Obama wants China and Germany to spend more and US less debt addict

Tuesday, September 22nd 2009 - 07:13 UTC

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United States President Barack Obama said he would push world leaders this week for a reshaping of the global economy in response to the deepest financial crisis in decades. Meantime in Europe, officials kept up pressure for a deal to curb bankers' pay and bonuses at a two-day summit of leaders from the Group of 20 countries, which begins on Thursday. Read full article

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Digby
This is a great proposal and one that has needed to happen for years.
But how are they going to get say American people to save more and Chinese people to spend more ?
And Germany is hardly going to say to its manufacturers stop exporting !
And even if Chinese people start to spend more, they will still keep exporting low cost goods all round the world.
China needs to be made to float its currency and there needs to be a new reserve currency mechanism to replace the dollar.
Sep 24th, 2009 - 06:32 am - Link - Report abuse 0
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