India Signals Its Position

‘World of Wall Street had certainly ended’ – The Financial Express.

India called on the world body to use its universality to coordinate an international response, which is crucial to overcoming the crisis.

During a discussion on the annual report of UN chief Ban Ki-moon, Indian Ambassador Nirupam Sen attacked the Secretariat for ignoring the economic crisis that is now “crushing” the poor around the globe and for lacking any vision for the future or how the organisation could help developing countries deal with the serious looming challenges.

The ‘Relevance’ Of UN

The value of the of this criticism of the UN, is clearly symbolic – to signal India’s position of a broad based, multi lateral financial system, based on equity.

Kamal Nath had suggested a multi-lateral body to manage the world financial system – unlike the closed, extractive Bretton Woods system.

Without The G-7

It may be a good idea to move this system, with out the G-7 to start with – and invite them at a later stage, along with the rest of the world. The entire value, of the bankrupt G-7, will be delays, improve their bargaining position with false representations – and continue with systems for transfer of earnings from poor to the West.

The Twin Pits

The West already has two systems in place. The Euro and the Dollar-IMF-World Bank troika. They dont need us – as they keep telling us. Let us take their word.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping – and unprepared. But, not 2ndlook – who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.