New reports today quote Australian Prime Minister Kevin Rudd as saying the current global financial crisis is due to a culture of greed, and inadequate market supervision. The following is an extract from an AAP report in The Courier Mail:
“A culture of excessive risk taking – a culture of greed – a culture of excess has brought massive economic disruption to global financial markets and the global economy.”
Those markets had been inadequately supervised and the world had to develop warning systems to prevent it all happening again, Mr Rudd said.
In amongst the doom and gloom he promises strength and compassion:
“We will govern with a combination of steely economic management and compassion for those who need support.”
That sounds to me like Social Security payments will increase (not per person though) and frills will be cut. It also sounds like he is talking about greater market regulation and monitoring (auditing). Hmmm – a bit of shutting the gate after the horse has bolted.
Due to the international nature of capital markets and financial trading, this is indeed a global financial crisis. The dominoes are still falling. Some countries will suffer more than others.
Sounds like a time to be creative and think outside the square.