Wednesday 27th of November 2024

free markets .....

free markets .....

World leaders vowed today to overhaul the global financial system in the face of recession fears, but US President George Bush urged nations to 'recommit' to free markets despite economic turmoil. 

After a week of growing economic gloom and plunging stock markets, Asian and European leaders meeting in Beijing promised wide-ranging reforms, while UN Secretary General Ban Ki-moon also called for quick change. 

'Leaders pledged to undertake effective and comprehensive reform of the international monetary and financial systems,' the 40-member Asia Europe Meeting (ASEM) said in a statement released late yesterday. 

'They agreed to take quickly appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institutions.' 

Leaders Pledge Reform

me thinks aloud...

me thinks that the latest financial crisis has been deliberately created... Not because money has been squandered nor by greed alone... That did happen big time but  as we say in Gustaphiana: "the cast-iron pot will break an earthenware pot any day if they clang together"...

Seeing the way the US dollar being "revalued" in the face of most shocking US economic trends, points to a second level — a more secret level — of internationally US led "gaming", in which countries like Yamerica would keep the energy supply top bunk (see as the US dollar goes up, the price of oil already at 50 bux, becomes relatively cheaper, while it goes through the roof for the others) while hurting the economies of all the other competitors on the planet — by sheer shaking of the apple tree. Russia, China would still maintain their lower position while Youp would be made to bite a relative dust... It does not take much to upset the apple cart: a few percentage point here and there and bob's your uncle. For a country like Australia, mostly irrelevant to the rest of the world, except for gas and iron reserves of WA, the game was trying to fart higher than our butts — aligning ourselves with the big boy under our Johnnee, the war PM —  but now we're being sunk in the slosh or we've fallen between the cracks in the floor without relevance to the real price of fish. May be my US clients who've been a bit shy trading while the Aussie dollar was in the clouds (it has been my long-held view it should have stayed around 64 cent of the US$ all the time since Adam and Eve) will come blaring for business and pay me in gold... Tell meself: I'm dreamin'...

Free Markets?... Broccoli to that! Yep, like freedom for the oil wells of the world...

The dynamics between the US dollar AND the price of oil is thus designed to hurt ALL THE US COMPETITORS. Level playing field? You're dreamin'...