For Immediate Release
The Lame Duck Economic Summit
Bush brings the G-20 to Washington; but world leaders would rather talk to Obama
WASHINGTON - In an effort to curtail the current economic crisis, Bush has
invited the G-20 to Washington.
The G-20 is a group of countries responsible for 90% of the world's
GDP. Some argue this summit is the
first step towards a second Bretton Woods agreement. However, many see futility in speaking with the lame-duck
president Bush. Obama is sending
two emissaries to the summit in response.
Real News analyst, Pepe Escobar speaks with Mark Weisbrot of the Centre for Economic and Policy Research regarding the upcoming
G-20 summit this Saturday.
Weisbrot dismisses the possibility of a second Bretton Woods. Bretton Woods was initially brought on
by the second World War and tremendous economic upheaval, a characteristic not
met by today's economic situation.
Weisbrot is also critical of the International Monetary Fund
(IMF). Essentially run by the US
Treasury, the IMF is using the crisis to reward developing countries that do
what the US wants. Weisbrot argues
the IMF is the 'wrong institution' for these problems. Instead, money should be channeled from
countries with large reserves, such as China and Saudi Arabia, through regional
Whether or not the summit will amount to any change in the
international economic system is questionable. Escobar predicts that French leader Nicolas Sarkozy could be
the 'real superstar' of the summit as he argues for twenty-first century
solutions to the current crisis.
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