http://en.wikipedia.org/wiki/Duvvuri_Subbarao [The one from india] , he probably did a better job than these three up here and needs a mention for sure.
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Economic Triumvirate
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It seems encouraging that central-bank cooperation reflects a broader consensus. After meeting in November, the G20 nations (the United States, the European Union, Japan, China, India and some other major nations) issued a communiqué forsaking protectionism and pledging "economic stimulus" programs. So far, then, so good? Globalism, not nationalism.
Well, maybe. But as Frieden points out, much of today's "cooperation" is through press releases. Countries agree on broad principles but go their separate ways. Countries renounce protectionism, but there are signs that China—with a massive trade surplus—might relax, or even reverse, its policy of currency appreciation. By making the renminbi cheaper, China would give its exports an added price advantage.
All this compounds the pressures on central banks to restore economic growth. There is not so much cooperation as a shared fear grounded in scholarly conclusions about the Great Depression: don't let panic destroy the financial system; public lenders must advance when private ones retreat. But these plausible responses raise a troubling question: what if this downturn is following a different script?
COVER STORY: THE GLOBAL ELITE
The study of power is not only diverting (which Homer and Shakespeare knew), but illuminating. A biography of an ancient human impulse.
© 2009
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