G20 economic and financial meeting main conclusions and letter from IMF Managing Director.
My comments: No difference to what was expected and stated in my first message in this thread. Not stated in news yet: the European Commision will call to a new summit, after the Nov 15th summit, to track the results of the summit in Washington. IMF managing director urges to enhance the role and the power of the IMF and "a network" of international institutions for early alarm, monitoring, management and isolation of future crisis. The emerging and developing group calls for measures to sustain growth. G-20 Ready to Urgently Boost Growth, Stimulus Needed http://www.bloomberg.com/apps/news?pid=20601087&sid=afct4fkQ5lpM&refer=home Letter from Mr. Dominique Strauss-Kahn http://www.imf.org/external/np/sec/pr/2008/pr08278.htm Peace and best wishes, Xi On 9 nov, 03:36, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > Thank you very much ! > > :) > > I miss your videos over here. For those of you who did not enjoy them, > do not miss them. > > Peace and best wishes. > > Xi > > On 9 nov, 00:59, antidefm <[EMAIL PROTECTED]> wrote: > > > > > Thanks to xieuling, economics at the international level is an very > > interesting topic. > > > On Nov 8, 3:01 pm, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > G20 finance ministers, central bank governors meet in Sao > > > Paulohttp://news.xinhuanet.com/english/2008-11/08/content_10328083.htm > > > > SAO PAULO, Nov. 8 (Xinhua) -- Finance ministers and central bank > > > governors from the Group of 20 (G20) major industrial and emerging- > > > market countries begin their annual meeting here Saturday to seek ways > > > to weather the global financial crisis. > > > > Participants at the two-day meeting are expected to discuss the > > > current global financial situation, said Marcos Galvao, international > > > affairs secretary of the Brazilian Finance Ministry. > > > > Discussions on the cause of the crisis, the worst since the 1930s, and > > > its impact on commodity prices, inflation and exchange rates are also > > > on the agenda, he said. > > > > Addressing the gathering, Brazilian President Luiz Inacio Lula da > > > Silva called for a "new world financial architecture" in the wake of > > > the current financial crisis. > > > > The Brazilian government had earlier said it would propose greater > > > participation of developing countries in restructuring the global > > > financial system at the meeting. > > > > Any progress made at the event will be presented to the first G20 > > > leaders' summit scheduled for Nov. 15 in Washington D.C. > > > > Founded in 1999 as an informal arena to facilitate dialogue > > > between major industrial and emerging-market countries, the G20 > > > accounts for 85 percent of the world's economy and about two-thirds of > > > the world's population. > > > > G-20 Discusses More Interest-Rate Cuts, Flaherty > > > Sayshttp://www.bloomberg.com/apps/news?pid=20601087&sid=a24GKseqaW7I&refe... > > > > Nov. 8 (Bloomberg) -- Finance officials from the Group of 20 nations > > > meeting in Sao Paulo today are discussing the possibility of further > > > cuts in interest rates in a bid to limit the damage from the global > > > credit crisis, Canadian Finance Minister Jim Flaherty said. > > > > ``The U.K. made a fairly dramatic rate drop this week and there's more > > > discussion here about that subject,'' Flaherty said in an interview. > > > ``There's less room for the U.S. as you know than Canada.'' > > > > Canada's central bank joined the Fed, the European Central Bank and > > > the Bank of England in an unprecedented coordinated interest rate cut > > > on Oct. 8 after the collapse of Lehman Brothers Holdings Inc. sent > > > credit markets into seizure. All four banks have followed up with > > > further reductions since then, with the U.K. announcing Nov. 6 the > > > biggest rate cut since 1992. > > > > Flaherty said coordinated fiscal stimulus, as is being proposed by > > > U.K. Prime Minister Gordon Brown and the International Monetary Fund, > > > may not win support because some countries can't afford to increase > > > spending. > > > > Central banks in emerging economies may also join a renewed rate- > > > cutting effort as policy makers battle to contain the fall- out from a > > > crisis that's set to drag the world's leading industrial economies > > > into a recession together for the first since the Second World War. > > > > China, India, Mexico > > > > Mexican Deputy Finance Minister Alejandro Werner today said his > > > country's central bank, which hasn't lowered borrowing costs since the > > > credit crisis began 15 months ago, has scope to cut rates after food > > > and commodities prices fell. > > > > ``Interest rates like the one we have now are no longer necessary,'' > > > Werner said in an interview. > > > > China cut its key interest rate for the third time in two months on > > > Oct. 29 while the Reserve Bank of India on Nov. 1 lowered its main > > > interest rate for the second time in two weeks. > > > > Flaherty said ``there are ongoing conversations about who plans to do > > > what when'' on interest rates. ``I expect that these discussions will > > > lead to some degree of coordinated action,'' he told reporters today > > > ahead of the G-20 talks. > > > > Governments in emerging countries are also stepping up their > > > independent responses as the financial crisis spreads to their > > > economies. > > > > Brazil, Russia, India and China, the so-called BRIC nations, plan > > > coordinated