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Journalism of Courage
Every now and then there are moments when nationalisms of various sorts really get in the way. This week,as world leaders prepare to meet at the G-20,is one such moment,when the concerted actions and shared sacrifices the world most needs if it is to escape economic woe on a scale unthought-of since the disastrous 30s seem to be put in peril most of all by governments anxious to please their most vocal,pitchfork-waving domestic constituencies. It would be easy,actually,to dismiss the nationalisms that threaten any putative deal as petty; the tragedy is that probably isnt true. The nationalist impulses that could derail the world are as understandable as ever but deeply misguided for all that.
What is at stake? Well,one casualty is a properly coordinated worldwide fiscal stimulus. The Americans,who announced their stimulus shortly after President Obama took office,are not the worst offenders here,although the original sin in ignoring coordinated international efforts and loosing the protectionist genie from the bottle was theirs. Nor is the UK; Gordon Brown has hopped continents this week arguing for coordinated spending. India and China too have done their part. No,the villains of this piece are the Eurozone countries,convinced as is their famously conservative central bank that little fiscal space is available and that theyre already paying their share. So much so that it is likely that elements in the German government are actively leaking drafts to the media to sabotage any agreement on spending.
