01
Apr
09

On TV: What should the G20 do?

We’ve just been on television. See Ros below as he prepares.

So here we go. As I’m writing this Gordon Brown and Barack Obama are holding a joint press conference in London. Fifteen minutes before our TV show starts Angela Merkel and Nicolas Sarkozy are planning to do the same. This is jockeying for position on a grand scale, and your reaction to what you’re hearing from the G20 build-up is welcome throughout the day.

Key issues:

Should more money be committed to stimulus packages?

Does the world’s financial system need a new regulatory framework?

Does free trade offer the best route of this crisis? Or is protectionism justified in some circumstances?

Should a global reserve currency be created?

And what should China do with all that cash it’s got?

So not much for us to get through.

Ongoing coverage of G20: http://www.bbcnews.com


63 Responses to “On TV: What should the G20 do?”


  1. 1 Jim Newman
    April 1, 2009 at 10:18

    hello again
    The G20 should decide that every country repays it’s debts. Then a new start should be made substituting Keynsian for the failed Friedman economy. The USA should be deprived of it’s ability to hold the world hostage both economically and militarily which means that a truly independant world governing body should be created.
    And that’s just for starters. Not bad heh!!!!
    Jim

  2. 2 Dennis Junior
    April 1, 2009 at 10:42

    Should more money be committed to stimulus packages? [Yes]

    Does the world’s financial system need a new regulatory framework? [Yes..]

    Does free trade offer the best route of this crisis? [Probably No….]

    Or is protectionism justified in some circumstances? [Yes]

    Should a global reserve currency be created? [Maybe]

    And what should China do with all that cash it’s got? [I hope that China will invest more into the economy]….

    ~Dennis Junior~

  3. 3 Roy, Washington DC
    April 1, 2009 at 12:35

    What should the G20 do about the global economic turndown?

    First, end the bailout culture. Bailouts run against the very idea of
    capitalism; in a true free market capitalistic society, mismanaged
    companies would be allowed to fail, and better companies would take
    their place. Bailouts are a form of protectionism that ultimately
    encourage failure.

    Second, stop spending what we don’t have. Budget deficits are bad,
    multi-trillion dollar debts are worse, and trying to spend our way out
    of a hole like that is preposterous. We could all take a lesson from
    Ralph Wiggum on this one — “I only have this much monies” [sic].

    Third, start preparing for the future. Too much of the global economy
    is based on things that aren’t going to last forever — oil is a
    perfect example of this. While our current economy may be viable for
    perhaps as much as another century or two, it won’t survive past that
    without some very drastic, fundamental changes.

  4. 4 Brinda
    April 1, 2009 at 12:44

    Key issues for us all to consider:

    Should more money be committed to stimulus packages?
    I don’t know.

    Does the world’s financial system need a new regulatory framework?
    YES.

    Does free trade offer the best route of this crisis? Or is protectionism justified in some circumstances?
    Very subjective,,,,depends on how developed the country is and how much bargaining power it has.

    Should a global reserve currency be created?
    YES.Should have been done at the very begining ,,,,,but its never too late.

    And what should China do with all the cash that it’s got?
    Feed its poor population.What is the point of saving so much when people from whom it is making that money are suffering.

    Does climate change deserve a more central role in our economic thinking?
    Like anyone cares.Really,,,,when it comes to progress/comfort against environment progress/comfort always wins.
    If the country is developing its progress.
    If the country is developed then its comfort/more revenue.

  5. 5 Peter esscee
    April 1, 2009 at 12:47

    If only , G20 can sing from the same hymn book. As remote as that possibility, there is still the delicate task of deciding how IMF use its allocation. Big power , big egos and big disagreement. 4 what? So what? >step aside europe , let the emerging economy take the stage . They are more in touch without the ego.

  6. 6 Patti in Cape Coral, Fl
    April 1, 2009 at 13:06

    I think what Brinda said sounds pretty good, but honestly, I don’t know. There are so many different agendas, I’m not sure anything will come of this anyways

  7. April 1, 2009 at 13:44

    The current economic mess was fundamentally created by Western financial institutions and the apparent total disengagement of Western governments until it was too late. Now the rest of the world has to pay with them. It’s the responsibility of G20 to come up with quick solutions not to allow the economic ship sink even further.

    The hope is that the world leaders at G20 can come up with a new Marshal Plan that can save all the countries, poor and rich. They still have the means to redress the current economic downturn, not without sacrificing millions of jobs as it is unlikely that all can be fixed with the strike of a magic wand.

