G-7.."Close the Escape Hatches"

Discussion in 'Economics' started by lrm21, Oct 11, 2008.

  1. lrm21


    We'll it looks like this is the last stand of the State Controlled Capitalism.

    No where to run No where to hide. Its only your money if no one else needs it.


    WASHINGTON (AP) - President Bush emerged from a meeting with foreign financial officials on Saturday and pledged a global response to the credit crisis that will lead toward a "path of stability and long-term growth."
    Bush announced no new strategies to attack the economic woes circling the globe, stressing instead, "We will do what it takes to resolve the crisis and the world's economy will emerge stronger as a result."
    The president spoke in the Rose Garden outside the White House, joined there in a show of solidarity not long after daybreak by finance officials from the G-7 - Japan, Germany, Britain, France, Italy and Canada, in addition to the United States. Treasury Secretary Henry Paulson and Secretary of State Condoleezza Rice also attended.
    "The United States has a special role to play in leading the response to this crisis," the president said. "That is why I convened this morning's meeting here at the White House and it is why our government will continue using all the tools at our disposal to resolve this crisis."

    (AP) Italy's Finance Minister Giulio Tremonti, center, walks with IMF Managing Director Dominique...
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    He added, "As our nations carry out this plan, we must ensure that the actions of one country do not contradict or undermine the actions of another. In an interconnected world, no nation will gain by driving down the fortunes of another. We are in this together. We will come through it together."
    Bush's comments were aimed at avoiding the mistakes that worsened economic conditions during the Great Depression in the 1930s. Then, some nations pursued go-it-alone strategies such as erecting protectionist trade barriers to shield their domestic industries. Those trade barriers ended up only worsening the global downturn...