Monday, November 10, 2008

Here We Go

Right on queue:
The international financial crisis has given world leaders a unique opportunity to create a truly global society, Britain's Prime Minister Gordon Brown will say in a keynote foreign policy speech on Monday.

In his annual speech at the Lord Mayor's Banquet, Brown -- who has spearheaded calls for the reform of international financial institutions -- will say Britain, the United States and Europe are key to forging a new world order.

"The alliance between Britain and the U.S. -- and more broadly between Europe and the U.S. -- can and must provide leadership, not in order to make the rules ourselves, but to lead the global effort to build a stronger and more just international order," an excerpt from the speech says.

Brown and other leaders meet in Washington next weekend to discuss longer term solutions for dealing with economic issues following a series of coordinated moves on interest rates and to recapitalize banks in the wake of the financial crisis.

"Uniquely in this global age, it is now in our power to come together so that 2008 is remembered not just for the failure of a financial crash that engulfed the world but for the resilience and optimism with which we faced the storm, endured it and prevailed," Brown will say in his speech on Monday evening.

"...And if we learn from our experience of turning unity of purpose into unity of action, we can together seize this moment of change in our world to create a truly global society."

1 comment:

Marianne said...

If Mr Brown thinks we've "prevailed," he really doesn't have a clue about how deep this economic crisis really is. We "ain't seen nothing yet." If the overheated housing market has spiraled into this mess, imagine what will happen when the US government debt comes tumbling down. It's 53 trillion when you count in all the government's unfunded obligations.
As the dollar becomes less attractive as an investment, the day will come--not so far in the future--when the dollar will no longer be the world's reserve currency. Then we won't be able to finance our debt. Imagine the chaos that will break out when Uncle Sam reneges on his promises about Social Security, pensions, etc.