Monday, February 14, 2011

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The world is a picture. As is the movie?

force in the world are still differences on monetary and fiscal policy, exchange rates and global imbalances trade. Financial stability depends on the strengthening of the global recovery, the entities have to pay and this level of activity is not genuine.

Obama administration presented the Finance Bill (a 7% budget deficit in 2012), that explores the trend of global imbalance.
China, will continue its production and export model, taking advantage of the weakness of the current global system in terms of trade and exchange rates to continue to win markets, while developing a strong domestic market. While the Chinese renminbi is far from becoming the currency of reservation, the Deputy Prime Minister challenge to Washington, saying that the "dollar standard" does not reflect the current international situation.
global economic powers continue to implement monetary and fiscal stimulus, but no agreement on reducing current account imbalances and control currency movements, or to define the role that currencies should play in this new scenario.
The Doha round of multilateral negotiations on free trade appears defunct, and now even countries implement capital controls to address the volatility of financial flows and foreign direct investment. There
lack consensus while calling to rethink regulation and supervision of financial institutions and the international monetary system, much less to reallocate the central role that today is the dollar.
Washington Consensus Dead, doubts grew that accompanied countries (former leaders), because after the global crisis, free market failed in its task of ensuring the long-term prosperity. On every continent, it also looks like a threat to political stability, and puts a shadow over the possible answers demanded by the current level of global social injustice. Even autocratic governments as Egypt was saved from being accountable for results of the economy on the social aspects. Western powers no longer have a national political consensus and financial resources to advance the international agenda issues. EE. UU., Is politically polarized, and at some point will read as to begin to reduce its fiscal deficit if it wants to maintain credibility. Europe seeks to recover the eurozone doubling aid fund, Japan advance in structural reforms, under which could hinder the long-term economic decline. China, India and Brazil are concentrated in their own development, and still do not look to the decision to take on new international responsibilities that demand global leadership.
In short, the world is suspended as in a picture, and got to the point where it is unclear as is the film. Dangerous because of this inertia has encouraged the darker ambitions and selfish aims. A world without leadership, without cooperation, is an unstable place and threatening not only to the economy and politics, but for the future of people living in this global village.

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