The depth of the current economic crisis is leading many people to favour a form of governance that would place economic and political life under the trusteeship of international organisations. Barack Obama’s new cabinet, which is made up of those responsible for the crisis, will ensure the ascendancy of financial interests. In the meantime no one is calling for the people to have power in the monetary sphere. The result is that democracy is being killed by financial power.Milan (AsiaNews) – A new world order has been in the making for quite some time and is now becoming “inevitable”. Many a politician and economist are quick to say that great sacrifices are called for, and that any “reasonable” person will see that suffering and hardship are “necessary.”
U.S. economic mettle is tested as emboldened leaders from throughout the world gather in Washington.
The role of the United States as the world’s economic leader will be tested this weekend when 20 significant world leaders meet in Washington to address the global financial crisis.
Some European leaders are hailing the summit as the next Bretton Woods – a reference to the historic talks in the latter days of WWII that, in effect, made the dollar the world’s dominant currency and laid the foundation for the economic order of the past 60 years.
A new economic club of nations
The G-20 summit this weekend will grapple with a global crisis.
A formal farewell to the American-led postwar financial system and a coming-out party for an expanded club of economic powers that will design new rules to meet the global financial crisis.
That is how this weekend’s Group of 20 summit, called by President Bush, is likely to be remembered: not so much for the action taken, as for the milestone it marked and the emerging global economic order it heralded.
Some G20 nations hope the weekend summit on financial reform will be a modern Bretton Woods, but can it make big decisions without Barack Obama?
For the Prime Minister, Gordon Brown, it is a “new Bretton Woods”, as important as the 1944 convention that established the modern financial world order. For Nicolas Sarkozy, President of France, it is a once-in-a-lifetime chance to remake the global financial architecture and usher in an era of “regulated capitalism”. But beware the headlines that these leaders try to manufacture when they assemble for their credit crisis summit in Washington this weekend.
Prime Minister Gordon Brown will today set out a five-point plan to create a “stronger and more just” world order in the wake of the worst financial crisis since the Great Depression.
1. Paulson’s A HORRIBLE Trader
2. Volatile Markets Volatility
3. Fear the Financial New World Order
The European Union and more so its three biggest countries: Germany, Britain, and France will not let go the “critical” opportunity offered by the present world political and economic conjuncture to ask, and why not impose on the US, a new global order.
Of all the general elections in foreign countries, 0n Monday’s US election has been the most watched locally. While the local ancestry of Democratic candidate Barack Obama has contributed largely to that the current blitz, we need to learn lessons from the behaviour of candidates and their supporters whom we closely monitored.
European Union leaders backed a 100-day deadline by which the world’s leading economies should decide urgent global finance reforms, French President Nicolas Sarkozy said on Friday.Sarkozy, who chaired a special meeting of EU nations, said the financial crisis and economic downturn required a quick deal on an overhaul at a Nov 15 summit in Washington bringing together leaders of the world’s 20 largest industrialized nations and emerging economies.
“Laissez-faire is finished, the all-powerful market that is always right, that’s finished,” said Nicholas Sarkozy, speaking ex cathedra, last month. As a result, said the diminutive French president, it is “necessary to rebuild the entire global financial and monetary system from the bottom up, the way it was done at Bretton Woods after World War II.”