One of the greatest terrors of the average column is that politicians start to do things you have defended in the past. Not because I make my case in particular (do not think I read in Moncloa, the truth, I have not extended my power to the White House), but for now the world can clearly see that I have no idea what I mean . He asked
fiscal and public expenditure, the G-20 countries have committed do that. More regulation, they say they will. Avoid the temptation to lower protectionist tariffs, there are also. More transparency, they are there. If the world goes to hell, I have no excuses, I would not have done better.
This does not mean, however, that these principles are implemented well. Like all the reforms is not only about having the right idea is to apply it as God intended. If Zapatero decided to implement the fiscal stimulus commitment to build the Great Pyramid of Alpedrete, for example, we say yes, the builders are doing something, but it is not we benefit too. If you do silly things by regulation (banning short selling shares in force in the stock market intermediaries to howl like a werewolf every charge a commission) the effect of the reform is zero. The same reference to the tariffs, it is relatively easy to have zero tariffs remain an ugly protectionist regulation based creative ("limits on the oxygen level composition of the toy "). Transparency can always be fictitious, by forcing banks to disclose data that does not say anything relevant.
Of course, the summit was short, has given birth early, but nothing concrete. Bretton Woods II has to wait until April. With which has fallen in the past six months, God knows what will the world in spring. The world is giving governments the right incentive for them to hurry to implement reforms, lack of know, however, if reforms are "friendly" (which do not harm your neighbors) or not (style competitive devaluations or restrictions exotic style playpen).
Difficult, difficult. We'll see.
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