Telegraph 11/11/08
It has been widely speculated that the G20 will fail to reach a substantial agreement this weekend. Undoubtedly any major measures such as pegging the dollar to the gold standard will be hampered
by the Bush Admin. Brown has been looking for large funds for the IMF, while Sarkozy has been seeking to reform this institution. The idea of seeking an early warning system is a little too late for some economies including the US and the UK. The meeting will perhaps put more money in the bailout pot but that will at the most only slow down the depression. The G20 will make clearer the direction of the currency issue which is really the key to whether or not the effects of neoliberalism and deregulation are to be tamed for the rest of the world and thus giving it more stability and ability to aid the fast ailing economies of the west.
Gordon Brown, would-be savior of the ailing global economy, has begun ratcheting down expectations for a speedy global response.
The U.K. government said Monday that definitive agreements about how to address the economic crisis weren’t likely to emerge from a leaders’ summit in Washington this weekend. Read the rest of this entry »
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