Wednesday, March 11, 2009

Obama has goals for Group of 20 summit

President Barack Obama is expected to provide leadership at the Group of 20 summit in London on April 2.

The global economy is in the doldrums and many analysts fear that nations working independently of each other will not be able to solve what is a crisis of the international economy.

Obama said he had two main goals for the summit -- to assure "concerted action around the globe to jump-start the economy,” and to “make sure we are moving forward on a regulatory reform agenda” to prevent future financial meltdowns.

European nations, however, have rejected Obama's calls to stimulate their economies with increased spending.

American consumers are not likely, and probably are unable to bail out the world economy. It's not only a matter of them being unable to get the financing for really high-charged spending; they simply do not have the kind of spending power even under ideal conditions to meet the current demand. A lot of the money needed for recovery is actually tied up in the derivatives market.

Q & A: Obama hopes to show leadership at G20

Reuters - ‎26 minutes ago‎
(Reuters) - President Barack Obama will dive into international economics next month when he attends a summit in London of the Group of 20 major developed and emerging economies.

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