[Het Parool, The Netherlands]
Le Monde,
France
A 'Truly New World Order' Emerges; Global Currency Closer
"There is the discrete reinforcement of the Financial Stability Forum to play the role of global control tower for the financial markets. ... whoever
dictates global rules dictates global governance - and eventually, a global
currency, as illustrated by the debate over the late King Dollar."
EDITORIAL
Translated By
Mary Kenney
April 3, 2009
France - Le Monde - Original Article (French)
Even if the birth proves painful, in London, it
is well and truly a new world that has emerged before our eyes. A less
Anglo-Saxon and less liberal world. Twenty years after the fall of the Berlin Wall,
ten years after the failure of the Seattle conference on trade liberalization,
a new balance seems to be emerging, with as much emphasis put on the political
as on the economic - the two linked in a way they seldom are.
On
the political level, the meetings between Barack Obama and his Russian and Chinese
counterparts remind us: the United States, the leading military power on the
planet, remains the political center of gravity. But from Teheran to Kabul by
way of Pyongyang, everything proves that on its own - even within the framework
of NATO, Washington is incapable of resolving the conflicts that are shaking
the planet. Unlike his predecessor, Barack Obama accepts this.
It's
the same with the economic and monetary plan.
Certainly, capitalism remains an unsurpassable horizon. But liberal
economy no longer means that everything is commercial. Above all, this market
needs to be regulated. Because of this, unbridled capitalism may perhaps have
had its day. Ironically, it is in Washington (since November 2008) and in London, that
the parenthesis of ultra-liberalism, which were opened twenty years ago by Ronald
Reagan and Margaret Thatcher, are being closed. Capitalism requires a strong
state which is financially and legally capable of imposing its rules. And as
the past has proven that every-man-for-himself was not the solution, these
rules must at least in part be common ones.
Posted by
WORLDMEETS.US
Hence
the discrete reinforcement of the Financial Stability
Forum, called upon, ten years after its creation, to play the role of
global control tower for the financial markets. But whoever dictates global
rules dictates global governance (hence the G20) and eventually, a global
currency, as illustrated by the debate over the late King Dollar. The
American currency remains the benchmark, but its supremacy is contested,
notably - and not by chance - by China and Russia. Tomorrow, whatever form is chosen,
the euro, the yuan and undoubtedly the yen, will play a greater role, if only
because the European Union, China and Japan will be increasingly called upon to
the rescue or assist countries in difficulty. Hence the reinforcement of the International
Monetary Fund and the reform of its governance. By revisiting these issues, the
G20 has created a paradox: beginning to develop the foundations of tomorrow's world
before extinguishing the fire now raging.
[Editor's
Note: The Financial
Stability Forum appears to be the instrument chosen by the G20 to oversee
at least part of a harmonization of rules for the global economy, specifically
over the financial markets. According to Wikipedia, the Forum, founded in 1999,
is a group of major national financial authorities including finance
ministries, central bankers, and international financial bodies. The Forum consists
of major national financial authorities like finance ministries, central
bankers, and international financial bodies. The Forum was founded to promote
international financial stability and its membership includes (in descending
economic size): the United States, Japan, Germany, the United Kingdom, France,
Italy, Canada, Australia, the Netherlands and some other industrialized
economies.]
SEE ALSO ON THIS:
Liberation, France:
Obama's Paradox: Love Him; Hate American Capitalism
Le Figaro, France:
Obama's 'Pharaonic' Plans for His First Voyage to Europe
The Times, U.K.:
Blaming 'Anglo-Saxons,' Sarkozy
Threatens to Walk Out of G-20
Corriere della Sera, Italy:
'Lost Smiles' as Obama Prepares for Europe
Financial Times Deutschland, Germany:
China and U.S.: Europe Should Fear G2, Not G20
Le Figaro, France:
Obama and Sarkozy: Clashing Views That Need Not Be Fatal
Elsevier, The Netherlands:
No More 'Care Packages' for Obama
Guardian Unlimited, U.K.:
Britain Clears Decks for 'Barack Obama Show'
The Times, U.K.:
G20 Summit: European Demands Threaten to Wreck Deal
CLICK HERE FOR FRENCH VERSION
[Posted by
WORLDMEETS.US April 2, 3:17pm]
