New Order for Global Finances
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Posted by David Chan on 2008-Nov-15 13:08
We watch with baited breath as the G20 companies meet in Washington. Will anything like the Bretton Woods agreement come out of these meetings?
My fear is that any agreements resulting from these rounds of talks will do nothing but entrench the current vested interests in their power positions.
Those taking part are in a quandary. Everyone realises that a global financial system requires some form of global regulation yet the need to maintain sovereignty of States will mitigate against this. The world leaders did pull together to tackle the Credit Crisis but sadly, I do not see this continuing as individual States start looking after their own interests.
Perhaps, we should take a look at Greek history. After defeating the Persians in the 3rd Century BC, did the Greek states unite and expand. They did not. It was only when Philip of Macedon invaded and destroyed the power of the City States was there any semblence of cohesion. Are we doomed to repeat history I wonder?