measures to increase trade and capital flows between their > > > economies, Russian Finance Minister Alexei Kudrin said in an interview > > > today. India, Russia and Brazil have already injected funds into > > > commercial banks and South Korea last week unveiled a ($10.8 billion) > > > fiscal stimulus plan. > > > > `House of Cards' > > > > ``This is a global crisis and demands global solutions,'' Brazilian > > > President Luiz Inacio Lula da Silva said. ``The G-7 alone is not in > > > conditions to conduct the world economy. The participation of the > > > developing world is essential.'' > > > > Lula told delegates that the world's financial system ``collapsed like > > > a house of cards'' and called on rich nations to increase regulation. > > > > The U.S. and the EU are tussling over proposals to tighten up > > > financial regulation. European leaders want to give the IMF > > > responsibility for financial stability around the world. The U.S. > > > opposes any international regulator with cross-border authority, > > > according to a senior U.S. official. > > > > ``We are pleased that European leaders, in a statement released > > > yesterday, recognized the importance of coordinating responses to the > > > financial crisis,'' President Bush's spokesman Dana Perino said in an > > > e-mailed note. ``The summit will be an important opportunity to > > > highlight this common ground and our shared commitment to enhanced > > > international cooperation and coordination, as well as to reaffirm a > > > commitment to free market principles.'' > > > > On 6 nov, 19:24, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > > Your proposal is mostly inline to what will be approved. But, > > > > > Is American media what transfer information to American people. I have > > > > no idea how they will trasfer it along the next two years or so, the > > > > shorter necesary period to accomplish all those tasks. I do not know > > > > if they will decide to blame at Bush, or at Obama, or at China, or at > > > > Muslims, or at inmigration, or at a new scapegoat that they fabricate. > > > > > They had to make a decission. We either create a new currency for > > > > international trade or we use the US dollar. > > > > > The first choice will take a lot of time and a lot of regulations as > > > > that currency would have to be stable against major currencies. We > > > > should create an international mechanism to counter speculators and > > > > keep major national currencies stable against such international > > > > currency. Even it should have to counter speculation from national > > > > central banks that could suddenly print trillions of their domestic > > > > currency, and then, the rest of the world should have to pay for its > > > > wrongdoings. Also, it would require to change trillions of contracts, > > > > agreements, etc. among corporations involved in foreign trade. And > > > > also, it would produce the collapse of the US dollar. > > > > > The second choice allows to walk this path step by step. The price to > > > > pay is that USA has no longer a central bank and a national currency. > > > > But, in fact, the Fed does not belong to USA and the US dollar is the > > > > currency of the Fed, not the currency of USA. I mean, USA already lost > > > > its central bank and its national currency decades ago. Yes, this will > > > > have a politic price in the public opinion arena, but not in real > > > > economic arena, not in the global economy. The change is as easy as > > > > some banks sell their shares to the IMF and the Fed gets "divorced" of > > > > the US Congress requirements. Just formal steps that can be > > > > accomplished in few days when everything will be ready. > > > > > You wrote <<But why not have all solutions go through the IMF. In > > > > other words, the sovereign funds can loan money to the IMF to be used > > > > in accordance with such and such rules. If the US has complied then > > > > they can borrow the money. If the US has not complied, the funds will > > > > not be available to them.>>. Roughly, that is the plan. In further > > > > steps, countries will allow the IMF to print money and/or to lend > > > > money to national central banks acconding to the global needs, and > > > > national economic needs under international monitoring. Probably using > > > > US dollars. > > > > > <<We will be "forced" by outside realities to bite the bullet.>> > > > > Right, that is the plan. Not just USA, all countries will be part of > > > > the global community on condition that their policies comply with such > > > > minimum healthy requirements that the IMF will define. as the Peterson > > > > Institute for International Economics stated in the link that I posted > > > > above. But, as prof. Rogoff wrote "Without its own currency, the IMF > > > > is poorly positioned to intervene with the overwhelming force needed > > > > for lender-of-last-resort operations", or, in other words, as the > > > > global central bank that can inject funds into economies though local > > > > central banks. To make the IMF allowed to print US dollars, the Fed, > > > > the true owner of the US dollar, must be formally and legally subject > > > > to IMF jusrisdiction, not to US Congress nor to its current owners > > > > (the Western major banks) only. You are ready for such announcement, > > > > but I am afraid that most Americans and Westerners are > > ... > > leer más » --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. 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