    Free trade is still the best route to get out of the current crisis. The road should be blocked to unscrupulous speculators and uncontrollable regulations. Protectionism is likely to cause economic exchanges to shrink, which will add to the current economic downturn. G20 obligation is to leave the markets open to minimise the risk of further production units closures and mounting social protests.

  8. 8 globalcomedy
    April 1, 2009 at 14:30

    Two things. First, they need to publically admit that there’s only a limited amount of gloabl capital available.

    And two, admit that China won’t bail out the rest of the world. If you’re the Bank of China, would YOU invest in U.S. infrastructure or govt. bonds?

  9. 9 Jessica in NYC
    April 1, 2009 at 14:35

    I feel so manipulated by companies and theories of so-called experts on what will turn the economy around, that I am skeptical of the stimulus packages. I don’t think there is an exact formula for how to fix the economy and this “trial and error” bail-out experiment the government is paying for with my tax money dollars is costing us the shirts off our back and our kids’ future.

    The bail out has to stop.

  10. 10 David
    April 1, 2009 at 14:45

    The more I think of this world mess the more I get depressed. How many countries make this world? Not one country saw this crisis coming? Or they knew it was coming and decided to keep quite? Who is going to refund all those people who have lost every thing due to this mess? Can G20 come up with some cash to refund some of the loss incurred by genuine individuals in the last 2 years of this cancer?

    My suggestion is the G20 should examine capitalism system with a view to reforming it. Do not wait until the world goes up in more chaos. It is of no interest to any one.

    The other thing G20 should do is to recoup some of the money the scrupulous traders and individuals marshalled and use it to employ people.

  11. 11 Jens
    April 1, 2009 at 15:08

    The point is a very simple one. We have to reduce all the companies that are too big to fail, to a size where we the tax payers can actually let them fail. Nothing like fear of failure will make the bonus hungry work that they will get theire bonuses.

    i would have not bat one eyelid if AIG would have gone under without other consequnces of dragging more down. I personally have very little sympathy for financial companies being in difficulties. i am a research and I am struggling ever day of my life to get money to conduct my work. let them feel what it feels like to be on your knees to beg for survival. i am actully helping humans, where as they only help themselves.

  12. 12 Bernard Okello
    April 1, 2009 at 15:18

    Hi Ross yo really the man for this of show (worl have your say) i have jst been watching you over
    the internet way down in juba south sudan im jst hoping you guys make a plan to visit us in juba to lift our spirits from our past war.
    on the topic think the G20 should also tackle the issue of corrruption in African countries not just a matter of dishing out cash to our greedy so called leaders to buldge their pockets at the expense of us the poor folks who are suffering inthe communities Ben in Juba

  13. 13 Moses in Bucharest, Romania
    April 1, 2009 at 15:29

    G20 needs not only deliberate policies that will revive the economy, there is also need for conscious effort, genuine desire, diligence, discipline and determination to to address The worlds social, political, economic and religious oppressions. People’s rights are being denied with impunity. Justice is for the rich and those who are well connected in society. And there are cannot be Economic revival without denouncing the hypocrisy an.d pretense

  14. 14 Vijay
    April 1, 2009 at 15:29

    What should the G20 do?
    The G20 countries represent 90% of the worlds GNP,80% of World Trade and 2/3rds of the worlds population.
    Gordon Brown was impressive I must say.

    Should more money be committed to stimulus packages?

    If by stimulus packages you mean bailouts of failing firms then it should be done on a case by case basis.The “UK sovereign wealth fund has been busy”,maybe the bailouts should stop,we can not return to the pre crisis situation and have to face the new global realities whether we like them or not.
    I think the Bank of England should raise interst rate to 10%,if the banks are not willing to lend to business.
    .
    Does the worlds’ financial system need a new regulatory network?

    I didn’t know a regulatory framework existed before ,the new rules should state that all financial instruments or trading is forbidden unless it is expressly permitted, for instance those repackaged sliced up US housing loans(maybe the old rules were everything is allowed unless it was forbidden)

    Does free trade offer the best route out of the present crisis?

    Yes,Free trade,fair trade ,free markets and free people are the best route out of the present crisis, the more goods and services circulate and the faster they circulate ,the better it will be for the whole world.

    Is protectionism ever justified?

    Protectionism is only justified when it stops dumping and to supports infant(new) industries.
    protectionism stops goods and services circulating and slows the circulation down ,which leads to stagnation or worse stagflation,(remember the seventies anyone,too much money chasing too few goods ,no growth etc)
    India has put export restrictions on food(this means farmers,the rural community and consumers suffer),other countries have import restrictions .

    Should a new world reserve currency be created?

    No.not right away,only after the crisis is over,should discussion about a new reserve currency start.

    What should CHINA do with all that cash?

