[Marxism] G20 Communique: A Review
lnp3 at panix.com
Thu Apr 2 20:36:58 MDT 2009
Sukla Sen wrote:
> more than 30 years in economic journalism I have written about many
> summits. Their job has been to rubber stump the Washington consensus,
> and offer an illusory picture of collective action and grip – when the
> truth has been "market states" running up the white flag before the
> ever advancing battalions of global finance. This summit is decisively
> different – the most substantive of its type since 1944. It offers a
> break with the Washington consensus, free market ideology and financial
> turbo capitalism – and is assembling the world around a new order and
> set of ideas. It is half done and menaced by the scale of the crisis
> along with powerful instincts at times like this for protectionist "
> sauve qui peut". But it comes at a time when there are the first signs
> if not of green shoots at least of some economic stabilisation – as the
> stock market recovery is tribute. It is an achievement. It would be
> graceless not to acknowledge it – and it might even signal a turning
> That's a pretty strong and definitive claim. Needs be carefully looked into.
> http://www.guardian .co.uk/commentis free/2009/ apr/02/g20- financial- crisis2
Asking the G20 leaders to rebuild international finance is ridiculous –
they are the ones responsible for its collapse
We need not take this communique too seriously. Why? Because asking the
G20 to fix the international financial architecture is
counter-intuitive. Like asking a bunch of cowboy builders to re-build
the gutted kitchen, illegal loft conversion and rumbling extension of a
collapsed McMansion home.
They just can't do it. The McMansion that is haute finance was built on
shaky foundations by G20 leaders (with the exception of Barack Obama)
and their central bankers. It has collapsed and left behind piles of
rubble, financial angst and heartache – because of the way it was
designed, project-managed and constructed – by none other than these
same political leaders.
They cannot be trusted to remedy the calamity of its collapse – and to
rebuild. They lack the vision, the economic theory and tools, the
correct advisers and the experience. All they want, and know how to do,
is to cover up the botched building works, and rebuild the existing,
dodgy, financial McMansion – while doling hand-outs to their mates in
the financial sector.
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