Home > Uncategorized > The Shoe, Mr.Tietmeyer, Is On The Other Foot

The Shoe, Mr.Tietmeyer, Is On The Other Foot

committee to save the world – Views – livemint.com.

Finance ministers and central bankers from the G-7 asked German Bundesbank president Hans Tietmeyer in October 1998 to help them create a new forum to keep the ship of global finance on an even keel. Tietmeyer’s initial report spoke of a global problem that needed global coordination, but there were no doubts about who would be in charge. “The forum should be limited in size that permits an effective exchange of views and the achievement of action-oriented results within a reasonable time frame,” wrote Tietmeyer.

To be fair to him, the suggestion for a small group does make sense. The response to financial crises should be swift, if the mistakes made by Japan in the 1990s are to be avoided. Smaller groups are more likely to come to swift decisions, so the question really is who should sit at the table, rather than how many. Tietmeyer had also said: “Participation could over time be extended to include representatives from a small number of additional (i.e., non-G-7) national authorities that could contribute substantially to the process, or to invite them to attend meetings as guests.”

Hans Tietmeyer – We Don’t Need You. Really!

Unlike the Bretton Woods of 1944, non-Western countries control 50% of the world gold production and more than 50% of the private gold reserves. So, that argument is done and over with.

Geriatric, Stagnant G-7

Again, the demographic profiles are striking. The G-7 has an ageing population, which is being supported a declining worker population. How long do you think this will continue?

Small Group!?

Niranjan Rajadhyaksha, are you being naive – or just plain cussed!

You think, this small group is because of any other reason, except extraction. For the last 60 years, the Bretton Woods agreement, ensured that West could continue ‘transfer of wealth’ from the poor – to the rich. The idea of co-opting India and China is to ensure that we join this criminal extraction of wealth from the poor.

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