I wish I could share good news with you. But I cannot. The G2O rose to their historical challenge once, after Lehmans’ caved in in 2008. Since then, the powers-that-be have demonstrated spectacularly a singular ability to fail in their task of coordinating on a global strategy for arresting the Crisis. With Europe at the forefront of organised idiocy, the global economy is experiencing the Great Recession We Did Not Have To Have. Even if we had a degree of appreciation by authorities of the need to plan for surplus recycling (a necessary condition, though not necessarily sufficient, for exiting the Crisis), our analysis would only become usefully complete if it involved an appreciation of the natural tendencies of the labour and money markets to fail. None of that is in the air. No epiphany seems in sight. No latter day FDR seems to be emerging. I truly hope that I am wrong or just blind enough to not see the rays of light in the distance. But I very much fear that they are just not there.
[WS:] Which basically means the absence of global governance. It is the tragedy of the commons played by national governments rather than individuals. Or putting it differently, it is not possible to have a global economy for too long without having a global government. The growth of the "multipolar world" effectively precludes the emergence of a global government. A truly global World War 3 would solve this (at a terrible cost, to be sure) but it does not seem to be in the cards either. So it looks like more of the same for the next decade or longer, no?
-- Wojtek
"An anarchist is a neoliberal without money."