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

[Dover]

Source: Reuters

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....>





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

[TrogL]

1. I wish they wouldn't call it that

The "New World Order" conspiracy folks are gonna have a field day.

[n3v3r]

2. global dictatorship

"Permit me to issue and control the money of a nation, and I care not who makes its laws"
Mayer Rothschild

[endarkenment]

3. undemocratic socialism for billionaires

[HereSince1628]

4. Just what we need-Cheney and his ilki nvolved in setting global financial policy

for a new world economic order. Oh dear, oh, dear...

Please let it be that NOTHING is decided until after Jan 21.

[Fovea]

5. An order that supports local economies

and encourages lower consumption, higher value products, and above all, energy efficiency.

This financial crisis will unwind globalism when oil prices rebound with new local industrial and agricultural production levels.
Shipping will be far less cheap than before. More products will be locally made

[BelgianMadCow]

8. "will unwind globalism" - agreed

[stillcool]

6. I have a feeling

.. my next self-education endeavor will be in finance/economics. There's a huge learning curve waiting for me.

[The2ndWheel]

7. It all depends on how cheap energy is

We have a global economy, global corporations, but only regional governments. Something in that equation has to give. Depending on how cheap energy is, we'll find out what gives.

[BelgianMadCow]

9. My bro said "the US will not lose much of it's weight - they still have the military might"

and he's an economist.. :shrug:
personally, I think there's gonna be a comeuppance - the G7 will be a group of the past.