It’s more than a bit frustrating to watch all these professionals ‘failing upward‘. But I suppose no one of any true measure should expect success from those that haven’t put time into mastering a synoptic approach. An approach that views relations among nations best studied synoptically is reserved for those that ‘don’t need the job‘.
Given the opportunity to speak, I’d teach the following: only a statesman worthy of Churchill or Lincoln could manage the simultaneous liquidity withdrawal by the U.S in tapering, a global export slowdown originating from Beijing, a U.S. stock market weakening and emerging market currency related issues mounting, revealing that our contemporary international model of foreign exchange is broken.
But wait, it gets worse: the U.S. is entering deflation along with Europe, Japan has still to see the effects of its ‘third arrow‘ while China deflates a credit mania alongside overly indebted, unbalanced, mismanaged global political economies. Yeah, its that bad!
Digital technologies throughout first world political economies do show the way forward. But the impact of blighted (out-dated) fiscal/monetary policies underwritten by an exhausted liberalism may need to crash first before we rebound. Yeah, its that bad!
Let me lay it out: the framework of a broken world political economy has yet to implement classical monetarist growth models to replace those now broken as evidenced in contemporary U.S. based moribund institutions. The U.S. consumer engine which brings forth nearly 75% of our GDP is exhausted. European based union hasn’t procured any growth, while export shaped emerging markets are hemorrhaging.
Given that each piece remains incapable of indigenous growth, I lay the blame on policy. That’s why it called ‘political economy.’
Remember Arnold Toynbee: the criteria for growth isn’t expansion but self determination!
Follow Marshall McLuhan’s trajectory of studied social impact from digitally based electric relations, effectively bodying forth nomadic livelihoods that have surpassed central margin based civilizations. For Keynesian based political/policy institutions that extract capital will continue to fail until the social, political, (read monetary, fiscal) institutions are shaped from within classically understood federalism.
My monies on the working stiff!!