The end of 'laissez-faire' capitalism nearing?
Many (European) countries seek to end the deregulation era. Especially the Europeans come to the G20 meeting in Washington this weekend to gain international support to counter U.S. policies which many blame for this crisis.
But there is a difference of opinion, the U.S. does not want an endless, powerless, bureaucratic set of new regulations for the financial markets.
The Europeans, China and Russia are as much to blame themselves, they hugely profited from the boom as well.
While there is a need for more transparency and unifying accounting standards, there is certainly no need for an overpowering worldwide financial control authority, a kind of Über IMF.
In the first place the U.S. should control it's overwhelming and addictive appetite for cheap credit and overdependence on imported goods (Oil and Energy included).
And China should take it's responsibility for the low Yuan.
We are all in this together, the World Economy is an integrated and 'very complex whole system'.
If a prolonged recession is the result, this time the politicians are to blame, not the bankers.
No need for idiots who think to gain by exploiting the blame game.
Washington Memo
Meeting’s Key Decision May Be to Keep Talking
By MARK LANDLER and STEVEN LEE MYERS Published: November 15, 2008
With the global economy slipping into its most serious downturn in decades, the Group of 20 is said to seem likely to agree on a few modest measures.
kredietcrisis
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