    CHINA SHOULD INVEST IN CHINA it should improve infrastructure create a welfare state ,enrich the existence of its citizens.

  15. April 1, 2009 at 15:39

    just one thing G-20 leaders has to do ..keep their hand in their heart and just vow that they are going to tackle this slumping cancerous economy not by putting with peripheral bandaid plaster but will treat at its roots for the global benefit of entire universe based on the basic premise ‘THAT ALL ARE PART OF A PIECE AND PIECE OF A WHOLE’..
    NEAR OLLACHERRYKAVVU
    TALAP
    KANNUR
    KERALA

  16. 16 Peter Marsh
    April 1, 2009 at 15:42

    World leaders need to establish a concept of honest money. The ‘fiat’ currencies we have at present can be printed at will by any government around the world. Until we have ‘honest money’ our problems will compound and we will never ever get the banks under control. Formerely our money was based on gold. The G20 leaders need to decide if we will go back to that, or have a comparable ‘honest’ currency system. One way or another they need to solve this very basic problem.

  17. 17 mona
    April 1, 2009 at 15:42

    Money should not be injected. a slump is a part of the economics cycle. with every slump we detecdthe shortcomings in the economic systems. As we have seen in this one.,poor monitoring systmes have led to this. If money is injected, it will be coeving up their mistakes it will not allow in any improvement, and imporovement is what the big economies need.

    mona
    Mauritius

  18. 18 Vijay
    April 1, 2009 at 15:44

    India has to invest in India and open up its economy 100% to foreign firms (there is a mind set that says only Indians are allowed to make money in India)2/3rds of the population are under 35 they are unemployed and underemployed ,only foreign investment can fully utilise their labour.The rest of the world has taken its spare cash out of the Indian stock market,India needs “REAL”investment not a fake pumped up stock market.

    why and what are these people protesting about,it is protesting for the sake of proteting totally pointless,childish ,I hope they get a good hiding.
    The G20 can achieve alot but has to avoid being blackmailed by French and Germans(Old Europe,their structural problems didn’t go away just because the rest of the world is in crisis).

  19. 19 Jessica in NYC
    April 1, 2009 at 15:44

    “Does the world’s financial system need a new regulatory framework?”

    Understatement of the year. We definitely need new regulations, but this is not meant to mean MORE regulation, rather institute the right regulations. We should not want for government bureaucracy to expand, but rather protect the people from unethical business practices that gamble with people’s money at no risk to their business. The government should stop bailing out fat-cats to “protect” its people and instead protect business from unscrupulous fat cats who jeopardize a company’s existence by gambling with people’s hard earned money and lining their pockets with tax-payer dollars.

  20. April 1, 2009 at 15:50

    on april fool day dont fool the rest of the world with some gimmick economics like done in the past?be true to oneself all at g-20 for the good of the entire world?
    kannur

  21. 21 Rit
    April 1, 2009 at 15:56

    G20 needs to agree on single agenda that of recovering from this financial crises. Countries should agree not to be too much protectionist of their own businesses ut let world trade go so that this will not result in some country having big trouble in job loss and then having cyclical effect. Need to understand in this global world, countries depends on each other. Secondly the need to discuss reducing taxes on working peoples earned money, rather than simply printing money which has -ve effect in long term, primarily long term inflation and heating economy rapidly. G20 should try to control energy prices for next few years so that other commodity prices too remain in control. One need to understand that right now Asian countries are the only countries which are keeping world economy wheel moving and energy and commodity prices major role in those country. also in Europe, energy prices ply major role on daily life of common person. Lastly, 20 members should not play blame game for responsibility of this crises, but to work on regulatory measurement for financial system and tighter inter country financial transaction., they should not be able to take too much risk .. above all work creating jobs.

  22. 22 Jessica in NYC
    April 1, 2009 at 16:01

    @ Jens

    There is no doubt AIG will disappear over the very near next couple of years, the company will dismantled and parts of it will be bought off by other companies. From a PR prospective AIG will not ever be able to restore it’s reputation and exist as it did. The part that confused me is I though this was the whole point of regulating monopolies to not allow companies to get too big to fail and control the whole or most of any market.

  23. 23 Sabri: Samara, Russia
    April 1, 2009 at 16:04

    the G20 should focus on helping poor countries much more so as to balance the world and in case of crisis the world will solve the problem together instead of pointing fingers ….. otherwise we must change our currency from paper to silver and gold so to stop a crisis on happening again

  24. 24 HYSMASTER
    April 1, 2009 at 16:04

    Why don’t you at the BBC stop pretending that the public
    believe anything what Brown and Obama say.

