Today G20 Heads Of State Meet For A Photo Op - Will Currency And Global Regulation Be Brought To The Table?
I'm not sure what exactly is going to be accomplished today other than an opportunity for some nice photos. The G7 met some time ago to solve the world's problems. How's that working? What exactly are meetings between states going to accomplish at this point in time? Is China going to create jobs in the U.S. and Europe going to create jobs in China? What will come out of this is that we pledge to remain united. Hollow words.
There is a role for government in this mess but this meeting is for the benefit of the state. For that we should be suspicious. There is likely no one at these meetings who is looking out for our best interests. The state and government are not one and the same. Not even close. The state seeks definition at the expense of the sovereign. The government seeks definition by representing the sovereign.
Many in the world will likely attempt to use today's meeting as a starting point for global regulation and to formulate a new mechanism for foreign exchange in the form of a global currency, a replacement for the dollar or some other action I believe everyone should be suspicious of. The impetus behind such moves is a power grab by states - many with competing interests. There is seldom altruistic motive in the best interests of the peoples when it comes to actions of the state. Would global trade really be better off if we had some pan-global regulatory state-based organization headquartered in Switzerland? That's a rhetorical question for anyone eager to embrace such a frightening thought. Wait a few years and ask the European Union citizens how much better off they are with their latest pan European regulatory edifice - the European Central Bank. Or, the people of Darfur how much better off their life is with the United Nations. The UN adds definition and validity to the state. Not to government. Half of the member states in the UN don't even have a government.
This meeting is about potential meddling by officials who generally know nothing about what ails the global economy or how to fix it. Hell, they created it. But, they do know much about enhancing the power of the state at the expense of the sovereign. I see little good that can ever come from these types of meetings. Their outcomes often border on what I believe are unconstitutional decrees of elitists. Attacks on our liberties. What's that old saying? Idle time is the devil's playground? Can someone give these heads of state a coloring book and a few crayons? We need something other than this crisis to occupy their time.
In closing, upsetting the foreign exchange apple cart has great potential to drive the stake deeper into the heart of this crisis. In other words, countries like China, India and Russia have benefited greatly from the current rules to the game. But, now it has exposed systemic problems of their own creation. The same systemic problems that kept their economies as "emerging" for the last one hundred years. Many want to blame their current crises on the U.S. Absolutely nothing could be further from the truth. The U.S. caused its own problems but the world benefited greatly from it. We ignited a seed of opportunity in emerging economies that they will vanquish quite nicely on their own.
In the end, we really don't have any idea what future states will eventually determine as it pertains to currencies. Prognosticators talking of a single global currency are generally of a tone of conspiracy or religious prophecy. I see no chance of that happening. But, one thing is certain. Were the dollar to ever be replaced or augmented as the world's reserve currency, it would be long term bullish for the U.S. economy and very negative for globalization. Those seeking power grabs should be careful what they wish for.
Smile for the camera.
There is a role for government in this mess but this meeting is for the benefit of the state. For that we should be suspicious. There is likely no one at these meetings who is looking out for our best interests. The state and government are not one and the same. Not even close. The state seeks definition at the expense of the sovereign. The government seeks definition by representing the sovereign.
Many in the world will likely attempt to use today's meeting as a starting point for global regulation and to formulate a new mechanism for foreign exchange in the form of a global currency, a replacement for the dollar or some other action I believe everyone should be suspicious of. The impetus behind such moves is a power grab by states - many with competing interests. There is seldom altruistic motive in the best interests of the peoples when it comes to actions of the state. Would global trade really be better off if we had some pan-global regulatory state-based organization headquartered in Switzerland? That's a rhetorical question for anyone eager to embrace such a frightening thought. Wait a few years and ask the European Union citizens how much better off they are with their latest pan European regulatory edifice - the European Central Bank. Or, the people of Darfur how much better off their life is with the United Nations. The UN adds definition and validity to the state. Not to government. Half of the member states in the UN don't even have a government.
This meeting is about potential meddling by officials who generally know nothing about what ails the global economy or how to fix it. Hell, they created it. But, they do know much about enhancing the power of the state at the expense of the sovereign. I see little good that can ever come from these types of meetings. Their outcomes often border on what I believe are unconstitutional decrees of elitists. Attacks on our liberties. What's that old saying? Idle time is the devil's playground? Can someone give these heads of state a coloring book and a few crayons? We need something other than this crisis to occupy their time.
In closing, upsetting the foreign exchange apple cart has great potential to drive the stake deeper into the heart of this crisis. In other words, countries like China, India and Russia have benefited greatly from the current rules to the game. But, now it has exposed systemic problems of their own creation. The same systemic problems that kept their economies as "emerging" for the last one hundred years. Many want to blame their current crises on the U.S. Absolutely nothing could be further from the truth. The U.S. caused its own problems but the world benefited greatly from it. We ignited a seed of opportunity in emerging economies that they will vanquish quite nicely on their own.
In the end, we really don't have any idea what future states will eventually determine as it pertains to currencies. Prognosticators talking of a single global currency are generally of a tone of conspiracy or religious prophecy. I see no chance of that happening. But, one thing is certain. Were the dollar to ever be replaced or augmented as the world's reserve currency, it would be long term bullish for the U.S. economy and very negative for globalization. Those seeking power grabs should be careful what they wish for.
Smile for the camera.
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