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Oct 2, 2009

National Solutions for National Situations.

A couple of interesting reports came my way over the last day or so, indicating some similar sentiment on both sides of the Pacific. In the first, Rasmussen reports that:

At last week’s G20 summit, the leaders of the world’s most powerful nations pushed ahead with plans for greater international coordination of their national economic policies. But 60% of Americans think international organizations should have less influence on U.S. economic policy, not more.

A new Rasmussen Reports national telephone survey shows that just 15% believe international organizations should have more influence on U.S. economic policies, while another 15% say international oversight should remain about the same as it is now.

The second comes from the Institute of Public Affairs newsletter pointing to Kevin Rudds rather idiotic statement that we should welcome the G20 as the 'global economic policy coordinating body' because Australia is a member. It is accompanied by the graph above by Alex Robson, ANU Economist, showing the difference between the unemployment figures of Australia and the G20 average.

It asks, “What exactly are the policies we should coordinate with those other 19 countries?” Australias voice will be a small one among many, and unfortunately we are more likely to end up just like them unless we insist on conducting our own economic policies in our own way. The reason why we are in better shape than the rest of the G20 is that we had a better more competitive economy to begin with.

Nations need to solve their own problems at home in their own way, not adopt a one size fits all solution based on other countries average economic situations.

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