    They are nothing but puppets for the hidden elite and
    we know that….!
    This so called banking crisis is virtual, as the system creates money from nothing in the first place.
    So no real reason for the credit crunch except
    to make a problem, get the public reaction and then
    present the solution, in order to move along the agenda
    of the global elite.
    Its why Brown says: GLOBAL SOLUTIONS

    HYSMASTER, SHREWSBURY, United Kingdom

  25. 25 Bert
    April 1, 2009 at 16:10

    Should more money be committed to stimulus packages?

    No. I was glad when Obama won, but I’m very nervous now that he’s behaving like a bull in a china shop. All this free government spending is uncharted territory, and he’s going at it with reckless abandon. I don’t consider him to be an expert in auto production or in finance, so I have no more faith in his decisions than in those of the CEOs of those companies.

    Does the world’s financial system need a new regulatory framework?

    Yes, but the regulatory framework should eliminate the ill considered self-defeating regulations that exist now. Most importantly, lending institutions should NOT be protected by the government for making overly risky loans. As they have been and continue to be. Do not let the government take the risk away from the lending institutions, to encourage these to approve nonsenical loans.

    Does free trade offer the best route of this crisis? Or is protectionism justified in some circumstances?

    Protectionism is understandable only when a government is doling out public charity. If you’re going to take taxpayers money to “stimulate” the economy, then it had better be the taxpayers’ economy that gets the stimulus. Aside from that, protectionism tends to be a self-defeating policy in the long run.

    Should a global reserve currency be created?

    Probably yes.

    And what should China do with all that cash it’s got?

    China should make the cash available to its own lending institutions, and let its own greedy bankers decide how to dish it out. At the same time, they should learn from our mistakes and not layer on a lot of politically correct regulations and safeguards, that ultimately take the risk away from the greedy bankers.

  26. 26 Steve
    April 1, 2009 at 16:25

    Why whenever they have meetings like this, the lefties and anarchists get very violent? Are they capable of expressing opinions with being violent? And how do you protest against a recession? That’s like protesting against getting colds.

  27. April 1, 2009 at 16:28

    Almost everything in their power with new standarised guidelines that form the basic financial structure common to all countries for the future, combined with exchange rates that are more realistic.

  28. 28 John Valadez
    April 1, 2009 at 16:29

    China may have a lot if money. But, it also holds a lot of US and other foreign dept. Enough money should be kept on hand to cover those bets.

    Free trade needs to be reconsidered, as it seams to have become subject to the laws of the jungle. School yard bullies are at the helm here in the US. Their mentality is one of egocentricity, and impunity.

    Stimulus packages, based on the one issued by the US government, are a fundamentally flawed approach to economic stimulus. All that money could have been used for public works, and infrastructure modernization. Thus, guarantying that jobs are created. And in greater numbers than what the White House projects. This is short term recovery. Then for those countries lacking in industry, Industrialization is needed. An economy grows only when it produces.

    There must be some sort of global economic regulation that is enforceable. I know that as the US becomes vulnerable to the actions of emerging giants, other nations fall victim to the US. Some means of establishing an environment of “fair trade” rather than unregulated “free trade” must be done on a global scale.

    A global reserve currency is a great idea. A universal dollar of sorts would even out the playing field for those who require value in their currency. I would invest in such a thing if it existed. I think about some nations issuing hundred million dollar notes, because of near worthless currency, and the absurd exchange rates for some currencies disadvantaging the people of some nations, when doing business across borders.

  29. 29 Ambassador Mwema
    April 1, 2009 at 16:37

    Capitalism or and Free market economic policies have all but failed especially here in the so called third world countries or least developed or developing countries where a handful of rich people are too rich while the majority of the people i.e over 80% of the population live in dire poverty. We in the poor countries need a system that cares for the people in form of government supervised co-operative societies instead of living the peasants at the mercy of middlemen wolves who are exploiting the peasants while their so-called leaders fly first class and seek medical care in Europe. Capitalism is only promoting greed that is why Obama had to intervene and make those shameless CEOs vomit the Bonuses. Cuba and other communist countries have been vindicated to a certain extent. A government which does not monitor the operations of its financial institutions is doomed.The so called free market economy should have its limits. Please, Please the IMF or whichever institution imposed free market economy on poor nations ought to revisit its intentions if it has the interest of the masses at heart. Africa is the worst hit continent.

  30. 30 Libia
    April 1, 2009 at 16:54

    Should more money be committed to stimulus packages? Grossly mismanaged firms should not have been given stimulus package at all. It is gross mismanagement when top officials are paid more than all the real working people in the establishments put together are paid. There is no one person who is worth all that. Collapse of those establishments must have been evident long before the actual fall, good management should have seen the signs and should have made efforts to prevent it.

