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Friday, November 14, 2008

G20 Meeting in Washington no more than an idea exchange for "New Bretton Woods"

Nov 14th. The G20 meeting in Washington is no more than an informal brainstorming session for a restructuring of the financial system and a preliminary attempt to lay the groundwork for a Brettom Woods II conference next year.
President-elect Obama will not attend the meeting so there are definitely no new policies to be expected.
For the immediate future new regulations for the financial industry, like accounting rules, new rules for CDS (Credit Default Swaps) and more powers for the IMF are on the agenda.
There is a dinner in the White House, with some Obama representatives present, including former U.S. Secretary of State Madeleine Albright, which brings up the question whether Hillary Clinton will accept the Secretary of State nomination in the Obama administration.
Very important is the date for the next meeting, because this reflects the sense of urgency to come up with a comprehensive plan for a 21st century world economy.
Bigger roles for China, India and Saudi Arabia reflecting the changing world are in the pipeline. The meeting will be busy with a lot of less important folks ( the lesser gods) appearing for a few days out (taxpayers money anyway) and trying to sense 'the New Mood in Washington'.

The G20 countries:

* Argentina

* Australia

* Brazil

* Britain

* Canada

* China

* European Union

* France

* Germany

* Indonesia

* Italy

* Japan

* Mexico

* Russia

* Spain

* South Africa

* Saudi Arabia

* South Korea

* Turkey

* United States

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