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Saturday, November 15, 2008

Politics: World Finance Summit 1 - Renovation of Financial System

Author Thomas Ramseyer
Closed-door negotiation on Saturday, 15 November 2008. More than two dozens highly ranked politicians to attend at the White House

If the fading Bush Administration makes a last desperate move there will be no satisfying result; in that case the event has to take place in early first quarter of 2009

American News

White House Correspondent
World leaders prepared Friday to adopt an early warning system for financial calamities, a commitment to tougher accounting rules and other MODEST steps to try to prevent future crises like the one now threatening the livelihoods of billions of people around the globe.

European News
Referring to the same base according to journalists heads of the state, heads of the government as well as finance ministers are gathering on 15 November 2008 to discuss the REFORMATION of the World Financial System.

American news differ a lot from European articles about the event !!

The American news perfectly fits the Bush Administration; i.e. NO CHANGE, CONSERVATIVE, BLUNTLY REPUBLICAN !!
The White House correspondents article actually suggests no major change of today's Financial System. Modest steps and tougher accounting rules are never meant to change the consumers' behaviour. That is just impossible!! They only ameliorate the safety of the some individuals' fortune as well as some firms' - banks and others - assets thus preventing them from deterioration and loss of financial power as well as political power.miraculous early warning system preventing from further calamities is only protecting a small percentage of wealthy firms, organisations and individuals. The above stated protection of billions' of livelihoods of people around the globe are meant to just support the actual financial system.
Europeans suggest Reformation of World Financial System
The European news suggesting the REFORMATION of the actual World Financial System perfectly fits the future Obama Administration; i.e. CHANGE of and from America, REESTABLISHMENT OF THE WORLDWIDE FINANCIAL ORDER.
This implies all market participants' behaviour to substantially change.

Europe's politicians to take measures against catastrophies
Europe's heads of state and government want to take measures to prevent the world from catastrophies which it just is going through and will go through for quite some time.
The only way to renew - thus changing the basis to achieve a prospering world - the financial system will be a humble behaviour of all stakeholders of the variant economies. 

Everybody's REALISM is being asked for; the only remedy is the private consumers to forego too much consumption the latter meaning savings.

Diminishing the heavy debt burden from top to toe is a must. Thus a faltering economy in the northern hemisphere has to be accepted.

Countries to build and maintain infrastructure and education
Northern governments shall invest in their countries' infrastructure as well as education. Prejudice has to be thrown overboard.  

Southern governments have to be persuaded to believe in their own country thus investing in their own infrastructure and education.

Take southern countries' serious
Southern countries' economies as well as governments must be taken very serious. Northern governments are to assist the former in having their citizens become even more educated; the result thereof will be mature countries and economies. The NORTH may not keep ignorant the SOUTH despite the fear of loss of resources investments included.

This scheme may have step in the numerously populated southern hemisphere to re-establish the world economic system as well as preventing hyper and super power countries from protective action, thus causing political instability.
copyright Thomas Ramseyer