World Bank chief says G7 should be replaced

[Judi Lynn]

Source: World Bank chief says G7 should be replaced

World Bank chief says G7 should be replaced

By Lesley Wroughton Reuters - 50 mins ago

WASHINGTON (Reuters) -
The Group of Seven rich nations is no longer effective and should be replaced by a steering group that includes emerging economic powers like China, India and Brazil, World Bank President Robert Zoellick said on Monday.

In a speech ahead of meetings of G7 finance leaders in Washington this weekend, Zoellick said the global financial crisis was a "wake-up call" that required broader cooperation across more countries.

"The G7 is not working," Zoellick said, referring to the group of rich countries including the United States, Canada, Britain, Germany, France, Italy and Japan. "We need a better group for a different time."

"The new multilateralism, suiting our times, will need to be a flexible network, not a fixed nor unitary system," Zoellick said. "It needs to maximize the strengths of interconnecting and overlapping actors and institutions, public and private," he said.



Read more: http://uk.news.yahoo.com/rtrs/20081006/tbs-uk-worldbank-zoellick-4210405.html

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Unexpectedly kind photos of Robert Zoellick!

[angstlessk]

1. talk about your fair weather friends...now that growth is below standards

in the G7.and greater in the 'emerging' countries...lets just throw our old friends under the bus and get on with RAPING THE EARTH!

[54anickel]

2. Looks like the world is preparing to move along without the USA at the helm. Pretty tough to

continue to be viewed a leader when your contributions to the global community are limited to debt, war, an occassional aircraft and more debt. If we're lucky we'll be allowed to tag along.

[Robbien]

3. More and more other nations are not including the US in the discussion

Just today the EU talked about having a banking committee put together with the US not being a member.
Two weeks ago Latin America put together a committee of LA countries to deal with the elite problem in Bolivia. US was asked not to interfere.
And now the US creation headed by the US toady Zoelick is suggesting a realignment of power with the US not having a seat at the table.

Signs of the time.

[whistle]

4. U.S should team up with Russia, China, India and Brazil establish

...a New Bretton Woods fixed currency exchange rate system, establish fair trade agreements and put into paly a 50 year infrastructure development agreement

[whosinpower]

5. That is what happens when you export your toxic debt nt

[Winterblues]

6. Brazil??? but not Venezuela when Venezuela just loaned Brazil

several Billion dollars and got Brazil to help establish the South American equivalent to the World Bank (Banco de South) I couldn't remember the Spanish word for South..

[Judi Lynn]

8. Banco del Sur, a very big deal, to be sure!

Here's a photo of the founding six nations leaders on the day they formally signed and introduced their institution:



"Presidents Nestor Kirchner of Argentina, Evo Morales of Bolivia, Ignacio "Lula" da Silva
of Brazil, Rafael Correa of Ecuador, Nicanor Duarte of Paraguay, and Hugo Chavez of
Venezuela were all present for the signing, as well as a government representative
from Uruguay."

(Argentina's President-elect, Cristina Fernández de Kirchner stands behind Néstor Kirchner)

[OakCliffDem]

7. Rich Rule Capitalism is not working, we need representation for the world, not the wealthy