In These New Times

A new paradigm for a post-imperial world

OECD calls for less austerity and more public investment

Posted by seumasach on February 18, 2016

The key word here is “collectively”. Whereas unilateral “people’s quantitative easing” would destabilize currencies and aggravate trade deficits, it is possible if orchestrated internationally. This implies a global currency “reset” – a new global financial architecture which would enable a rebalancing of capital flows, specifically the reversal of outsourcing and the recapitalization of the USA and Britain. It also implies the end of the Anglo-American financial model and its replacement with one which serves the real economy.Rather than the Washington consensus it would be, if you like, the Shanghai consensus, the globalization of the  highly successful Chinese economic model. The Eurasian economic space, from Vladivostok to London, would be the driving force behind all this.

Guardian

18th February, 2016

The OECD has called for its rich-country members to ease up on austerity and collectively agree to spend more on infrastructure projects to boost flagging growth.

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