“It is becoming harder to mop up the liquidity flowing into these countries,” said Neil Mellor, of the Bank of New York Mellon. “We fully expect more central banks to impose capital controls over the next couple of months. That is the world we live in,” he said. Globalisation is unravelling before our eyes.
Globalisation Anglo-Saxon style, that is: a benign counter-globalisation, multipolar, is coming more and more to the fore. That said, this is an excellent article by Evans-Pritchard: it seems that, in Britain, some on the right are much closer to reality than those on the left, who are simply nowhere.
Ambrose Evans-Pritchard
2nd November
The Fed’s “QE2” risks accelerating the demise of the dollar-based currency system, perhaps leading to an unstable tripod with the euro and yuan, or a hybrid gold standard, or a multi-metal “bancor” along lines proposed by John Maynard Keynes in the 1940s.
In These New Times 