According to Canada's finance minister, Jim Flaherty, leaders from the G20 nations have made progress in balancing fiscal discipline and economic growth in their Moscow meeting. He said, "Refrain from competitive devaluation and resist all forms of protectionism and keep our markets open." That should make capitalism work. However, some fear that some are deliberately trying to weaken their currencies to appear more competitive starting a currency war that could derail the global recovery. Japan, the world's third largest economy, has been accused of trying to lower the yen to stimulate its economy. Doesn't it make more sense to abolish the system that requires currencies at all? John Ayers
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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