Sunday, October 04, 2009
Businessweek: The Case for a Global Central Bank
Businessweek Magazine now makes the case for a Global Central Bank.
The article speaks for itself. Those who still insist that we aren't creeping toward world government are either sadly misinformed, or are just kidding themselves.
The Case for a Global Central Bank
With world finance increasingly intertwined, we'll need one sooner or later
By Jeffrey E. Garten
When the finance ministers and central bankers of the world's 20 largest economies gather in Pittsburgh on Sept. 24, they can congratulate themselves for averting a 1930s-type meltdown. But nothing the G-20 has done, or is likely to do, will prevent or substantially moderate the next global crisis. That will require deep-seated, global financial reforms. And for such change to take root, something else will be needed: the establishment of a global central bank.
I can hear the howls of critics. World Government! A Conspiracy of Bankers! In the U.S. Congress the aversion to such an institution would make the dogfight over health care look like a genteel dinner party. So right now there is zero chance that the U.S.—and other countries, such as China, that zealously guard their sovereignty—would support the idea. But if critics could suspend the hyperventilating for a few minutes, they'd realize a global central bank is becoming a necessity in today's complex, interconnected world economy.
Complete article here.