ASEM Summit calls for global economy rules for financial system and International Monetary Fund
Summit weighs new global economy rules for financial system and International Monetary Fund. News from BEIJING, China – Asian and European leaders met Saturday for the second day of their biennial summit after calling for new rules for the world’s financial system and a larger role for the International Monetary Fund.
The two-day ASEM summit, being held this year in Beijing, China, brings together the leaders of 43 Asian and European nations. The heads of the European Commission and ASEAN, a group of southeastern Asian nations, are also part of the meeting.
While the summit is usually a forum for political, economic and cultural issues, it has taken on added significance this year because of the global financial crisis.
Leaders at the summit called Friday for new rules in dealing with international finance. They also urged a leading role for the IMF to help countries like Iceland and Pakistan that are struggling with the current crisis.
“We represent three-fifths of the world’s population and produce half of global GDP,” said Jose Manuel Barroso, president of the European Commission. “Our combined action can and should make a real difference.” Watch as urgency underscores the ASEM summit »
In a statement released Friday, the ASEM nations said the crisis can be overcome if all countries take “firm, decisive and effective measures in a responsible and timely manner.” They called on the international community to boost coordination and cooperation to restore market confidence, stabilize the markets, and promote financial growth.
Chinese Premier Wen Jiabao stands next to French and current EU President Nicolas Sarkozy on Friday in Beijing.
Don’t Miss
U.N. chief: ‘Drastic’ action needed for poor
World markets fall on Friday
Why emerging markets are suffering
Business 360 blog
French President Nicolas Sarkozy, whose country currently holds the rotating presidency of the European Union, called for a radical overhaul of the world’s financial system. He called for Asian support ahead of next month’s financial summit of G20 leaders in the United States.
“Europe wishes that Asia will support our efforts so together we can tell the world on November 15 that the causes of this crisis, which has no precedence, will not continue to be reproduced on the financial and monetary system,” Sarkozy said Friday. “For that, we need to draft some common responses.”
Friday’s joint statement said there must be more supervision and regulation of all “financial actors” and that they need to be kept accountable. They said all countries need to strengthen oversight and crisis management mechanisms.
Asian countries have not been as sharply affected by the current crisis as those in Europe, in part because they weren’t as exposed to the subprime mortgage problems.
Still, growth in Asia is slowing. China announced this week that its GDP growth had slowed to 9.9 percent in the first three quarters of the year — the lowest in five years.
Summit weighs new global economy rules for financial system and International Monetary Fund. News from BEIJING, China – Asian and European leaders met Saturday for the second day of their biennial summit after calling for new rules for the world’s financial system and a larger role for the International Monetary Fund. Editing by Eddie China
Iflove Popular
Thank you for visting iflove.com, the fairy legend of Edward Chen the Movie Star! You may want to Find Love or subscribe to RSS feed. Enjoy or do a search!
Economy in Results of Stock Market Melt Down.
1) US Dollar is losing its value!
The inflation has made the US Dollars lost its value, due to the printing of new money and the faking of US dollars around the world; especially, the enemies of the US have better technologies than before to fake US’ money; for example the North Korea partnership with the mobs from Ireland and use Macau as safe base for their operations.
2) The Inflation
When the Federal Reserve Chairman B. B declared to control the inflation, it is a funny statement and a little of misunderstanding from a system is driven by the profit and GREED, and so-called it’s as “Capitalism”. There is no such thing as Inflation Control when every thing is focus on Profit and Profit Only, then the system will behave exactly that way, it means everything will be up and up its prices for profit, then Inflation becomes a part of the system, or Inflation is a chronicle disease of Capitalism, or Inflation might behave like a money addiction in Capitalism. . . One jump for higher price (profiteering), then everybody jumps for higher!
3) Gold is up to 600.00 USD per ounce up to 850.00USD per ounce.
At the moment from 50.00USD per barrel to 150.00USD per barrel!
And the USD lost 10.00% of its value! It means some countries who hold 400,000,000,000.00USD would lost 40,000,000,000.00USD over night, disappear, vaporized, nil without any trace in the Universe
Food prices are up about 10% or more (20.00%)!
To counter play for those four combinations, people bought Gold. For example, the Russian System has spent about 350,000,000,000.00USD up to 400,000,000,000.00USD to buy Gold around the world.
The VC State and India State have used Rice for counter play. . . . . .
I bet many other Governments would do the same!
The most important actions are the FINANCIAL INTITUTIONS who would lend money to get away from the MONEY VAPORIZATION, and they expected the BORROWERS who will carry the lost for them. . .that leads to the mess of subscribers, Housing, Credits, and the Cash Flows are now disappeared into Gold, in other words, the Cash Flows are stuck in some loops holes without the ways out yet! The deeper trouble that the world did not know where is the bottom yet!
In 2001, Enron Scandal with cooking Accounting and Dot Com busted in December of 2001. . . .
In 2008, 7 years later in September, Financial Institutions melted down in similar fashion of Bizarre Mathematics for Economy. . .
When I saw Nobel Peace Prize has tried to show off to the World that there are Genius who can understand Mathematics in their organization through the way they award John Nash Mathematics for Economy, then I laugh (the facts are not laughing matter at all. . .) myself for such Genius Mathematician in Economy, and then I would say “it is wrong to use Mathematics to obligate or cheat Economically and it is also wrong to use Economy to obligate or cheat Mathematically. . . . . .”, then exactly as I said few years later, the Enron with Cooking Accounting in 2001, and then Financial Melt down with Mathematical Advisors who do not understand Economy with common sense in 2008. . . . . .
Unfortunately, the people around the world will have to pay for!
If it is the case that the governments around the world practice this way, then they did not make any warning to their people; for example, the Russian Government, then the Governments is guilty as its charges!
4) The Price of a barrel is 150.00 USD per barrel, about May 2008, oil is 130.00 USD per barrel, and oil is 150.00USD per barrel in June, and July, 2008.
Oil Price has cause the artificial food shortage in some States around the World. It is the way Capitalists; especially the US Administration who would run by the “OIL OWNERS”, tried to capitalized their profits through oil, they are trying to getting smart over public, but as Vietnamese said “nguoi tinh khong bang troi tinh”, “muu su tai nhan, thanh su tai thien”. . . . . . . Now, they are realizing its results, it has already been too late; obviously, we, people, around the world, did not live with just about OIL. . . . . .
5) Housing burst.
It is obvious the PRACTICE that the Financial Institutions use to cheat on their borrowers to carry the VAPORIZATION for them with the silence of the Government! ! ! ! !
6) Food price is up due to the gas price surge.
It makes the Financial Markets more volatile as I have said before, as I have been right with the Dot Com, but I cannot imagine at this level of melt down
7) The War on Terrorism.
It has been cost too much, suddenly; it creates more hate around the world and conflicts of interest from State to State politically, economically, and militarily. For example, the Iran has declared it would take Japanese Yen for its oil sale over the USD, this practice has contributed to down play the value of USD around the world; unfortunately, the Iran has been successful to its intention about what it wants to play to lead to the Melt Down. . . If it is the case, then Iran has used its oil influence incredibly well over its enemies. . . . . . . . . . .then the global market has shown its dark side for a very first time!!!!!!. . . . . .
thhnfl@aol.com
khongly@hotmail.com