Comments on: Keating: a chance to remake the global financial system http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/ now with extra source Sun, 12 Feb 2012 06:22:59 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: david m http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-270 david m Thu, 01 Jan 1970 10:00:00 +0000 #comment-270 Next big challenge to Australia.... how do we get PK involved in the process of reorganising the global financial system? Next big challenge to Australia…. how do we get PK involved in the process of reorganising the global financial system?

]]> By: Andrew http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-271 Andrew Thu, 01 Jan 1970 10:00:00 +0000 #comment-271 In so far as PK is looking at the fundaments underlying the collapse of "extreme capitalism", why does he focus only on the economical aspects, neglecting to metion, for example:<br /><br />1. The $trillions (near-$20 tillion since 1988) spent on "wars" (most amounting to killing and occupation of the "wretched of the Earth" in remote parts of the globe)<br />2. The degradation of the essential life support systems of the planet - air, water and soil.<br />3. Rampant overpopulation .<br />4. Lack of fundamental social justice, leading to wars.<br /><br />Unless and until these issues are taken care of, no amount of economic and financial wizardy can make the difference.<br /><br />Unless <br /><br /> In so far as PK is looking at the fundaments underlying the collapse of “extreme capitalism”, why does he focus only on the economical aspects, neglecting to metion, for example:

1. The $trillions (near-$20 tillion since 1988) spent on “wars” (most amounting to killing and occupation of the “wretched of the Earth” in remote parts of the globe)
2. The degradation of the essential life support systems of the planet - air, water and soil.
3. Rampant overpopulation .
4. Lack of fundamental social justice, leading to wars.

Unless and until these issues are taken care of, no amount of economic and financial wizardy can make the difference.

Unless

]]> By: Tom McLoughlin http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-272 Tom McLoughlin Thu, 01 Jan 1970 10:00:00 +0000 #comment-272 Tony comments well on the sober style. But is the declaration really all it seems? Yes I know that's cynical and that's life.<br /><br />What further declarations Mr Keating? The trouble with PK is that what he leaves out, or one suspects he leaves out, will colour ones digestion of the whole quality and value of the analysis. This continues to prove a sensible approach to old pollies. <br /><br />Chinalco consultancies? Chinese coal deals in the NSW? Hob knobbing with China consultant Bob Carr, one of the 4 amigos [with Richo and Laurie] at Macquarie Bank? Who the hell would know? <br /><br />Keep the salt shaker handy. This cynicism is the price PK pays for too many compromises with personal business interests in the past. Even when he looks right and sounds right that deep well of scepticism continues to bubble and froth. He's way too cavalier with the true history of dictatorships for one - Indonesia, Singapore, China - The Big Man's Club. The siren song of power corroding morality.<br /><br />PK may well be right, but I still would like to know what's his real interest? Tony comments well on the sober style. But is the declaration really all it seems? Yes I know that’s cynical and that’s life.

What further declarations Mr Keating? The trouble with PK is that what he leaves out, or one suspects he leaves out, will colour ones digestion of the whole quality and value of the analysis. This continues to prove a sensible approach to old pollies.

Chinalco consultancies? Chinese coal deals in the NSW? Hob knobbing with China consultant Bob Carr, one of the 4 amigos [with Richo and Laurie] at Macquarie Bank? Who the hell would know?

Keep the salt shaker handy. This cynicism is the price PK pays for too many compromises with personal business interests in the past. Even when he looks right and sounds right that deep well of scepticism continues to bubble and froth. He’s way too cavalier with the true history of dictatorships for one - Indonesia, Singapore, China - The Big Man’s Club. The siren song of power corroding morality.

PK may well be right, but I still would like to know what’s his real interest?

