So the G20 was a bust - but at least they got a nice picture and some talking points out of it. President Obama came to England with an agenda; the idea was to garner support for a massive global stimulus bill that would involve all the major nations in an effort to fund the ailing banks and businesses of the world. Then problem was that the rest of the G20 - we will call them the G18 for these purposes as the UK was on board, were not interested.
Obama should be happy, he got 1 trillion Dollars in commitments to fund developing nations, well, they were going to do that anyway as if they had not the IMF would be defunct. It was a nice overall meeting though and I think they will do it again in September in New York. Perhaps on his own turf after a long hot and hard summer, Obama will be able to persuade the masses that spending is what everyone needs.
blogs were mixed about the outcome. I personally do not believe anything happened other than a funny picture of Obama, Berlusconi and Medydev looking like drunken frat boys posing for a webcam picture. The dollar was mixed for the week and the pound actually rose on good news and the Euro seems to be holding its rebound. So I guess, if you look at it the right way, it made no significant impact in anything - so it must have been a success. No harm, no foul as they say.
Aside from this, the data keeps coming in suggesting that perhaps we (the leaders who spent tons of taxpayer money to bail out banks and such) acted too quickly. Yes, the recession is deep - Forex Traders know this - but is it as bad as they say? According to Auto sales, home sales, manufacturing reports and other key data, no. It is bad - don't get me wrong, but perhaps the solution might put the economy in a worse state than what it was before it got this bad.
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