank and IMF are working on a new accounting system which will measure: manufactured capital--that is roads, buildings, furniture, etc., natural capital--how much and what kind of mineral resources a country has, human capital--that's you and me--our condition, education, health, etc. and social capital--the opinions that hold a people together. This is all part of sustainable development and in order to measure it, we must be measured and monitored....Currently there is a discussion being started about changing the way in which the Gross Domestic Product is measured. Once this is "environmentalized," our lives will change forever because how much you and I produce will be part of this new calculation.

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Strengthening of International Organizations

"The world economy has to be seen as a whole; it involves not only cooperation among national governments but also strengthening appropriate international organizations."

In 1977, the G-7 agreed that the IMF should play a prominent role in the improved financial facilities in which the G-7 committed themselves to seeking additional resources...They also stated that they need the assistance and cooperation of others in order to carry out all of their tasks, "We will seek that cooperation in appropriate international institutions, such as the UN, the World Bank, the IMF, the GATT and OECD." All of these organizations are powerful and have a key role to play in the global economic structure. Two years ago, the writer did not know anything about any of them.

International Monetary Fund

With regard to the IMF and the part they play in the global economic system, the G-7 stated, "In a world of strong capital flows and large deficits, it is in the interest of all that the financial soundness of the international banking system and the international financial institutions be fully maintained. We welcome the recently expanded role of the IMF in financing payments deficits on terms which encourage needed adjustment.

In 1981, the G-7 said, "We will make a strong commitment to the international financial institutions and work to ensure that they have, and use effectively the financial resource for their important responsibilities..." Still today, the G-7 is busy strengthening, broadening and expanding the authority and power of the UN, WB, IMF, GATT(WTO) and OECD.

In 1982, the G-7 said with regard to the role of the IMF, "we attach major importance to the role of the IMF as a monetary authority and will give it our full support in its effort to foster stability."

In 1994, the G-7 recommended that the IMF be given a number of new responsibilities: (1) to stabilize global economic activity, (2) become the lender of last resort to financial institutions, (3) calm jittery financial markets and (4) create and regulate new international liquidity. According to the UN's Human Development Report 1994, if these powers were added, it would basically turn the IMF into a "world central bank," as mentioned above. All of the above were agreed to and have been implemented with the exception of #4.


Don't let anyone fool you, the Information Highway is due to the planning, designing and fostering of the technology revolution by the G-7. It was French President Francois Mitterrand who in 1982 presented to the G-7 a key report called, "Technology, Employment and Growth" in which he said, "A new civilization begins at the point where the greater availability of resources serves to liberate mankind from the twofold constraint of time and distance, affecting interchange and communications...In actual fact, communications are becoming more concentrated in allcountries. A handful of firms have taken possession of the electronic distribution infrastructure. By dominating them, they influence the traditional media, cinema, press and television...already the two leading image banks supply nearly all the television stations worldwide, more than 3/4 of all press news is supplied by five agencies...by the end of the decade, it will mean the control of the world communication industry by some twenty firms."

President Mitterrand went on to say, "These new communication technologies will usher in a new form of civilization...in ten years, tens of millions of personal computers will be in use. Videotape recorders, video cameras and cable television will become familiar household objects. With 'electronic banking' permitting long-distance transactions to be carried out, the every day activities and traditional behavior patterns of the consumer will be modified..."

The G-7 launched a number of proposals and priorities for technological cooperation in the areas of telecommunications, robotics, new materials, artificial intelligence, space, biotechnologies and agriculture technologies." They called for the implementation of the guidelines established by the UN Conference on Science and Technology for Development will be accelerated, as well as the call for preparation of this program to be based on methods already used such as "setting up of networks of research centers allowing for wide distribution of information (weather, environmental and oceanographic data), the establishment of common rules and standards, bilateral action within the framework of a multilateral program (international telecommunications development program), world weather program and project models..."

His proposal to keep pace with technological advancements was to put a computer in every classroom, set up within the United Nations University, a worldwide network linking all the teaching, training and research centers devoted to languages and communications, and to have a World Charter of Communications to promote the "harmonization of legislation governing information, intellectual property contract law and the protection of individual liberties.

In 1983, the G-7 "noted with approval the report of the working Group on Technology, Growth and Employment which was set up at Versailles...and commend the progress made in the 18 cooperative projects discussed in that report..." Today, we can see that most of what Mitterrand predicted has come to pass through the prodding, planning and blessings of the Group of Seven. In addition, since the advent of the personal computer in the mid 1980s, the Bank for International Settlements as well as many economic, market and trade experts credit "Spectacular technological advances in communications and information systems enhanced the capacity of banks and other financial market participants...New information systems allowed the creation and use of highly complex new financial products. Technological advances and the progressive elimination of official barriers to capital flows has spurred an enormous increase in cross-border financial transactions...and the rapid growth in international financial markets." (The New

Financial Landscape, Forces Shaping the Revolution in Banking, Risk Management and Capital Markets, OECD, 1995)


In 1981, the G-7 also issued their first statement on Terrorism. This was basically a build up to the forty points to fight terrorism issued in 1996. They said they were "concerned about the support given to international terrorism through money and arms, sanctuary and training and violent acts such as hijacking. They further resolved to strengthen and broaden action within the international community to prevent and punish such acts and state that Afghanistan giving refuge to the hijackers "was and is a flagrant breach of its international obligations under the Hague Convention." What the G-7 is building is a world police state--no where to hide--countries who hide terrorists will face grave economic sanctions.

Recently published is H.R. 3953 which would enact many of the G-7s "Forty Point to Combat International Terrorism" which include setting up a National Commission on Terrorism. The duties of this Commission would be, among others, to "examine the ability and utilization of counterintelligence efforts to infiltrate and disable or disrupt international terrorist organizations and their activities, examine the impact of Federal immigration laws and policies on acts of terrorism transcending national boundaries, ....study the practicality and desirability of transferring authority for U.S. airport security to an entity other than the Federal Aviation Administration, and to examine all present laws relating to the collection and dissemination of personal information on individuals by law enforcement or other governmental entities, and the necessity for additional protection to prevent and deter the inappropriate collection and dissemination of such information. "


One of the most amazing things for the writer is that while she has read a fair amount of UN Programmes of Action in the last several years, it was her impression that all of the "recommendations" made came from the United Nations, however, in reading the Group of Seven documents, it appears that these recommendations originate from the Group of Seven who direct the United Nations, (that's us) where they need to go and what they need to do in order to come into compliance with the wishes of this global body.

The writer asked both Canadian Prime Minister Paul Cretien and European Commission President Jacques Santer " To whom does the Group of Seven report to? The United Nations? Or does the United Nations report to the G-7?" Both of these men basically said that no one reports to anyone, that the G-7 came out of the U N and that they both have the same global concerns. The better question should have been, "Who does the G-7 report to?"

There is no doubt in the mind of the writer that the Group of Seven is a very powerful group of individuals who are doing the bidding of someone higher than themselves. It is clear that the G-7 IS a key group to watch as our financial future literally rests in their hands.

Veon Financial Services, Inc. is a Registered Investment Advisor. Subscription to newsletters are available for a yearly cost of $30.00. This entitles the subscriber to a minimum of three newsletters and a maximum of four. All information is fresh, gleaned from current domestic and international newspapers, magazines and journals by Joan Veon, CFP. All rights reserved, Copyright October, 1996. Send $30.00 payable to Veon Financial Services, Inc., P. O. Box 1323, Olney, MD 20830-1323.


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