The possible but improbable urges of G7

Updated: 2011-08-08 18:10


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Comment on “G7 urges measures to bolster stability, growth” (China Daily website, August 8)

Not impossible, just improbable.

The West needs to cut their trade deficits, lower their dependence on foreign oil, and cut the flow of capital to Asia and the Middle East. To do this, Western countries need to repatriate manufacturing, invest seriously in alternative energies, and begin to invest again in their own economies. This would not only counter the shrinking tax bases, which are the root causes of the financial crises, but would soon increase them.

Since this would need to be done by Western multinationals who have greatly benefited from having done the opposite, it will only happen when their bottom lines, and stock prices, fall even further. Unfortunately, since most politicians are in their (the multinationals) pockets, these policies will be very difficult to legislate.

Lorne, via China Daily website

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