That the Dow closed over 12,000 today is great news.The European debt crisis had cast a pall of gloom across stock markets worldwide and in the US things looked bleak till the news that six Central Banks of the world had come together to enhance financial liquidity in their respective markets.
If the "Occupy Movement" can be a global movement on the beleaguered citizens part – the coordination by the Central banks is equally unprecedented on the governance side. Before globalization and social media different central bankers would only meet periodically at academic or global banking conferences and have some real difficulty in co-ordination of their community of practice. And central bankers have to consider delicate issues of sovereignty. So each of the Central Bankers have been careful to point out that you can see what that particular Central Bank is doing to help their respective economies. Here is a listing of the web pages from each Central Bank website :
- The Federal Reserve Bank announcement lists the other Central Bank websites.
- The Bank of Canada lists the other websites.
- The Bank of England lists the other websites.
- The Bank of Japan is a PDF file and llists the other websites.
- The European Central Bank lists the other websites.
- The Swiss National Bank is a PDF file and lists the other Central Bank Websites.
The fact that six different Central Banks in parts of the globe, with very different cultures, are actually able to have the announcement on their websites simultaneously is quite amazing! Given that one frequently sees otherwise leading companies quite unable to articulate what they really want to say for their websites. Not that the company or agency web folks are slow- the internal organization is just not geared to coming out clearly and saying what it is trying to do. That the six Central Banks have been able to first figure out and then communicate fairly uniformly to their own countries and the world deserves praise.
If similar global governance co-ordination activities continue, perhaps there are happier times ahead for businesses worldwide.