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World leaders at economic summit vow to cooperate





icecool
wow great
they're at it again
Quote:
Leaders from 21 nations and four international organizations gathered in Washington for an emergency summit aimed at combating an economic meltdown that started in U.S. credit markets and rapidly spread around the globe.


from http://news.yahoo.com/s/ap/20081116/ap_on_bi_ge/meltdown_summit

and it can't get anymore official
or hypocrytical
Quote:
Today, President Bush and world leaders gathered for the first in a series of meetings to discuss efforts to strengthen economic growth, deal with the financial crisis, and to lay the foundation for reform to help to ensure that a similar crisis does not happen again.

fromhttp://www.whitehouse.gov/infocus/financialmarkets/index.html

same old same old
lots of people sitting around talking big words, making promises rather than taking actions
Quote:
...Summit participants vowed Saturday to cooperate more closely, keep a sharper eye out for red-flag problems and give bigger roles to fast-rising nations. But they avoided many of the hardest details, leaving them to be worked out before their next summit...


now just a couple of things

21 nations decide the fate of the world economy - because they are the richest.
FAIR?
i think not

universities, institutions, governments et all spent billions of dollars each year to train millions of economists for what? do "we" understand economies any better for it? do we act RESPONSIBLY to run theis shop we call earth? used to be that you want something you find somebody who has it and you agree a "price". i know thats very simplistic but in principle, thats business.
of course we made this simple transaction and business principle so complicated that nobody really understand anymore how it works. so we bugger it up.
money used to be a symbol, a "promise", an abstract to make barter easier - we put money between the apple and the loaf of bread to put "value" to it.
seems that now most times we put that value to money itself - forgetting the basic principle of supply and demand of GOODS.

then we bugger it up, the little guy loses his shirt again, the rich guy gets just a little big richer, the big corporations get bailed out.

AND WE DON'T LEARN A DAMN THING FROM IT.

sunday morning rant of the month over.
coffee anybody?
while i still can afford it Surprised)

oooops
nearly forgot
thats a message from the 21 to the rest of the world:
MORE RPOMISES:
Quote:

The leaders agreed that needed reforms will be successful only if they are grounded in a commitment to free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively-regulated financial systems. The leaders further agreed to:

Reject protectionism, which exacerbates rather than mitigates financial and economic challenges;
Strive to reach an agreement this year on modalities that leads to an ambitious outcome to the Doha Round of World Trade Organization negotiations;
Refrain from imposing any new trade or investment barriers for the next 12 months; and
Reaffirm development assistance commitments and urge both developed and emerging economies to undertake commitments consistent with their capacities and roles in the global economy.
deanhills
This was a good rant Icecool. When I read through the garbage in the newspapers over the weekend those were almost the very same thoughts that went through my head. Most of it propaganda for Government leaders who have their own self-interest at heart with little substance and zero meaning for any of us. Same ol' same ol' .... Boo hoo!
harismushtaq
Good to have the sumit. Organizations all over the world as well as economies are worried together to control the melt down. But now, they should sit and think. The system where there is a lot of credit, interest and investment is done in comodoties which may never be really sold, hype, buzz words, extra debts etc, these things should get under control.
ptfrances
Yes I think this summit is a good thing but is it not too late already ??? Sad
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