Friday, September 25, 2009

G20 Economic statement

9300 words of hubris. Note the power grabs (the section regarding voting rights at the World Bank is illuminating) and continued favor for centralized processes that would somehow banish the business cycle (and organic business development) from the globe. This of course is impossible as the law of ever-changing cycles will prevent some long-standing equilibrium among selfish humans in their quest to gain and allocate resources. Look no further than Washington D.C. house prices for evidence of the next intellectual bubbles.

There will be a conservative backlash among the large G20 members. Another Reagan, another Thatcher.

The text can be found here.

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