Nick Garlaounis 1Wall Street Bail Out - A Global Decision -
October 13th 2008 23:02
As the US finalises the details of the bail out of Wall Street the rest of the globe waits with baited breath as the ramifications of this one decision will have far reaching implications. Not only is this a US impact but the stabilisation of the US economy will cascade through to global financial markets!
It is imperative that the bill is put into effect sooner rather than later, economies across the globe all look to the US for direction and their stability will, by default provide stability for other nations.
The Prime Minister of the UK came out and stated that a new global financial architecture is required just as was created after World War II. The now more than 60 year old 'Bretton Woods' system served the global economy well although it is time to make some changes to ensure a greater level of stability for the future.
It's strange how we tend to look back and use learning from the past to help us shape the future. US Presidential candidate Obama quoted Franklin D. Roosevelt who was credited for inspiring confidence in the American public in the early 30's by saying "Let us unite in banishing fear ... we cannot fail,” and went on to say "Today we cannot fail, we cannot fail, not now, not tomorrow, not next year”. “This is a nation that's faced down war and depression, great challenges and great threats.”
Either way this goes the next US president has a mighty task on his hands, and that is to restore confidence and stability to the people and the economy of the Unites States of America, and in doing so will have far reaching positive impact to the rest of the globe.
It is suprising to see that only once a dramatic event has occured do the leaders of the world unite as one and take action. It is never too late to make positive change, although in this instance the hole that has been dug is deep and the climb out is steep and will take some time to see daylight.
It is imperative that the bill is put into effect sooner rather than later, economies across the globe all look to the US for direction and their stability will, by default provide stability for other nations.
The Prime Minister of the UK came out and stated that a new global financial architecture is required just as was created after World War II. The now more than 60 year old 'Bretton Woods' system served the global economy well although it is time to make some changes to ensure a greater level of stability for the future.
It's strange how we tend to look back and use learning from the past to help us shape the future. US Presidential candidate Obama quoted Franklin D. Roosevelt who was credited for inspiring confidence in the American public in the early 30's by saying "Let us unite in banishing fear ... we cannot fail,” and went on to say "Today we cannot fail, we cannot fail, not now, not tomorrow, not next year”. “This is a nation that's faced down war and depression, great challenges and great threats.”
Either way this goes the next US president has a mighty task on his hands, and that is to restore confidence and stability to the people and the economy of the Unites States of America, and in doing so will have far reaching positive impact to the rest of the globe.
It is suprising to see that only once a dramatic event has occured do the leaders of the world unite as one and take action. It is never too late to make positive change, although in this instance the hole that has been dug is deep and the climb out is steep and will take some time to see daylight.
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