    Does the worlds’ financial system need a new regulatory network? Absolutely.
    Limits has to be set on what can be done, because there seems to be no limits to man’s greed.

    Does free trade offer the best route out of the present crisis? As practiced, NO.

    Is protectionism ever justified? Yes, in cases of lopsided capabilities of countries.

    What should CHINA do with all that cash? Should invest in China to improve the economic status and general well being of its own people.

  31. April 1, 2009 at 17:03

    Untill the Big countries of the world ie USA , Britain France , China etc realize that the global downturn cannot be solved just by pumping funds into already stalled economies but by investing in new upcoming economies in Asia and Africa, I’m afraid this problem will linger.

    As president Lula of Brazil said its the fault of these countries especially due to over consumerism and lack of accountability.

  32. 32 Anthony
    April 1, 2009 at 17:05

    @ Jim Newman

    That’s a great idea….maybe North Korea or Iran can pick up the slack on military right, and maybe they and Zimbabwe on the economy while they’re are at it. That’s the problem, people answer to take away the U.S. power, when they have no stage 2 of their plan.

    -Anthony, LA, CA

    P.S., if the U.S. is so “stupid” for ruining the world, then the rest of the world is “stupid” for either following us or not coming up with a better plan.

  33. 33 Filipek
    April 1, 2009 at 17:09

    I guess I’m a pessimist, at least that’s what I’m told, but I honestly think that G20 is waste of time and resources. Trying to fix our economic system is impossible because its terminally ill. We’re living in the last dying moments of a 200 year year old colonial system whose growth has been predicated on cheap fossil fuel energy, insatiable demand and a rampant disregard for the environmental. But two things are now becoming apparent: we’re at or have already passed the Hubbard peak for oil and natural gas, coal isn’t too far behind and nature is starting to bite back with a vengeance.

    I’ll skirt the enviromental issue and instead focus on this: energy. If you know anything about our economy you know that a) it relies on cheap fossil fuels to run everything b) it relies on growth – at all cost. So if you have such a relationship, namely one that puts perpetual growth in the hands of a finite resource then doom is just plain inevitable. Estimates of oil and gas reserves vary, some say we’re at the peak, some say we’re past it, some say there’s enough oil to last 30 or 40 years or more and keep up with growth – but there is a built in point of failure. If you think that energy is less of an issue then remember that some of us here in Eastern Europe got a taste of energy starvation earlier this year, petrol prices in the UK went up again today and America has a huge standing army in the middle east for some reason or another.

    I know there’s somebody somewhere shaking their head at me, and I know why: it’s easy for those whose livelihood depends on the current economic system to turn around and label people like me the lunatic left fringe, and so sobeit. I’d much rather be loony and wrong than just plain right any day.

    If you ask me, we’ve missed the point and we’re worrying about the wrong stuff. I mean, we all depend on energy to run our cars, our homes, our factories and jobs and because of this crisis we’re scared for our homes, jobs and big huge cars. I’m more scared that we also rely on oil to plant, fertilise, protect from pests, harvest, process, refrigerate and transport the food we eat. And remember, food prices have been going up recently, a lot in some places. if you think a few thousand car workers in Detroit is a tragedy, then you’re gonna love what might come next.

    So, what should be done?

    Should more money be committed to stimulus packages?
    Nope. We should contract our economy (and fast) to conserve what’s left our fossil fuel reserves why there’s still time.

    Does the world’s financial system need a new regulatory framework?
    I think we need to get away from a global based economy, it really doesn’t work – and we’re seeing that right before our eyes. More regional and local trade networks are important.

    Does free trade offer the best route of this crisis? Or is protectionism justified in some circumstances?
    Free trade is a complicated issue. From an economic stand point it’s made sense till now. The humanitarian issue on the other hand – I think it’s made a lot of people a lot poorer. I think it’s bound to change, and fast, because before long shipping things from China is going to be way too expensive.

    Should a global reserve currency be created?
    No. That’s a whole other issue, however, and I’ve bored you long enough!

    And what should China do with all that cash it’s got?
    Stop emulating the West’s failed industrial revolution and start investing in renewable energy production, more efficient production of food and decent public transport.

  34. April 1, 2009 at 17:10

    We should all be frank to ourselves and make sure that all we do is for the benefit of the world as a whole and not just for a few so called super powers. That is the only way G20 can succeed

  35. 35 Steve
    April 1, 2009 at 17:12

    There’s never any excuse for violence, and there’s nothing to “understand”. These protesters are just uncivilized savages. I’m curious, what were they planning on doing with the police uniforms?

