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Kurt_and_Hunter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 08:52 AM
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A Global deficit summit could be a good idea
Edited on Sat Mar-07-09 09:00 AM by Kurt_and_Hunter
We need a Global deficit summit.

Not a summit about how to reduce deficits, but about how to get them higher.

Every developed economy needs to reflate but their are competitive disadvantages to being the country with the ugly balance sheet.

If you dilute your currency and your neighbor doesn't all the investment money will flow to him.

So everyone needs to contribute their fair share of (much needed) fiscal irresponsibility.

Coordinated global reflation.

This is not a novel concept. All the G's are on this question--G-7, G-10, etc.

But high profile concerted effort, negotiations and agreements are desirable, as opposed to mere back-room understandings because most major economies are democracies.

Deficit spending would go down easier, as a political matter, if it were understood as part of a coordinated international obligation. (The people who get hives at the words 'international' and 'obligation' are wing-nuts who are never going to be on board for anything useful. But ordinary people of good will would like the public perception that we are all in this together and that all our competitors are trashing their balance sheets to the same degree.)

Gordon Brown for chairman! (Of all the major economies the UK has come closest to making deflation public enemy #1. All the rest will follow eventually, but probably only after much needless damage is done.)

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Kurt_and_Hunter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 01:31 PM
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