In the News (from BBC News): The Group of 20 of the world’s most powerful countries meets in London for a one-day summit on April 2nd. The G20 aims to boost confidence that global leaders are united in tackling the world economic crisis. But even with these so-called “automatic stabilizers,” IMF figures suggest that by 2010, there will only be a weak global stimulus. The world’s poorest countries are likely to be hard-hit by the downturn. At least $50bn more is needed for sub-Saharan Africa to escape the worst effects of the crisis.
In the News (from Reuters): “Who wants what from the G20?”
China – Demands more IMF voting rights and firmer international financial regulation; last week it floated the idea of a new global reserve currency based on IMF special drawing rights, but this drew a cool response.
Mexico – Wants the G20 to strengthen international financial organizations and bolster their support for emerging economies, and to coordinate fiscal measures against the global crisis.
Russia – Wants reform of IMF and World Bank; more say – and more voting power – for emerging economies.
Basic infrastructure is collapsing in Africa and from the entire African continent, only the Republic of South Africa was invited to the G20.
My comment: If only they would:
1. Create a single anti-crisis center, responsible for the global distribution of goods and services necessary for existence
2. Have this center manage all of the world’s monetary, human, natural, and commercial resources
3. Make every country in the world stop blaming one another
4. Force countries to stop the arms race and begin the abolition of the weapons industry
5. Immediately begin a global education using all the media channels
6. Stop any kind of direct or indirect propaganda and coercion in the mass media
7. Give the wide masses a clear explanation of the acceptable, mutual methods for coming out of the crisis
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