  36. 36 Tom D Ford
    April 1, 2009 at 17:19

    Complaints about violence?

    I suggest that people losing jobs, becoming homeless, being reduced to poverty, is just a slow form of mental and physical violence and the G20 ought to define Financial Crimes Against Humanity, form a Nuremberg type tribunal court and try the American Conservative Republicans who caused our current world problems.

    I think that the financial violence committed against people is far worse and devastating than any breaking of bank windows.

  37. 37 Francisco, from Spain
    April 1, 2009 at 17:19

    Hola Ross! in my view G20 should be focus mainly on climate change and findings ways to tackle it, because if they don’t do that, it doesn’t matter all the economic problems we have if we don’t have a planet Earth to live!
    greetings from spain thank you!
    fran

  38. 38 Vijay
    April 1, 2009 at 17:22

    What should the G20 do?

    What it says on the box,
    The London Summit 2009:Stability,Growth,Jobs.

    First of all,”stop the bleeding”,then put in place policies for growth and allow job creation by lowering the social cost of hiring and firing employees(especially relevent to France and Germany,who have serious problems with labour flexibilty ).

    The G 8 has a different remit to the G20,your contributors are getting confused.

    Has anyone mentioned the WTO,Doha development round etc..The principles of GATT should be honoured,now more than ever.

  39. 39 Luz Ma from Mexico
    April 1, 2009 at 17:33

    In my opinion, they should focus on a new regulatory framework for financial markets. I am not in favour of full-State intervention in the matter, but neither of what has happened so far (allowing the financial sector to do virtually whatever they want). A happy medium would be nice with a global approach.

    Environment is another issue that should be in the center of discussions.

  40. 40 MIGUEL (from Mexifornia)
    April 1, 2009 at 17:34

    Is evident that the actual world economic system is collapsing, there is rumors that Canada, US, and Mexico will put one monetary System the Amero.
    Question. Do you think this would help in the worlds economy or would it make it worst?

  41. 41 Zita
    April 1, 2009 at 17:35

    Hmmm. Very interesting. Very high powered. I don’t have any idea what to do and will listen carefully to all you guys analyzing this problem and suggesting solutions. But I just want to say that this G 20 summit has three of my favourite people of the world i.e. Gordon Brown, Barack Obama and Nicolas Sarkozy. And I will add to that Angela Merkel. I think they will do a great job and I feel very optimistic that the world is in good hands.
    Zita in Westcliff on Sea, Esssex

  42. April 1, 2009 at 17:36

    Hi Ros,

    Lets stop with the sky is falling propoganda. The environment is not falling around us. We should foucus on the economy and deal with “green” issues later.

    As an American taxpayer, I feel that my money (the stimulus package) should be used to fix my countries economy not those of other countries. I don’t see other countries falling over themselves to give the US money.

  43. 43 Steve in Boston
    April 1, 2009 at 17:40

    Re: the protests.

    In any country that has democratic form of government, there’s no excuse for violent protests. These “protesters” should be dealt with harshly and not with kid gloves.

    Elections are the way we peacefully change government.

  44. 44 Anya
    April 1, 2009 at 17:43

    Many talks have been about creating jobs.
    The question that I’d like to ask is what kind of jobs will create a better world.
    I’d like to see more green jobs and jobs in education and innovation.
    Creating jobs to produce more materialistic goods might be a quick fix for the unemployment around the world, but doing so is more likely to worsen the environment. Besides, most people in the US don’t need more stuff.
    This global economic crisis could be an opportunity to address the problem of global warming. As some people have commented on the program, creating green jobs kills two birds with one stone.

  45. 45 Tamico Gilbert
    April 1, 2009 at 17:46

    Hi there , I AM Listening in today from the Bahamas (you asked for us) and we are all holding our collective breath here for fear of what may happen to so-called “tax havens” which may include us. If the G20 decides in one fell swoop to destory one of our major industries here and elsewhere in the Caribbean, and given the massive fall-off of tourism and travel due to failing economies in the developed world, what would be left for us then???

    The Caribbean is not just a playground .. REAL people live here too !!!!!

  46. 46 Joshua, from Nassau
    April 1, 2009 at 17:51

    Hello Ros – I’m one of your elusive Bahamian listeners and avid listener of WHYS.
    I’m not proud of my nation’s status as a tax haven, and would like to see Hubert Ingraham’s government taxing the fat cats instead if they’re going to try and escape their duty to society
    Thanks
    Joshua

  47. 47 Tom D Ford
    April 1, 2009 at 17:52

    The G20 ought to pass a resolution recognizing that Conservative economics has been allowed to run it’s course to it’s inevitable end, the nearly total collapse of the economies of Western Civilization and most of the rest of the world.

