With the financial crisis endangering their political futures, I can understand why politicians are vowing to fix the problems. The latest is British Prime Minister Gordon Brown (again) who says that there is a chance for a global "new deal" to fix the finance industry within months. Months!
Brown called for a sweeping new global regulatory framework that will overhaul all the global financial institutions and drive a new globalize economy.
Good luck on that.
The thing is that I don’t believe there is any quick fix for the financial crisis. The problems have spread from America to the rest of the world and it is now too far and too wide for any magic bullet to solve. U.S President Barack Obama seems to understand that by painting a grim picture to Americans on the problems facing them, while at the same time trying to sound upbeat that they can beat this.
That’s the way to go. Coming out of this crisis will require a slow, hard grind, not a quick fix because there’s no quick fix. There’s no magic formula to make the problem go away and politicians who say otherwise are giving false hope to the world.