G20 will be a writeoff
Posted by Adrian on March 30, 2009
Does the US want to bankrupt the world? To create an even Keel? Conspiracy theory?
Russia and China have called for a global currency to replace the US dollar. The US and the UK want a coordinated stimulus plan, in other words they want the rest of the countries in the world to start quantitative easing on a massive scale. This would keep the USD as a reserve (as most currencies would fall equally or worst than the USD) and allow the US to maintain some kind of economic status as opposed to disappearing into the economic abyss.
Despite the desperation of political rhetoric. All countries are sliding further into protectionism. Japan is dreaming when it says that a bottom is near, when they will need the domestic spending power that will rival the world. It will never happen. China inventories are swelling. The US and UK are printing money as both economies are internally hemharging to death.
Can it get any worst…?