    The G20 ought to condemn Conservatism, and follow the example of Germany after the devastation of WW2 which outlawed Nazism, and the G20 ought to outlaw Conservatism throughout the world.

    Then the G20 ought to get to work defining and regulating economics so that everyone in the world benefits and is protected from Conservatism.

  48. 48 Tom D Ford
    April 1, 2009 at 17:56

    Re: Protests

    The United States was established through violent protests and was one of the great steps in freeing people by establishing democracy through violent protesting, even to the point of the revolution of 1776!

  49. 49 Bert
    April 1, 2009 at 17:58

    Wow! What a scary program! I can’t believe how many people have already forgotten what happens to centrally planned economies!

    All this talk about world governing bodies making decisions on how the global economy should be run is ludicrous. What makes anyone believe that a global central planners would be any more competent than those who now run individual corporations?

    How quickly we forget. That system failed miserably in the late 1980s and early 1990s, folks. Thank goodness that when it did, it was not functioning on a global scale!

    What I heard today was political correctness on a grand scale. Scary stuff.

  50. 50 hysmaster
    April 1, 2009 at 17:59

    Why don’t you at the BBC stop pretending that the public
    believe anything what Brown and Obama say.
    They are nothing but puppets for the hidden elite and
    we know that….!
    This so called banking crisis is virtual, as the system creates money from nothing in the first place.
    So no real reason for the credit crunch except
    to make a problem, get the public reaction and then
    present the solution, in order to move along the agenda
    of the global elite.
    Its why Brown says: GLOBAL SOLUTIONS

    [HYSMASTER], SHREWSBURY, United Kingdom

  51. 51 kpellyhezekiah
    April 1, 2009 at 19:16

    about a year ago I started crying out that on this column that the US and europe were going to lead us somewhere if they don’t go into their financial institutions and act because bad men there were responsible for the mad rise in the price of oil and other commodities to cover their evil deeds but nobody seem to listen. Today I’ve seen that the words l used to describe such men are very moderate compared to what I’m reading now. What I’m interested in now is that we should solve the problem and to start with I’m saying that the approach of supporting the bad financial institutions is the WRONG approach. It will only aggravate the problem. And please, would somebody tell them not to bring africa into this case because definately africa will not be affected significantly as is being seen in the US and europe. It is only the people who do business with these continents that will be affected and the truth is that less than 10% of african companies deal with them. the only effect will be on our developmental agenda where our governments will not have their usual loans that they misuse so the people don’t see any real development in their lives. Most of these loans are stolen and/or misapplied and for me if they can be stoped altogether the better it will be for the continent in our fight against corruption because governments will be forced to collect and account more accurately for the taxes from the people.

  52. 52 kpellyhezekiah
    April 1, 2009 at 20:00

    why has my previous comment been removed? Am I not allowed to comment again on WHYS?

  53. 53 kpellyhezekiah
    April 1, 2009 at 20:10

    let the music play on. but rest assured: what you my submission on both how to get out of this problem is the way and its impact on africa is THE TRUTH. They will all come to pass. to clandestinely take it out out of this page will not erase the reality. I must however say I am very much disappointed by your action.

  54. 54 Thomas Murray
    April 1, 2009 at 21:35

    Much of what Pres. Obama’s doing in the states is working. Though every country in the G-20 must be allowed to handle the economic meltdown in their own way. Now if only Barack can convince American automakers to stop putting metaphorical fins on our cars. Enough with the chintz, Detroit!

    Second thoughts:

    I think it’s a scream that the G-20 protesters have their own website. (That’s http://www.g-20meltdown.org in case you’ve just been rescued from a desert island.) It reminds me of the noisy meeting of anarchists in G.B. Shaw’s “Man and Superman” when one of the anarchists yells, “Gentlemen! We must get organized!”

    –Stay safe, and don’t wear wingtips to work; Louisville, Kentucky, US.

  55. April 2, 2009 at 04:26

    To cure financial markets through economic measures is not
    enough, unless all financial markets across the world are regulated under tough International Financial Rules.
    This is the only way to eradicate dishonest maneuvers coming from
    different agents. Otherwise the world will continue to live at risk.
    Claudia G. – Washington D.C.

  56. 56 jHenosch Farissen
    April 2, 2009 at 04:53

    The west has to stop wheeling and dealing with dictatorship!

