Posted on 10/10/2008 2:23:38 AM PDT by Man50D
Finance chiefs from the world's richest nations are set to meet in Washington for a crucial but uncertain meeting at a time of unprecedented fear about the global financial system. The Group of Seven meeting will bring together finance ministers and central bankers on Friday from the United States, Germany, Japan, France, Britain, Italy and Canada for some collective-thinking on the credit crunch and crashing stocks.
They are to be joined by counterparts from emerging markets including Brazil, Russia, India and China for an impromptu gathering of the expanded so-called G20 group.
The United States finds itself in a rare position of weakness, facing many allies that have been highly critical of its economic policy and regulatory system blamed for the problems.
The gathering will be closely watched by investors, who are eager to see solutions and cross-border action by the world's leading powers to help a return to normal lending practices and calm stock markets.
US Treasury Secretary Henry Paulson said Wednesday the meeting would be a forum "to discuss the steps that each of us are taking to confront this crisis and ways to further enhance our collective efforts."
Treasury Under Secretary David McCormick said the meeting would be "heavily focused on current economic conditions, financial market developments and our collective and individual policy responses to recent financial market turmoil."
(Excerpt) Read more at breitbart.com ...
What better time with non-stop, ultra-bearish, international financial pandemonium, plus comments such as the following:
'Selling is unstoppable in New York and Tokyo,' said Yutaka Miura, senior strategist at Shinko Securities Co. Ltd. 'Investors were gripped by fear.'
Bloomberg television states Bush to address the public later this morning.
Our leaders just can’t help themselves can they. Every negative comment (it’s gonna take months...) just crushes any hope for a turn around in the public psyche.
I wish they would shut the hell up. Just damn...
Bloomberg states: “Bush to assure the Americna Public he’s going to do all he can.” Now there a confidence building snippet.
10:25am EDT
Well, that’s how we see it.
Charlie Rose had on Paul Volcker and a managing director of the IMF last night. Volcker was on his way to Japan and was dead-tired, nearly incoherent. He thinks it can be stopped.
The IMF director, a Frenchman and former French finance minister under Chirac named Strauss-Kramer iirc, mentioned along the way that now would be a good time for the IMF and Treasury and the Fed to discuss more "coordination" between IMF and the USG's finance organs. And yeah, I was listening and waiting for that one.
Volcker was very sobering on what might happen, but so far he thinks it can still be avoided with prompt, decisive action to get these freezing-up bankers out from under their desks and back to banking.
CNBC just had some expert specifically say the american investor class is moving out because they see OBAMA AS BAD FOR THE ECCONOMY.
THE INVESTORY CLASS (AKA AMERICA) SEE DEMOCRATS AS TAX OPPRESSIVE!
this was on CNBC.
Yeah, well, that's what MS Word is for. Write Once, then spamm and get some sleep.
Other countries would have it worse (since bailing out AIG was like giving European banks alone $300 billion in credit protection), but the USA would be in a far stronger position, and the US dollar would be seen as a pillar of strength.
>> “Bush to assure the Americna Public he’s going to do all he can.” Now there a confidence building snippet.
“All he can do”. Translation: Bush is going to bend the American taxpayer over at the waist so the rest of the G-7 nations can cornhole us, too.
seriously: how much do you want to bet that THEY blame the US for this, WE kowtow (’cause we need them to buy treasuries), and WE the taxpayers become responsible for bailing out Europe and Asia?
Thanks for the comments. Sorry to be responding so much later.
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