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Posts Tagged ‘g20’

We must watch this round of G20.  It appears if we will be standing alone, we have turned everyone against us and it is yet to be seen if we will be strong enough to stand, I don’t think so, we have rotted through extreme over spending and over-extension.

The current EU leader has called the G20 our global governance, could it already be here?  Watch and see…

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Analysis: German tempers fray as U.S. policy gulf widens

(Reuters) – Germany‘s undiplomatic outbursts against U.S. policy, calling it “clueless” before a G20 summit, show growing estrangement on economics as America’s focus shifts away from transatlantic ties to domestic challenges and Asia.

“The Atlantic is getting wider,” said Anton Boerner, head of Germany’s Foreign Trade Association, who spoke of a “creeping alienation” between America and Europe, which has been exacerbated by the global financial crisis.

Germany and the United States often criticize each other’s approaches to aiding economic recovery, with U.S. calls for more expansive policy falling on deaf ears in fiscally disciplined Germany. But Berlin has taken the rhetoric to a new level.

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Deception…look out for QE2 on Nov. 3rd…

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G20 Vows to Avoid Currency Devaluations

GYEONGJU, South Korea — The world’s leading advanced and emerging countries vowed Saturday to avoid potentially debilitating currency devaluations, aiming to quell trade tensions that could threaten the global recovery.

The Group of 20 also said it will pursue policies to reduce trade and current account imbalances that threaten the economic recovery, and agreed to give developing nations more say at the International Monetary Fund, part of what it described as an ambitious set of proposals to reform IMF governance.

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Looks like the world is beginning to tire of our antics…

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U.S. plan hits opposition at G20, FX accord remote

U.S. Treasury Secretary Tim Geithner speaks during the first meeting of the financial stability oversight council to vote on a number of resolutions at the Treasury Department in Washington, October 1, 2010. REUTERS/Jason Reed 

U.S. Treasury Secretary Tim Geithner speaks during the first meeting of the financial stability oversight council to vote on a number of resolutions at the Treasury Department in Washington, October 1, 2010.

Credit: Reuters/Jason Reed

By Abhijit Neogy and Toni Vorobyova

GYEONGJU, South Korea | Thu Oct 21, 2010 11:06am EDT

GYEONGJU, South Korea (Reuters) – G20 officials are unlikely to reach an accord rejecting currency devaluations and capping current account balances, an informed source said on Thursday, after U.S. proposals ran into stiff opposition.

The swift rebuff of a U.S. call for numerical targets for “sustainable” trade surpluses and deficits underscored the difficulties facing Group of 20 finance ministers gathering in South Korea as they try to defuse tensions over currencies and economic imbalances.

The G20 source, who has direct knowledge of deliberations at the meeting, said the proposals had not found favor with India, China and other emerging economies, or even the likes of Germany, which has a large current account surplus.

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