Oct. 20 (Bloomberg) -- Bank of England Governor Mervyn King said global finance chiefs need to reach a “grand bargain” to coordinate economic policies and avert a round of protectionism.
Speaking before Group of 20 finance ministers and central bankers meet in South Korea on Oct. 22-23, King said major economies’ policies are in “direct conflict” with each other and that “collective” action is required to rebalance the world economy. Failure to find common ground risks the imposition of trade barriers and weaker global growth, he said.
“What is needed now is a ‘grand bargain’ among the major players in the world economy,” King said in a speech yesterday to business leaders in Dudley, England. “A bargain that recognizes the benefits of compromise on the real path of economic adjustment in order to avoid the damaging consequences of a move towards protectionism.”
Coordination, collective action, common ground, compromise . . . all laudable ideals if you're trying to run a family or a business. But if your true aim is to dissolve national sovereignty throughout the world in order to run one big happy family or a single business without borders, it's all code.
No comments:
Post a Comment