World's Central Bankers & Finance Ministers Emergency Meeting In Washington Oct 10-13

[Better Believe It]

By Finfacts Team
Oct 7, 2008

The world's central bankers and finance ministers gather in Washington next weekend - October 10-13 - to discuss a global response to the credit crunch amidst the worst financial crisis to hit advanced economies since the 1930s.

Sandbagged by three successive shocks—high commodity prices, the housing slump in the United States and a number of other advanced economies, and the growing financial crisis—the global economy is forecast to slow dramatically.

In addition to assessing the health of the international economy, world financial leaders are expected to consider ideas for reforming the underlying rules and regulations of global finance.

"There is a deeper structural issue to be resolved. This crisis is the result of regulatory failure to guard against excessive risk-taking in the financial system, especially in the U.S. We must ensure it does not happen again,"says IMF Managing Director Dominique Strauss-Kahn.

http://www.finfacts.ie/irishfinancenews/article_1014909.shtml

[endarkenment]

1. So Economic Collapse is more or less official now.

I'm in my fifties and have been through quite a few downturns in that time. Never once, not even after the startling crash of '87, have I seen this level of official global panic.

[depakid]

4. Nations have never been so intertwined before

to the point where relatively small perturbations like mortgage defaults threaten the entire global credit markets.

Hopefully, some concerted action will come out of this- not only with respect to freeing up credit to worthy entities, but to prevent wild swings in commodities like we saw last year. It would be damned interesting to be a fly on the wall at those meetings.

[angstlessk]

2. perhaps they will all decide that since China is growing..all governments

need to model themselves like the Chinese government...dictatorship for the populace, capitalism for the rich! sounds good to me...the rich can move away from all the horrors and pollution of unregulated business, say Dubai..and the masses can just toil away at whatever menial task is assigned to them? sounds like a win-win to me!!!11!!

[Trillo]

3. Let me guess:

An in-secret, closed-to-the-public meeting?

[Better Believe It]

5. You Betcha! :) :) :)