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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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To: LLCF who wrote (554)4/30/2003 11:05:26 AM
From: GraceZ  Read Replies (1) of 4912
 
My thesis that markets are better left alone and that the trade deficit has little to do with where the dollar trades?

You better hope most people see through this guy otherwise you may have this to look forward to as his solution.

It may be hard to adjust to this fact, but a global central bank is needed to control the global money supply. The IMF has the organizational structure and many of the policy tools (including to authority to create Special Drawing Rights) needed to carry out the role of a quasi- Global Central Bank. However, there are three important tasks that the Fund must now master if it is going to succeed in that role. First, the IMF must gain control over the global money supply—that is over the creation of international reserve assets. Second, it must learn how to allocate the future supply of global liquidity (SDRs) in quantities that are neither excessive nor too sparse. Finally, it must learn how to allocate the global money supply in a way that both ensures global economic stability and, simultaneously, supports the global development agenda.

Gaining control over the global money supply is the first step. That would stop the excessive credit creation responsible for the bubble economies and systemic banking crises that have occurred around the world in recent decades. However, gaining control over the global money supply would not be sufficient to prevent the inevitable correction of the US current account deficit from ending in a severe and protracted global recession. I believe those countries that are now dependent on export led growth must develop new sources of domestic demand and I believe this could be achieved by an international initiative to put in place a global minimum wage.
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