• 342 days Will The ECB Continue To Hike Rates?
  • 343 days Forbes: Aramco Remains Largest Company In The Middle East
  • 344 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 744 days Could Crypto Overtake Traditional Investment?
  • 749 days Americans Still Quitting Jobs At Record Pace
  • 751 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 754 days Is The Dollar Too Strong?
  • 754 days Big Tech Disappoints Investors on Earnings Calls
  • 755 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 757 days China Is Quietly Trying To Distance Itself From Russia
  • 757 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 761 days Crypto Investors Won Big In 2021
  • 761 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 762 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 764 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 765 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 768 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 769 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 769 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 771 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

Australia's Prime Minister, an ex-Goldman Sachs Banker, Warns G20 to 'Civilize Capitalism'

Is it time to "civilize capitalism"?

That's what Malcolm Turnbull, Australia's prime minister says.

Turnbull was chairman and managing director of Goldman Sachs Australia (1997–2001) and a partner with Goldman Sachs and Co (1998–2001).

Malcolm Turnbull

Please consider G20 Leaders Urged to 'Civilize Capitalism'.

Leaders of the world's 20 largest economies have been warned that they must "civilize capitalism" as they seek to revive economic growth and address growing public scepticism about the benefits of free trade and globalisation.

Officials present during closed-door sessions said US president Barack Obama, UK prime minister Theresa May and her Australian and Canadian counterparts emphasised the need to placate public discontent. According to the officials, Australian prime minister Malcolm Turnbull, a former Goldman Sachs banker, warned his peers of the need to "civilize capitalism".

One G20 official said there was a high "degree of awareness" among heads of government that globalisation could be thrown into reverse. "It has taken the rise of populists across the world for them to realise this," he said. "If we do not address the issue of fairness, [it] could endanger the global economy."

Before the two-day meeting, the US government argued that a "public bandwagon" was growing to ditch austerity in favour of fiscal policy support.

"Maybe the Germans are not absolutely cheering for it but there is a growing awareness that 'fiscal space' has to be used to a much greater extent," agreed Ángel Gurría, secretary-general of the Organisation for Economic Cooperation and Development.


Placate Public Discontent

Obama wants to placate public discontent and Turnbull wants to "civilize capitalism".

Instead of trying to "civilize capitalism", I suggest we try capitalism and free markets instead of massive amounts of QE, central bank sponsored wealth inequality schemes, bank bailouts, and manipulations of every asset class on the planet, coupled with free handouts to millions of refugees at the expense of everyone else.


Related Posts

 

Back to homepage

Leave a comment

Leave a comment