Bloomberg.com
By Simon Kennedy and Matthew Brown
Oct. 2 (Bloomberg) — Group of Seven finance officials meet this weekend in Istanbul debating whether to surrender the weapon that helped shape currency markets for three decades.
One week after the Group of 20 anointed itself the world economy’s main policy forum, G-7 finance ministers and central bankers may break with tradition and choose not to release a statement on the global economy and currencies, said officials who declined to be identified. That would deprive traders of the commentary that policy makers frequently use to influence exchange rates.
The debate over the G-7’s role comes as European Central Bank President Jean-Claude Trichet and Bank of Canada Governor Mark Carney signal concern about the U.S. dollar’s slide over the past seven months and Japan’s new government struggles to find a clear line on the yen. The diversity of the G-20, which includes China and India, means investors may have to deal with conflicting signals as its members seek common ground. …
http://www.bloomberg.com/apps/news?pid=20601087&sid=avizU3XyiGBo
On the G-7’s watch, the world’s economy crashed. A reason for the crash now appears to center on the economic“policies” of America’s neocons.
A reaction to that catastrophe has produced the G-20. Rather than see the “death of capitalism” the G-20 wants to present a broader view of the world’s economy. Hopefully that will prevent a single man from wrecking the economy of the world. The world has responded to the problem of a crashed economy. It remains to be seen, how this will work out.
However, another world organization needs the attention of the world. That organization is the United Nations.
The concept of the United Nations’ Security Council ought to be revisited. A very narrow vision of the world seems to come from that body. A good example of how that vision seems to be impaired is the difference in its treatment of Israel and the Arab world.
Israel was once called Palestine. But the United Nations, using its “enforcement power”, set up conditions that caused the Palestinians to flee Palestine. The new Jewish “land owners” established what would have made Adolf Hitler smile – a model of his Aryan nation – a country made especially for a race of people – a Zionist nation. Israel is a country made possible by the action of terrorists – NOT of the Arab type.
The crashed world economy provoked a review of world economic policy. A crashed Middle East policy ought to provoke a review of that world organization on whose watch the crashed happened – the United Nations. If it is not possible to impact the UN’s Security Council then one must wonder about the future of the United Nations. Perhaps the “League of Nations” beckons.
It makes no sense to let-live a policy that is as biased as the United Nations Middle East policy. It makes no sense to have, on the UN’s watch, a policy that permits the creation and expansion of a nuclear arsenal for a favorite nation while “hounding” any attempt to produce a nuclear deterrent by those whose land was stolen in 1948.
Perhaps those 150 nations, who do see a bias, will not let up on their effort to “transform” the United Nations. If “what ails the United Nations” can’t be transformed, then serious thought out to be given to finding out what grave-yard the League of Nations was buried in.
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