Sunday, October 12, 2008

G20

Margaret Thatcher, former prime minister of Gr...Image via WikipediaThe G7 meeting went pfft…bit like Chrome really. All expectation and then pffffft. Still, they are politicians and we shouldn’t really be expecting them to solve the global financial situation. I dare say a bit of wheeler dealing went on, you know, the sort of stuff we aren’t privy to, but past that point nothing real came out of that meeting. The G20 may be more productive but it doesn’t look that way because we already know the financial crisis has to be solved globally. It has to be solved by people talking to each other. We also know we need bona fide, well credentialed, well experienced experts on the job . There will not be a quick fix now because this has probably been developing since Reagan and Thatcher went big on privatisation. It was then that deregulation became popular and even though there was encouragement to be creative financially and economically, we have learned that that kind of inspiration isn’t always in the common good. So there have been no checks and balances. It has been a case of whatever goes. We are discovering we need those checks and balances. We cannot just let the market run free and unfettered. We’ll have to round up some of the riskier practices and we’ll have to have a team of really cluey people onboard to get this lot sorted out. Shall we look upon it as a challenge?


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