Economic Summit Begins Saturday in Washington
The economic summit of the G20 nations scheduled to begin in Washington this Saturday will bring conflicting ideas and philosophies to the negotiating table. Normally such a meeting would not take place during a change of administrations like the one taking place in Washington but the economic situation is grave. Most of the industrialized world is in a recession and emerging market economies have slowed dramatically. Despite several measures by governments credit markets remain frozen and forex opportunities are somewhat limited.
US Advantages
The crisis was triggered by irresponsibility on Wall Street and much of the world has laid the blame for the current global recession squarely on the United States. Political leaders almost everywhere are unhappy with the present international financial system, which exempts the custodian of the system (the US) from key elements of its discipline. The US can run up huge deficits without having to face the same penalties and self correcting pressures that other countries do when they run up huge deficits.
