The Lame duck economic summit
Bush brings the G-20 to Washington; but world leaders would rather talk to Obama
In an effort to curtail the current economic crisis, Bush has invited the G-20 to Washington. The G-20 is a group of countries responsible for 90% of the world’s GDP. Some argue this summit is the first step towards a second Bretton Woods agreement. However, many see futility in speaking with the lame-duck president Bush. Obama is sending two emissaries to the summit in response.
Real News analyst, Pepe Escobar speaks with Mark Weisbrot of the Centre for Economic and Policy Research regarding the upcoming G-20 summit this Saturday. Weisbrot dismisses the possibility of a second Bretton Woods. Bretton Woods was initially brought on by the second World War and tremendous economic upheaval, a characteristic not met by today’s economic situation.
Weisbrot is also critical of the International Monetary Fund (IMF). Essentially run by the US Treasury, the IMF is using the crisis to reward developing countries that do what the US wants. Weisbrot argues the IMF is the ‘wrong institution’ for these problems. Instead, money should be channeled from countries with large reserves, such as China and Saudi Arabia, through regional stabilization funds.
Whether or not the summit will amount to any change in the international economic system is questionable. Escobar predicts that French leader Nicolas Sarkozy could be the ‘real superstar’ of the summit as he argues for twenty-first century solutions to the current crisis.
Watch the full story on The Real News Network: http://therealnews.com
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