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West unlikely to win all it wants in this financial poker game

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Published Date: 13 November 2008
By George Kerevan
THIS weekend, the leaders of 20 major economies will meet in Washington at the invitation of George Bush, the US president, tasked with finding a way out of the global financial crisis.
This gathering has been compared to the famous – or infamous, depending on your viewpoint – Bretton Woods conference of July 1944. At the latter, the United States and Britain attempted to repair the collapse in the international trading and monetar...



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  • Last Updated: 13 November 2008 12:45 AM
  • Source: The Scotsman
  • Location: Edinburgh
 
1

,

13/11/2008 01:09:15
Comment Removed By Administrator
Reason:
2

truthsleuth,

13/11/2008 13:32:26
The slow drip of Western production to India China and other 'cheaper' regions usually by Western capitalism in oredr to increase its profit margins by cutting jobs in the West has led to this obvious result.

The West has now got all the Debt with no 'value added' source of income ans as a consequence no means of manufaturing itsay out of debt. The West has no purchasing power or national source of investment capital.

So I believe we are now in a catch 22 situation from which there is no escape except vias a massive reduction in stanard of living.
3

Itchy,

14/11/2008 00:24:22
#2 Your post is a load of mumbo jumbo.

We have just been through an old fashioned boom and bust cycle caused by intervention in the money supply.

What is needed is a return to the gold standard, lower taxes and spending cuts.

 

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