THE world's top central bankers began arriving in Australia yesterday as renewed fears about the strength of the global economic recovery gripped world share markets.
Representatives from 24 central banks and monetary authorities including the US Federal Reserve and European Central Bank landed in Sydney to meet tomorrow at a secret location, the Herald Sun reports.
Organised by the Bank for International Settlements last year, the two-day talks are shrouded in secrecy with high-level security believed to have been invoked by law enforcement agencies.......
The arrival of the high-powered gathering coincided with a fresh meltdown on world sharemarkets, sparked by renewed concerns about global growth and sovereign debt.
Fears countries including Greece, Portugal, Spain and Dubai could default on debt repayments combined with disappointing US jobs data to spook investors.
People like Peter Schiff have been saying for a long time that the GFC was nowhere near over. Unfortunately
I'm becoming increasingly convinced he is right.
I am not surprised that dominos still fall.
ReplyDeleteWhat is different about this crisis is that governments have been borrowing so heavily to essentially feed those who cannot be absorbed into economic activity. In former centuries, the dances in the palaces would have gone on, they would have shrugged their shoulders, and the 'excess' population would have been left to die off in the gutter.
This attitude is not acceptable any more, but it comes at a cost.
Me thinks: There will be one crisis after another. We don't want to let people die off in the gutter, we don't want to restrict population growth, and we don't want to cut down the mother of all unproductive spending, the military.
The following deals with both aspects and I hope it will hang in every UN and banker's office in very big print: No cause is big enough for war when you have only one son.