Thursday, January 18, 2018
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Calling The Economic Dictator

Policymakers around the world continue to bemoan the state of world economic affairs, desperately grasping for solutions. The major challenge today is that nations are inclined to search out solutions that meet their own vested interests. After a long period of global convergence (driven primarily by globalization) globalism is going into reverse. Global cooperation is deteriorating. The most apparent symptom of this development is the widespread pursuit of currency manipulation. Countries representing the majority of world’s economic output (counting more than 30 countries) are now openly trying to outmaneuver each other by attempting to export their problems away. It is a mutually defeating strategy. What to do about these divergent policies? A wide variety of solutions are being recommended, most of these from the very same policymakers and macro-economists that didn’t foresee the disaster of the Global Financial Crisis (GFC) in the first place. Most revealing are the calls for a “master world ruler” Here is a representative quote from a publication put out by Martin A. Armstrong, a one-time influential financial economist.
“[…] this is that moment in time when the 1-year office of Roman Dictator is critical. We are in desperate need of our modern Cinncinnatus (570-451 B.C.) to come in, revise the world economy, and retire. We so desperately need someone with experience and the understanding of how the international economy even functions to save the day. It will never happen. But this is why political reform is so crucially needed to provide for such an option. The solutions are easy. The world could be saved NOT in 100 days, but in just 30 days! (Source: Martin A. Armstrong, A Total Eclipse of the Economy, December 2010)
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