The G20 Summit '09 - Will It Go Down in History?

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riddarhusetgal

riddarhusetgal

Incongruous Juxtaposition
May 2, 2007
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Kind of surprised no one started a thread here! Curious to see what comes of it given the state of the world's economies. I was totally surprised to see Kramer giving props to Geithner on Morning Joe (yes I do like the show alot so sue me :P).

His exact words were, "He may go down as one of the best Fed Chairmans ever if he pulls it off - we hit the bottom in March". Was kind of surprised to hear that from him. NB: Not that his opinion is decisive at all I know...

The thing that I find striking so far is how the G20 leaders who are up for re-election are walking a fine line between doing what's needed and doing what's popular at home - esp. Merkel.

Of course Gordon Brown was walking on air despite the protesters...
 


Or would be stupid enough to mention it :P tx for the article. Funny how China wouldn't agree to have Macau and Hong Kong classified as Tax Havens.....
 
One of the most important, and not necessarily in a positive sense, things that is coming out of the G20 meeting is the increase in authority that is being granted to the IMF.


With the new financial stability board and the "independent" and "candid" IMF surveillance of G20 economies coming on the back of Russia and China having committed more funds to the IMF against SDRs, more control is being given to the IMF. This is also likely a major step as part of plans to reduce the USD's status as the world currency for trade and finance, in particular when taken in conjunction with the recent non-USD Swap lines that China has been granting countries such as Argentina (which was denied USD swap lines not too long ago).


 
i honestly think that pumping the markets with more paper is going to make a lot of things worse. There's a strong possibility that we start enjoying yearly 10% inflation rates, which is shitty. And there's no question that the dollar will devalue due to the amount of money being pumped out.

Specially companies like GM and Chrysler should go broke in our economy. No matter how many ppl will lose the job, if those ppl are competitive the competitors will gladly pick them up. Playing jesus may have been cool 2k yrs ago but it doesnt' really work out nowadays without harming someone. The way to work you out of a recession is to work hard, not spend more or just pump out cheap money. Look up the german wirtschaftswunder. http://en.wikipedia.org/wiki/Wirtschaftswunder
 
Yeah, this recession won't end until America realizes that failing companies should just be let fail, or be nationalized.

"OH NO MY AMERICAN ICONZ" isn't a good enough reason to keep pumping money at them, which won't fix the fucking problems AT ALL.
 
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