November 17, 2008
Pure Vanilla
The much anticipated G20 Summit in Washington, DC, resulted in the following reassurance from the G7 nations plus BRIC and other "emerging" economies:
"We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems."
In the words of one participant the gathering was "plain vanilla" and intended - like the opulent showy setting in Washington's monumental old Pension Building - to give the illusion that the world's political elite are united in responding to the Panic of '08.
Meanwhile most of the world's reserve currency, the dollar, is held outside the "Western" world while the latter still controls the old global institutions of the past - the IMF and the UN.
Labels: dollar, financial crisis, panic of 2008, un
# posted by Sinomania! : 11/17/2008 11:17:00 AM
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