]]> By: Bohemian http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-273 Bohemian Thu, 01 Jan 1970 10:00:00 +0000 #comment-273 Putin foreshadowed this in his entirely unreported Davos speech; a speech that was tacitly endorsed by the Chinese leaders if I read the polispeak correctly. It is a pity that Putin’s lesson in Austrian Economics was not picked up by the Australian controlled media but what do you expect? Today the talking heads are hard at it with their recession stories that they have had planned for two months and can now release. What a bunch of phoneys! <br /><br />I agree with Keating that the G20 should become the authority behind the new financial system but first you have to wrest it from the Anglo-American nexus which Keating correctly sees as a roadblock. The Bush cabal is unlikely to want to give it up willingly and they have the guns! Presently the US has everybody by the covered appendages because the world’s SWF’s (whatever their form) are locked into dollar based assets that they cannot divest without destroying their own futures. It is a bit of a stalemate and because the G18 don’t have enough firepower to strongarm the other two I think we are headed for a long and drawn out situation. Putin’s suggestion that the backing for a new global exchange rate should be a basket of commodities including gold, iron ore, oil and other such items bodes extremely well for Australia long term. However, until someone tells the truth about the Emperor’s sartorial situation G20 will be nothing more than just another talkfest. I continue to wonder how long the Americans can print money before someone says drop dead!<br /> Putin foreshadowed this in his entirely unreported Davos speech; a speech that was tacitly endorsed by the Chinese leaders if I read the polispeak correctly. It is a pity that Putin’s lesson in Austrian Economics was not picked up by the Australian controlled media but what do you expect? Today the talking heads are hard at it with their recession stories that they have had planned for two months and can now release. What a bunch of phoneys!

I agree with Keating that the G20 should become the authority behind the new financial system but first you have to wrest it from the Anglo-American nexus which Keating correctly sees as a roadblock. The Bush cabal is unlikely to want to give it up willingly and they have the guns! Presently the US has everybody by the covered appendages because the world’s SWF’s (whatever their form) are locked into dollar based assets that they cannot divest without destroying their own futures. It is a bit of a stalemate and because the G18 don’t have enough firepower to strongarm the other two I think we are headed for a long and drawn out situation. Putin’s suggestion that the backing for a new global exchange rate should be a basket of commodities including gold, iron ore, oil and other such items bodes extremely well for Australia long term. However, until someone tells the truth about the Emperor’s sartorial situation G20 will be nothing more than just another talkfest. I continue to wonder how long the Americans can print money before someone says drop dead!

]]> By: Rachel http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-274 Rachel Thu, 01 Jan 1970 10:00:00 +0000 #comment-274 This is what we used to enjoy from PJK - the 'vision thing'. Sigh. <br /><br />I suppose there's no chance that our Kevin will take time out from organising the tuck shop roster to lift his head and see where we're going. This is what we used to enjoy from PJK - the ‘vision thing’. Sigh.

I suppose there’s no chance that our Kevin will take time out from organising the tuck shop roster to lift his head and see where we’re going.

]]> By: oie http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-275 oie Thu, 01 Jan 1970 10:00:00 +0000 #comment-275 ......................"Global financial confidence, once destroyed, requires myr iad positive events and a heavy convergence of them to counter ambient pessimism and gloom.".................<br /><br />Dammit man! stop making sense! ………………….”Global financial confidence, once destroyed, requires myr iad positive events and a heavy convergence of them to counter ambient pessimism and gloom.”……………..

Dammit man! stop making sense!

]]> By: Pertina http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-276 Pertina Thu, 01 Jan 1970 10:00:00 +0000 #comment-276 Spot on PK! Pity we can't have you representing our interests at the upcoming G20 meeting. Spot on PK! Pity we can’t have you representing our interests at the upcoming G20 meeting.

]]> By: Nick http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-277 Nick Thu, 01 Jan 1970 10:00:00 +0000 #comment-277 Is representation at the G7 / G20 based on;<br /><br />1. Historical status (who's version?)<br />2. First come, first to lead (Where fools rush in)<br />3. The size of the country's GDP (There are 3 versions at ; http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)<br />4. The population of the country (I hope you look good in red)<br />5. The military firepower of the country (no comment)<br />6. Entries in the Guiness Book of Records (Guess who?)<br /><br />I can't work it out.<br /><br />So until there is an agreed and transparent formula for representation at any summit it will remain an arm wrestling competition. <br />PK's real democratisation cannot exist until the rules are established.<br /><br />International Arm Wrestling Comp, round two, go!<br /><br /><br /> Is representation at the G7 / G20 based on;

1. Historical status (who’s version?)
2. First come, first to lead (Where fools rush in)
3. The size of the country’s GDP (There are 3 versions at ; http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
4. The population of the country (I hope you look good in red)
5. The military firepower of the country (no comment)
6. Entries in the Guiness Book of Records (Guess who?)

