Apparently Mr. Martin deplores the IMF, Financial Stability Forum, and BIS because they aren’t inclusive enough – meaning they don’t have buy-in from, and control over, the economies of every nation yet. If the problem is inherent in the centralization of these agencies, why has the suggestion of getting rid of them never crossed the lips of a single world leader? But decentralization of power will not be on the agenda in the forseeable future – what we are witnessing today is the death rattle of the independent nation-state to make way for regionalized trading blocs ruled by an economic elite.
Heather Scoffield, The Globe and Mail
September 29, 2008
Former prime minister warns the next financial crisis could rise in an emerging marketÃƒâ€šÃ‚Â
OTTAWA – Emerging market governments need to be fully included in international discussions to resolve the deepening U.S. financial crisis, says former prime minister Paul Martin.
The global reach of the turmoil – which started with subprime mortgages in the United States but has caused banks in Europe to fail and credit conditions around the world to deteriorate – makes this crisis far larger than other financial calamities, Mr. Martin was scheduled to say today in a speech in Toronto.
“Today’s global concerns require a level of international co-ordination that is fundamentally different from any other period of history, and the creation of the structures that will oversee the economy of the 21st century has been delayed too long,” says the text of his speech to a Financial Times and Canada 2020 conference on the future of the global economy.