Have you ever thought that the main reasons for the lack of international co-ordination was because of what happened last time?
People talk about the co-ordinated response to the GFC (Global Financial Crisis) as if it was the pinnacle of
People talk about the co-ordinated response to the GFC (Global Financial Crisis) as if it was the pinnacle of
humanity, but actually it resulted in misery for millions of people
which in turn lead to the rise of Trump, Brexit and other populist movements who then rejected that same international co-operation.
The EU, which lead the way, imposed austerity which nearly broke up the entire union and was partly the reason for the the "lefts"
The EU, which lead the way, imposed austerity which nearly broke up the entire union and was partly the reason for the the "lefts"
support for Brexit. Great result.
The problem, which is also a feature of this article, is twofold:
Firstly it undermines the sovereignty of nations (which normally I don't give a shit about) in one key area - monetary policy. Each sovereign nation has unlimited
The problem, which is also a feature of this article, is twofold:
Firstly it undermines the sovereignty of nations (which normally I don't give a shit about) in one key area - monetary policy. Each sovereign nation has unlimited
amount of its own sovereign currency but international co-operation forces nations (many with very different economies e.g. Germany and Greece) from having to meet the same arbitrary measures (or if they don't meet them Goldman Sachs will help cook the books).
Secondly (and something I alluded to above and is referenced in this article) is that this great international co-ordination is brought to you by the bankers of the world who unsurprisingly, tell governments to trust them with all of the dough! So governments provide quantitative
easing to banks who lend and this piles on more debt!
If we are ever to restore international co-ordination we need to deal with the vested interests, otherwise we'll be dealing with more Trumps.
If we are ever to restore international co-ordination we need to deal with the vested interests, otherwise we'll be dealing with more Trumps.
What happened in Greece was one of the many reasons, I can gather, for why so many on the "left" supported Brexit.
And Brexit really was the tip of the iceberg. Anti-EU sentiment grew throughout the EU. Thankfully (speaking as someone who is not in Britain)
And Brexit really was the tip of the iceberg. Anti-EU sentiment grew throughout the EU. Thankfully (speaking as someone who is not in Britain)
Brexit was such a disaster that nobody else was stupid enough to leave but those anti-EU parties and nativists are still sprouting up around the EU and internationally.
The Euro countries really are in the worst possible position because they share a currency but not fiscal policy. I have toyed with the idea of the EU having full fiscal control but this would need to be done on the understanding
that the Euro was like the US dollar i.e. that Brussels could print as much as is needed when it's needed.
