G20 Summit Today Nov. 14, 2008

Posted on November 15, 2008




Let’s Hope for Holistic Economic Policy

HEAR Message FROM Pres.Elect Barack Obama TODAY about the G20

Overview: http://www.financialpost.com/most_popular/story.html?id=961828

____________Just in 2 hours ago

Leaders from the 20 biggest economic powers have agreed to a six-point plan for tackling slumping economic activity with stepped-up cooperation, according to a final statement issued this morning after a Washington summit.

FROM —http://www.abc.net.au/news/stories/2008/11/16/2420829.htm



FROM—http://therealnews.com/id/2794/November 14, 2008/The+lame+duck+economic+summit

They say this is the first step for reform of the global financial architecture.

No one evidently wants to talk to Bush. Obama has appointed Madeline Alrbright and Jim Leech, former Republican Congressman to be his representatives there.

France Pres., Nicholas Sarkozy said,” the 21st century cannot be governed with institutions of the  20th century.”  Sarcozi is going to be the real superstar of the meeting.

*More at the end of this post, see Interview with Mark Weisbrot.

____________Report from India – India Prime Minister arrives for meeting.


____________According to an AP report

“EU leaders are set to call on the Nov. 15 summit to agree immediately on five principles: submit ratings agencies to more surveillance; align accounting standards; close loopholes; set banking codes of conduct to reduce excessive risk-taking; and ask the International Monetary Fund to suggest ways of calming the turmoil.”



____________Just in from Ron Paul on Fox

Some tidbits from the interview:

Bush was the one that organized the G20. More than 1/2 of the nations in the G20 are formally in a recession and 6 on their way including the US.

Sounds like Bush wants to throw more money at the situation.

1944 is was predicted that the “Bretten Woods”  financial system would break down and it did in 1971.

The dollar reserve standard is also flawed. 30 + years financial system is breaking down.We can’t finance the situation. The US is in no position to do so.

Part of the Answer: Coordinated Tax cut what might be good.

White House position: this crisis is a country by country issue and that it can’t be coordinated.

Ron Paul said, Gov. Coordination wont work, but the market can do it.
Rules for the marketplace are good, low interest, low taxes, supply and demand.
The markets coordinate very well, but when gov. get involved and tell you what the money supply should be or what the interest rate should be or what we should spend on, it doesn’t work well. The government should not be the ones spending the money. The people should be the one that are spending the money.

____________More from Ron Paul

______________More brief footage of George W. greeting leaders.
From — http://www.youtube.com/watch?v=WRrZ3NFf27E
From —http://www.youtube.com/watch?v=6jEeEoKT-Cw

____________Just in from Russia Today

Russia and EU call for reform of IMF and World Bank at G-20 Summit. US sending mixed signals as far as what it would want to see happen. A major non-meeting of minds.

Possibly could be an exchange rate stabilization for emerging markets. Expectations not high. But the first step forward.

*Includes statement from Dennis Kucinich.

IMF oversees global financial system. IMF could be at the core of the problem.

FROM —http://www.youtube.com/watch?v=txGPLxR9ACA

____________Interview with Mark Weisbrot (*Center for  Economic and Policy Research)

FROM— http://therealnews.com/id/2794/November 14, 2008/The+lame+duck+economic+summit


What was Bretten Wood?
Financial System reform to hammer out a new prescription of imperialist appropriation.

Preparing to rebuild the international economic system as World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire for the United Nations Monetary and Financial Conference.

Thus, it is their similarities rather than their differences that appear most striking. All the participating governments at Bretton Woods agreed that the monetary chaos of the interwar period had yielded several valuable lessons. The experience of the Great Depression, when proliferation of foreign exchange controls and trade barriers led to economic disaster, was fresh on the minds of public officials. The planners at Bretton Woods hoped to avoid a repeat of the debacle of the 1930s, when foreign exchange controls undermined the international payments system that was the basis for world trade. Thus, for the international economy, planners at Bretton Woods all favored a liberal system, one that relied primarily on the market with the minimum of barriers to the flow of private trade and capital. Although they disagreed on the specific implementation of this liberal system, all agreed on an open system.