As G8,7,6 declines Putin and Xi build alternative global economy

Putin and Xi (Picture: RT)


While Germany’ Merkel and France’s Macron lecture the world on politically correct globalism and  President Trump turns his back on Obamaesque arse kissing and lectures former foreign partners of the US on common sense, ahead of a G-7 (or rather, G-6+1 and soon to be 5 + 2 as Italy’s Eurosceptic government sides with Trump,) summit in Quebec, exposing the very real fragmentation of the western liberal consensus continues.

If the US, isolated by the other, quits G7 (as Trump, based on his track record, well might,) that will leave Germany, Japan, UK, France, Italy and Canada. All of these have their own problems which eventually must override the airy – fairy ideas of academics about global approaches to problems. Global approaches may justify lost of expensive jollies for politicians and academics and look great on paper but seldom have any effect on local problems.

Trump’s controversial imposition of import tariffs signals a US crackdown on unfair foreign trade practices, such as dumping cheap, shoddy goods from low labour cost areas in western markets at prices with which domestic manufacturers cannot hope to compete. Meanwhile, almost unreported by mainstream media (link goes to Bloomberg, I picked it up from a financial services news feed that I should not be accessing without a subscription, but hey, ‘fair use’)  an important meeting between China’s leader Xi Jinping and Russian President Vladimir Putin is of far greater significance than the posturings of the G6 minnows, as, like bad tempered lap dogs, they yap at Trump.

Putin and Xi held their first meeting this year on Thursday ahead of the June 9 Shanghai Cooperation Organization meeting – an eight-member group led by China and Russia – which will be held in the port city of Qingdao. The two governments are in constant touch however. China and Russia are of course leading the move to replace the Petrodollar as the global reserve currency and are playing an increasingly pivotal role in international crises such as Syria and the South China Sea.

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