Three Reasons Global Talks Hit Dead End: Mohamed A. El-Erian
By - Nov 17, 2010 12:00 AM GMT-0200
Bloomberg Opinion
“Obama’s Economic View Is Rejected on World Stage,” the New York Times declared on its front page. The Financial Times’ headline was “G-20 Shuns U.S. on Trade and Currencies,” while the Wall Street Journal proclaimed “U.S. Gets Rebuffed at Divided Summit.” In short, the media’s reporting on the Group of 20 summit in Seoul was brutal.
The meeting of government leaders was certainly a disappointment for those looking for coordinated policy actions to place the world economy on a more secure path to high growth, job creation and financial stability. It also highlighted the growing leadership vacuum at the center of the global system.
The focus now shifts to what comes next. Will the summit be a catalyst for more constructive discussions outside the spotlights and beyond the attention of the world media? Or will it seriously undermine a G-20 process that was successful in avoiding a global depression but has since failed to ensure a lasting economic recovery?
Absent some appropriate changes in mindset and behavior, the latter interpretation may well prevail for three reasons that may seem counterintuitive to some.
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Comment: The internatonal financial system suffers from structural deficiencies and no ad hoc measurement is adquate to save the system. We need a new system, a system that does away with fiat money, exorbitant government spending and a fraudulent banking system. Nothing less than a global revolution is warranted.
The meeting of government leaders was certainly a disappointment for those looking for coordinated policy actions to place the world economy on a more secure path to high growth, job creation and financial stability. It also highlighted the growing leadership vacuum at the center of the global system.
The focus now shifts to what comes next. Will the summit be a catalyst for more constructive discussions outside the spotlights and beyond the attention of the world media? Or will it seriously undermine a G-20 process that was successful in avoiding a global depression but has since failed to ensure a lasting economic recovery?
Absent some appropriate changes in mindset and behavior, the latter interpretation may well prevail for three reasons that may seem counterintuitive to some.
Read more
Comment: The internatonal financial system suffers from structural deficiencies and no ad hoc measurement is adquate to save the system. We need a new system, a system that does away with fiat money, exorbitant government spending and a fraudulent banking system. Nothing less than a global revolution is warranted.
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