What will be the shape of the world’s new financial order?

[Dover]

The global financial crisis has produced broad agreement that the world needs a new financial architecture, but world leaders are a long way from reaching agreement on what shape it should take.

Many countries have rescue plans to support banks and unfreeze credit markets. The United States has set in motion reforms to change the relationship between Washington and Wall Street.

But calls are being made for much deeper, coordinated reforms, and a series of global summits is planned to discuss how to reform the financial system. The first of these meetings will be held on Nov. 15 in the United States.

Capitalism as we used to know it may be on its deathbed. Some world leaders have called for a revamp of the 1944 Bretton Woods conference that resulted in the post-World War Two financial order and created the IMF and the World Bank.

Economists and commentators have been filling newspapers with suggestions about what should be included in the new financial architecture, from more regulation to concerns about climate change and trade.

Some experts say world leaders risk making terrible mistakes if they get it wrong and must stand back and properly assess what went wrong before enacting wholesale reforms. Others say it would be wrong to force one country or region’s vision on another....cont'd

http://blogs.reuters.com/global/2008/10/22/what-will-be-the-shape-of-the-worlds-new-financial-order/

[RUMMYisFROSTED]

1. Small bands of drovers.

... with nukes!!!

[napoleon_in_rags]

2. I was just grabbing a piece of pizza, thinking about this.

I was thinking, if everything really goes to hell, what keeps the government from just giving people jobs doing the things they need to do to stay alive? I mean we've got enough hands to do everything, to keep everybody feed, and most of the time I find myself completely under-utilized, I think most people do.

Then I remembered: Oh, its capitalism. The government can't get the people taking care of production because the government doesn't own the means of production. So they are powerless if the market goes insane.

This is the problem with capitalism. However, its clear to me that we need to throw the false "Capitalism vs. The Soviet" dialectic out the window and look at be willing to start fresh, reconsidering some ideas like collective ownership. For instance, how come when wealthy people participate in collective ownership via publicly held companies on the stock market its linked to capitalism but when poor people participate in collective ownership through coops and social programs they are linked to socialism? How come when people sacrifice for the public welfare in government social programs its called socialism, but then they sacrifice for the public welfare through military service its not?

To me there are just a lot of ideas that don't make sense that need to be re-evaluated before they can answer their questions about what comes next...

[tama]

3. It's easy

Capitalism is, by definition, system of pure greed. Socialist ideas accumulate from ethics and compassion. That said, very few socialists live up to socialist ideas and tend to fuck up royally. I think it's because of the inane "materialism" attached to socialist ideas.

[Name removed]

9. Deleted message

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[fed_up_mother]

4. Spherical

:hide:

[Xenotime]

5. Global economic equality for all

[Donkeykicks]

7. Then you would be making less money tomorrow than your paperboy did today.

Then you would be making less money tomorrow than your paperboy did today. Not an exaggeration. The United States is *that* wealthy in comparison to the rest of the world. :)

[AdHocSolver]

6. The "problem" is neither "capitalism" nor "socialism". The problem is "corporatism" .

The problem is unfettered, that is, unregulated, corporate control of the world's economy. When corporations can take over governments and start wars to make profit, then we see the results that we are seeing today.

When corporations can create tax laws to gouge the workers while avoiding taxes themselves, we see the destruction of the middle class. The same goes for allowing the corporations to control the world's finances for their own selfish interests at the cost of world-wide economic meltdown.

When the corporations can tap the U.S. Treasury to enable them to use our tax dollars gained under the pretext of a "bailout" to crush and take over their competitors, we witness the biggest theft in world history.

You cannot solve a problem if you cannot understand what it is.

What has to be done is to re-establish regulation of corporations, and put people in charge who will enforce those regulations.

Get rid of NAFTA, the WTO, the IMF, the World Bank, and take control of the Fed out of the hands of the very people who manipulate finance for their own profit and against the interests of the people.

In short, stop using the foxes to guard the hen house. Take back the government and the international organizations from the thieves. Anything less will accomplish nothing.

[SlowDownFast]

8. Good post, except...

I'd take it further and ABOLISH the Fed.

The Fed was set up (by bankers, for bankers) to create debt and enslave by it.

Watch the movie Zeitgeist, and it's Addendum (2 parts). You can download it many places on the web.