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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (48110)	4/3/2009 4:39:09 AM
From: pogohere	Respond to of 219932

The failure of the G20 summit was too painful for world leaders to contemplate and Mr Brown ended the meeting with a blizzard of large numbers to disguise the fact that leaders had not agreed to a further additional fiscal stimulus – as Mr Obama and Mr Brown had wanted. Mr Brown claimed that the world was already engaged in a $5,000bn stimulus. The UK Treasury, while trying to pin the figure on the IMF, said it related to the cumulative increase in government borrowing across the G20 between 2008 and 2010, compared with 2007. Much of the $1,100bn pledged to help the world recover from recession represented existing commitments or pledges of future funds that had not been pinned down. In a new development, the G20 agreed to let the IMF create $250bn of Special Drawing Rights, its own currency, comprising dollars, euros, yen and sterling. This will boost the foreign exchange reserves of every country. Most of this cash will go to the big advanced economies, but poorer countries facing budgetary strains will gain new cash without normal IMF conditions. World leaders also agreed to boost trade finance in a package that Mr Brown said over two years could facilitate an additional $250bn of trade, although the up-front contributions from G20 countries was only $3bn to $4bn, an annexe to the communiqué said. Mr Brown insisted that the combined measures would shorten the recession, but the text did not break much new ground on financial regulation, fiscal stimulus, monetary policy action or efforts to clean up bank balance sheets. ft.com