Skip to comments.Obama pledges to work with G-20 to regulate markets(Russians,China have said in America banking)
Posted on 09/19/2009 1:17:44 PM PDT by Americaneedsyoou
Obama pledges to work with G-20 to regulate markets
Press Trust Of India / Washington September 20, 2009, 0:59 IST
US President Barack Obama today pledged to work with leaders of the G-20 countries to strengthen the rules governing financial markets and ensure that the global economic crisis that engulfed the world just a year ago does not happen again.
At next weeks G-20 summit, well discuss some of the steps that are required to safeguard our global financial system and close gaps in regulation around the world gaps that permitted the kinds of reckless risk-taking and irresponsibility that led to the crisis, Obama in his weekly radio and Internet address to the nation.
The two-day G-20 summit in Pittsburgh, beginning on Thursday, comes five months after the worlds 20 leading and emerging economies met in London in April at the height of the crisis that required unprecedented international cooperation to help break the downward spiral which hit all the nations.
We cannot allow the thirst for reckless schemes that produce quick profits and fat executive bonuses to override the security of our entire financial system and leave taxpayers on the hook for cleaning up the mess, he said.
Obama said the worlds leading economies had made progress in stabilising the global financial system but much work remained to create jobs and growth.
Financial crises know no borders, Obama said, adding that he would continue working with world leaders both at the upcoming summit and beyond to build on the progress already made.
At next weeks summit, well have, in effect, a five-month checkup to review the steps each nation has taken separately and together to break the back of this economic crisis, he said.
Meanwhile, reports here said Asian leaders gathering for the summit will be demanding a greater say in the way global financial institutions take crucial decisions.
Traditionally, the Western countries have wielded power at the World Bank, the International Monetary Fund and the United Nations.
But Asia has done better, relatively, during the world economic crisis. And Asian-Pacific G-20 nations such as India, Japan and South Korea believe their growing importance deserves a bigger voice in the world's financial decision making.
The worlds established powers on their part will ask the Asian countries to increase imports, reduce large trade surpluses and cut greenhouse gases blamed for climate change.
this is how world government will doit
Mind blowing speech by Robert Welch in 1958 predicting Insiders plans to destroy America
Obama can’t even stop N. Korea and Iran’s nukes... what makes him think he can regulate the extremely complex markets of the world? He’s like a six year old trying to fly to the moon: cool dream, will only end in disaster.
Eye opening stuff, this has been in the works for 60 to 80, maybe even a hundred years.
Now if only we could find some way to regulate Congress, ACORN (and its lawyers who sat across the table from the banks VPs, shaking them down to drop lending standards), and the other [overdrawn] race card carriers! We should start a poll to see which strawman he will use for the first new 'regulation'. Our president is definitely economics challenged!
And it’s all going to come to a screaching halt when the world tells Obama to take a long walk on a short pier...
Either that, or to get the world to appear to capitulate, which the media will gladly participate in...The United States will bargain off more of its soveriegnty and standing in the world community...
Which is what they’ll want anyway...
Just a wild thought I have...
Obama’s government is riddled with KGB agents and Chinese intel agents, because either the security has become too lax, or more likely they turn a blind eye to the espionage.