Posted on 11/07/2010 5:20:59 AM PST by TigerLikesRooster
G20 tensions rise over the future of the global economy
G20 leaders gather in Seoul this week ready for a showdown amid tensions over the future of the global economy.
Philip Aldrick and Emma Rowley
Published: 7:00AM GMT 07 Nov 2010
The daisy chains, kaftans and sweet haze of pot may have been missing, but last year's G20 summit in Pittsburgh was the closest to a love-in that the world's leaders have come. In the eye of the financial crisis, with recession gripping most major economies, heads of state joined hands and agreed to promote "strong, sustainable and balanced growth".
Those dangerous, destabilising global imbalances would be addressed, they pledged. "Deficit" countries, such as the UK and US, would save and export more. "Surplus" countries, such as China and Germany, would export less and get their consumers spending. Every country would do their bit, pull together, and all the bountiful progress would be chronicled the following year at the G20 summit in Seoul.
Unfortunately, relationships formed under intense circumstances rarely last. This week, with most countries a year out of recession, G20 leaders reconvene in Seoul to discuss their efforts. Twelve months on, nationalism has replaced globalism. Peace and love have given way to currency wars. The imbalances are as entrenched as ever. And, most frightening, the battle drums are beating for protectionism and trade barriers.
(Excerpt) Read more at telegraph.co.uk ...
P!
Those dangerous, destabilising global imbalances would be addressed, they pledged. “Deficit” countries, such as the UK and US, would save and export more. “Surplus” countries, such as China and Germany, would export less and get their consumers spending. Every country would do their bit, pull together, and all the bountiful progress would be chronicled the following year at the G20 summit in Seoul.
Sounds like we know how to defeat this NWO. WE USE OUR POWER AS CITIZENS, OUR BUYING POWER. Side with those who have our best interest as a nation in mind. Search out financial institutions, businesses and others who put the country first! If the money dries up they lose thier power and control!
[from deeper in the article]
” Geithner last week sought to “reach a common understanding” with proposals that are likely be at the centre of discussions in Seoul. He raised the prospect of using current account targets as a way of reducing the imbalances, suggesting a 4pc of gross domestic product (GDP) benchmark. Under his plan, countries with persistent deficits would have to boost savings and those with lasting surpluses would have to cut export reliance. “
Looks like Turbotax Timmy thinks he’s got his magic wand working again...
heh...
Gracious, some of these countries have realized that they have national interests. Too bad our enemies in Washington aren’t interested in ours...
Big shots talking about their pet fantasies. That is what international summit is degenerated into lately.
Meanwhile Obama gets the hell out of dodge and able to avoid the whole issue.
Might get interesting.
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