  57. 57 Martin
    April 2, 2009 at 07:03

    They have 4 hours..hardly enough time to do much. But the good old days of “excess” are over. The consumer “junkies” are coming down to reality with a crash. There needs to be a new financial regulation put in place on a global scale so the Madoffs / Stanfords of the world can be stopped before they destroy the system again! Banks are too big and too intra-dependent..one falls ..they all go down. Un regulated capitalisum is a failure..We need to turn the clocks back to the times when “common sense” ruled..and your bank manager decided if you were a good risk for a mortgage. Change has to happen or there will be civil unrest in many countries. So it is time to get to work and fix this mess, it will be hard..many people are going to have to expect less, make do with less for a long time.This will lead to many job losses as people buy less automobiles, homes ect. The US has major issues like the horrible health care & social security systems that are going to fail in the next 20 yrs. These are all radical changes that are going to be a very hard sell to the public.

  58. April 2, 2009 at 07:07

    I totally agree with Mr. Sarkozy,
    in having tougher financial supervisory rules.
    If we donot create them and implement them
    this global financial crisis won’t be solved completely.
    But if solved, then nothing will secure us from not
    having another one very soon down the road.

    G20 countries need to AGREE, ACCEPT
    to have tougher regulations.
    How can we get rid of the cause if we do not
    impose better rules?
    The fact that world leaders are focused on spending more
    money, etc. won’t help at all, if that is not accompanied’
    by TOUGH financial rules.

    PLEASE G20 do something about it!

    Claudia G.
    Washington D.C.

  59. 59 YIM Robert
    April 2, 2009 at 09:52

    Regulatory and transparency need to be implemented by the government of every country.

    To regain the confidence of the small savers, each buck deposited in the bank account has to product some interest. The bank and the government are responsible to pay back these small funds in the case of bankruptcy or insolvency.

    Invest in the green energy like solar panel to pomp out the water permitting the poor people to access to drinking water and to develop the culture change the misery of the poor people and improve their health by improving their food and then their education and their revenue

    Eradication of malaria by M. Bill Gate’s program and eradication of tuberculosis need to be continued.

    Product the generic of the three therapies against HIV in the poor country to reduce the price of te daily treatment is the key of success.

    Reduce the level of nuclear weapon to the deterrent level like France level permit to save humanity from the apocalypse.

  60. 60 Pascal Tabi Tabot
    April 2, 2009 at 12:13

    As an African, I would like to focus on what the G20 should do so that Africa should feel the impact of whatever efforts are being made globally. While encouraging free trade, there should be stricter bank control. Above all, bank secrets should be lifted, and accounts of heads of states, ministers, directors of corporations etc made public, so that we should be comforted that aid money will not be embezzled and horded in foreign banks. Without that , the rest is window dressing.

    Moreover, before any more aid money and so-called stimulus packages are sent to Africa in general and Cameroon in particular, all embezzled money horded in foreign banks especially in Swiss and French banks, should be sent back – we need it so badly.

  61. April 2, 2009 at 13:16

    Key issues:

    CORRUPTION is the only issue not on this key.

    Should more money be committed to stimulus packages?
    Why not _ we saw what happened with the stimulus granted GM?

    Does the world’s financial system need a new regulatory framework?
    Does free trade offer the best route of this crisis? Or is protectionism justified in some circumstances?
    These 2 issues are related. What is capitalism about… if not free-trade? Where did the snow-ball effect begin? Again we should ask China how come they have all that cash? or are we not humble enough?

    Should a global reserve currency be created?
    Nope otherwise that would be a kind of communistic protectionism. Diverse currency is still gr8.

    And what should China do with all that cash it’s got?
    Give me some to start with… Seriously _ how can a father keep money in the bank while the children starve and tell them the family is standing firm?

  62. 62 mustafa
    April 2, 2009 at 13:26

    I think that the G20 would not decide
    We have tried comunism , capitalism and both failed to create a world of peace and prosperity..
    Capitalism is based on individuality and selfichness, that’s why the usa and developped world don t give a fuck of what is hapenning in third world wich is more suffering from crisis ..and there is no social assistance , no medical facilities..A life of shit ..
    all that shit began in usa and is spreadin in world like a cancer ..
    We should moralize the society and put the responsible of that crisis into jail ..

    Why no try islam ?

  63. 63 Jim Newman
    April 2, 2009 at 22:20

    Hello again
    And hello Anthony. I’m sorry I didn’t express myself properly.
    Stage 1 would be setting up a world governement and stage 2 would be curbing the power of countries that tend to bully other countries.
    I think North Korea and Iran get a bit of a bad press. As far as I know neither of these countries have attacked other countries in recent times but both have been victims of attack.
    I don’t think the US has ruined the world yet. But your right the US has the support of too many lackies.
    Anyway nice talking to you.
    Jim


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