G-20 Nov 15 meeting: USA not interested!

Thursday, November 13, 2008

Now everyone is arguing that this November 15 meeting is a sham....especially now that China has spent its cash and cannot be robbed. We should not go..but our Prime Minister would rather be considered an economist so..he is going. Previously I have said:
India & G-20 Nov 15 meeting:

There is no point going to a summit where you have no real voice...you might as well wait and read the final text at home. I hope the Prime Minister sends an envoy for protocol and nothing more.
Financial Times: Bush and Obama wary of G20 commitments
Meanwhile, the Obama transition team said the president-elect would send Madeleine Albright, a former Democratic secretary of state, and Jim Leach, a former Republican congressman, to represent him in discussions with world leaders attending the summit.

The two figures chosen are senior dignitaries, but neither is part of the Obama economic team, or likely to take a leadership role on economic issues in the future.....
Naked Capitalism says:
So the US's face saving expedient is to downgrade the summit. Obama is sending representatives who are clearly peripheral players; Paulson is now effectively saying that this session will not accomplish much.

This verges on an insult to the other participants, and were it not for the fact that Bush called the meeting and Paulson will be in attendance, if I were in their shoes, I'd lower the seniority of my delegate pronto.
An economic war is underway...and now for the coup de grace:
China gets it right, But Hurts America
Unlike America, China is unlikely to borrow to finance its stimulus package. Indeed, it is likely to spend its own national earnings rather than continue to invest in U.S. Treasuries.

However it is financed, China's stimulus package is decidedly bad news for America.

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