AUTOREFRESH 
Tremonti questions dollar’s role in “new world order”
By admin || October 16, 2008 at 16:35 GMT
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Italian finance minister Tremonti continues to press his “new Bretton Woods” idea but questions whether the dollar should be the reference currency. What would replace it? The Euro, the basis of which has come under question during the financial crisis? I would think not.
The Europeans are tying to drive home a “new world order” as a result of the credit crisis. Sadly, they will probably get one if the US opinion polls are correct. Secretary Krugman will see to it…
As I commented earlier:
“Beg to differ, if central banks and TSY had not step forward and done things, politicians, especially those in the EU would still be debating and contemplating navels.
As I had posted earlier in the week, the EU’s response was NOT one of cooperative agreement but rather handing responsibility to individual states which is precisely where the Berlusconi’s, Sarkozy’s, Brown’s etc made their mark.
The EU Group has been conspicuously verbose but reluctant to act decisively,”
Tremonti has contradicted Berlusconi and Sarkozy on the wires earlier. I fully believe the EU and ECB are delusional in their thinking they can assume the standard of the Global benchmark of financial stability and order unless and until they straighten out their own “petty” problems and as an aside to Mr T (both of them), “be careful what you wish for, for you may surely get it”!, and erhaps live to regret it.
If I was the FinMin of a country whose public debt was 110% of GDP I would be looking for a new world order also. As for the new Bretton Woods, the old one fell apart because of mkt forces. What do you think will happen to the new one? With respect to Krugman, no matter how many Noble’s these folks win, they still can’t change human nature any more than Stalin and Lysenko.