WASHINGTON (Reuters) – The United States wants world leaders to agree this week to launch a major rethink of the world economy in November as they try to strengthen the global economy after its near meltdown.
Documents outlining the U.S. position ahead of the September 24-25 Pittsburgh summit of Group of 20 leaders said exporters, which include China, Germany and Japan, should consume more, while debtors like the United States must boost savings.
“The world will face anemic growth if adjustments in one part of the global economy are not matched by offsetting adjustments in other parts of the global economy,” said the document obtained by Reuters.
Or, as President Obama said on one of the Sunday talk shows, “We can’t go back to the era where the Chinese or Germans or other countries just are selling everything to us, we’re taking out a bunch of credit card debt or home equity loans, but we’re not selling anything to them.”
Unfortunately, history tells us that one should not expect a G-20 or G-8 or G-Whiz summits to produce anything other than white papers, memoranda, communiques and firm statements of commitment to principles of engagement. Looks like it’s “frameworks” this go-around.
Maybe Pittsburgh will be different. But do you remember the last G-20 Summit, where it occurred or what it accomplished? Which is to say that the United States must be the master of its own fate.
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