Ah tomorrow we have a G-7 Emergency Meeting

[nadinbrzezinski]

this means Russia probably ain't coming

Now on the short I expect coordination to try to slow this mess

but on the long I expect a new Bretton Woods Agreement, or something like that.

Here is the critical thing... if we are lucky the US Dollar will remain as the reserve currency... (that is when the US became the Reserve Currency, 1944)

Reality is that this economic crisis also signals the END of the American Empire and american dominance in the economy

It also means the end of globalization as we know it... and the resurgence of strong guv'ment intervention in the economy and management of the economy.

In other words, Friedman and the rest of the Free Traders are dead for a generation... and we will see a lurch world wide from neo liberalism (third way) to quite possibly neo socialism... yes, this is the kind of crisis that begets such drastic changes

If we are really lucky we will emerge as a strong economy... but our role as a wold power is over

And that happened under Republican Rule...

[Warpy]

1. I also expect them to have no clue in the world what to do about it

Every one of the men at that conference will be concerned with two things: keeping his own wealth intact and keeping his country from going bankrupt when the derivatives market crashes completely.

The crash has just started. They have no clue what to do about it because they're blinded by self interest and monetarist dogma.

[nadinbrzezinski]

2. I see signs that pragmatism is coming

we are talking of nationalizing the banks and so are the brits... so there are signs that the monetarist thinking is starting to go out the window

If they are bright... they will dig out all that depression era legislation the sweedes used, and ask the swedes to send their finance minister

As is, it looks they are staring to use that model

[Blue Diadem]

3. G20's and G24's will be meeting too.

http://www.imf.org/external/pubs/ft/survey/so/2008/NEW100608A.htm

[nadinbrzezinski]

4. Goody, everybody is

that is actually a major difference from the depression