I can’t work it out.

So until there is an agreed and transparent formula for representation at any summit it will remain an arm wrestling competition.
PK’s real democratisation cannot exist until the rules are established.

International Arm Wrestling Comp, round two, go!

]]> By: John http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-278 John Thu, 01 Jan 1970 10:00:00 +0000 #comment-278 Keating for world president! We need someone with fresh ideas to crash through .....give this bloke a run.<br /> Keating for world president! We need someone with fresh ideas to crash through …..give this bloke a run.

]]> By: robert http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-279 robert Thu, 01 Jan 1970 10:00:00 +0000 #comment-279 I'm afraid I agree with Tony. This sounds way too sensible. <br /><br />And, being sensible, it's almost guaranteed that the exact opposite will probably happen and we'll all be screwed.<br /><br />I hate that. I’m afraid I agree with Tony. This sounds way too sensible.

And, being sensible, it’s almost guaranteed that the exact opposite will probably happen and we’ll all be screwed.

I hate that.

]]> By: Tony http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-280 Tony Thu, 01 Jan 1970 10:00:00 +0000 #comment-280 Wow, this is more than a little disappointing. I like articles by PK because they are usually full of crazy-old-man ranting and "back in my day" rose coloured hindsight. This had neither. Just a solid, sensiblle, informed, interesting opinion frm a man who sounds like he knows what he's talking about.<br /><br />I hate that. Wow, this is more than a little disappointing. I like articles by PK because they are usually full of crazy-old-man ranting and “back in my day” rose coloured hindsight. This had neither. Just a solid, sensiblle, informed, interesting opinion frm a man who sounds like he knows what he’s talking about.

I hate that.

]]> By: Natz http://www.crikey.com.au/2009/03/05/keating-a-chance-to-remake-the-global-financial-system/#comment-281 Natz Thu, 01 Jan 1970 10:00:00 +0000 #comment-281 It is unfortunate that neither Rudd, Turnbull or Costello have the insight to raise these sorts of issues and position themselves as real economic heavy weights. As PK has pointed out, whether the stimulus package is $20B, $30B or $42 B is meaningless when the world's largest economies are in such decline; he would say the same of the question of the trillions spent on wars and the environmental issues; they pale into nothing on the grand scale of the world's capitalist economies being shaken at their very foundations by the failure of many of the world's largest banks whose balance sheets have been poisoned by these toxic assets. And he's right... unless the net surplus countries start spending then little will change; although, countries such as China will see this as an opportunity to claim the economic mantle and will probably hold back on budgetting for a deficit. This could be the beginning of a major shift in economic wealth.<br /><br />And it's so refreshing to have an article with a point of view way above the level of opportunists like Rudd, Turnbull and Costello. Even little Johnny has waded in on a partisan basis. Only Keating has taken the discussion to another level. It is unfortunate that neither Rudd, Turnbull or Costello have the insight to raise these sorts of issues and position themselves as real economic heavy weights. As PK has pointed out, whether the stimulus package is $20B, $30B or $42 B is meaningless when the world’s largest economies are in such decline; he would say the same of the question of the trillions spent on wars and the environmental issues; they pale into nothing on the grand scale of the world’s capitalist economies being shaken at their very foundations by the failure of many of the world’s largest banks whose balance sheets have been poisoned by these toxic assets. And he’s right… unless the net surplus countries start spending then little will change; although, countries such as China will see this as an opportunity to claim the economic mantle and will probably hold back on budgetting for a deficit. This could be the beginning of a major shift in economic wealth.

And it’s so refreshing to have an article with a point of view way above the level of opportunists like Rudd, Turnbull and Costello. Even little Johnny has waded in on a partisan basis. Only Keating has taken the discussion to another level.

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