I would have thought that John Key being so knowledgeable on banking and governing would have volunteered his expertise to the G20.
According to LEAP/E2020, there are only two options left for the G20 leaders who gather next April 2nd in London: either they rebuild a new international monetary system, creating the conditions for a new global system that involves all the main global players, and reducing the crisis to a maximum of 3 to 5 years; or they strive to prolong the current system, thrusting the world into a decade long tragic crisis starting at the end of 2009.
In this 33rd edition of the GEAB, we wish to describe the two ways forward that remain open until summer 2009. Beyond that, our team estimates that the “short-term crisis” option will be obsolete and that the world will be on the path towards global geopolitical dislocation (1), and a deep and decade-long crisis.
For this reason, due to the urgency, LEAP/E2020 has decided to publish next March 24th on a global scale an open letter to all the leaders of the G20. This will be our team’s attempt to divert the system from the long and tragic crisis option.
The situation appears all the more worrying in that tensions are growing on the eve of the April 2nd summit. Indeed a number of thinly disguised threats on the part of some G20 leaders, as well as various attempts to manipulate public opinion on the part of others are to be observed.
We shall come back in detail on these aspects in this GEAB N°33 where the LEAP/E2020 team has also decided to engage in an exercise intended for all those (including the US where 20 percent of LEAP/E2020’s readers come from) who are exasperated by the illusion fed by Western media about the state of the US as a cornerstone of our current system: anticipating the social and economic state of the United States in one year from now, in Spring 2010. Strong trends are already visible enough to enable this kind of forecast. Of course, a similar exercise will be conducted about the European Union, Russia and China in the following editions of the GEAB.
In line with their concern for reliable information, the LEAP/E2020 team (which warned about housing risks in Central and eastern Europe as early as December 2007 in GEAB N°20 decided to study carefully in the present public announcement the reality of this so-called “Eastern European banking bomb” which has invaded the media in the last month.
If we found this a relevant theme, it is because it represents in our opinion a deliberate attempt on the part of Wall Street and the City (2) to make the world believe in some rupture within the EU and to instil the idea that some « deadly » risk is weighing on the Eurozone, by endlessly conveying phony news on a “banking risk coming from Eastern Europe” and by stigmatizing a “cold-feeted” Eurozone as opposed to the “voluntarist” actions initiated by the Americans and the Bristish. One aim is also to divert the attention from the increasing financial problems encountered in New York and London, and to weaken the Europe position on the eve of the G20 summit.