European leaders would prefer that we borrow and spend to get them out of this crisis rather than spending their own money.
That's probably why NObama is promoting the idea of "international coordinated effort" to restimulate the world economy. The others are not in a mad rush to CHANGE THE WORLD... and know if they're patient, NObama and the US will do their heavy lifting for them... Too bad for us that our "leaders" (cough, cough) are so greedy...
I bought gold the day after the G20 back in November and it was one of the best trades-not money wise, I went too small-but least painless trades in my life. I didn't get out the balance until 988. So yes AK I think these meetings are VERY important vis a vis getting a heads up on global devaluation. The entire world is trying to cheapen their currency. And that is why in a world of asset implosion gold is still sitting strong at better than 900 bucks an oz.....
The most important sentence in their communique is this one : "We reaffirm our commitment to take all necessary actions to ensure the soundness of systemically important institutions." The rest of the "G20" coffee party is neglible.
In or out of context, that quote doesn't inspire my confidence. Matter of fact it boarders on the sinister, due to its vague insinuation of survival at all costs.
Ahh.. what the frell, throw all us old guys off the life raft if you have any sense at all. We don't do much for the economy any more anyhow... that's what I would do if I wasn't an old guy for sure...
Heck yes, they are afraid I will start up my First Internet Bank of the World and put them out of business. It would have no toxic assets [at the outset at least] and be funded by franchisees all over the world, all putting up a million and then lending out 30 million into their local situation. If i wasn't so old and broke I'd have it up and running already..