G-20 finance officials pledged to work together – can the financial meltdown be stopped till asset valuation levels plummets 70% from its top?
Marla Guthrie
Oct. 12, 2008

The problem is asset valuation bubble. Chasing money that does not exist can be a fool’s paradise. The meltdown may not really stop till the balloon without gas finally drops hard on the ground. The G-20 finance officials pledged to work together. But the fall out on the third world is much more severe than the industrialized countries.

In a joint statement the G-20 finance officials pledged to work together "to overcome the financial turmoil, and to deepen cooperation to improve the regulation, supervision and the overall functioning of the world's financial markets."

Other speakers at a policy meeting of the IMF echoed Bush in emphasizing the need for countries to work together to address the crisis, avoiding the go-it-alone projectionist trade strategies that worsened conditions during the Great Depression of the 1930s.

US President Bush said his administration was doing everything possible to halt the biggest market disruption since the Great Depression. Accompanied by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, he participated for about 25 minutes in a discussion late Saturday with the Group of 20 nations, which includes wealthy countries as well as major developing countries such as China, Brazil and India.

White House spokesman Tony Fratto said Bush acknowledged the problem began in the United States, but told participants "we''re all in this together."

G-20 finance officials pledged to work together – can the financial meltdown be stopped till asset valuation levels plummets 70% from its top?
Marla Guthrie
The problem is asset valuation bubble.
READ MORE>>

Morgan Stanley, Goldman both internally bankrupt – can Paulson rescue them with $200 billion cash infusion?
Joe Weinman
Paulson, in a statement yesterday, said the U.S. would purchase equity...
READ MORE>>

GM, Chrysler, Ford face bankruptcy – GM and Chrysler planning merger to survive multi-decade global depression
Fred Day
The deep and nasty global depression is finally here.
READ MORE>>

The Bush legacy can haunt America for decades – unchecked spending and total arrogance end in world stock market crash and global depression
Tania Harding
Finance ministers and central bankers meeting in Washington said they would use...
READ MORE>>

Group of Seven finance chiefs have announced a plan of action to fight a global crisis with all available tools
Media Release
The G7 agrees today that the current situation calls for urgent and exceptional action...
READ MORE>>

US Stock market in third wave bear market can lose another 15% this week – S&P already down 2% even before Monday opening
Fred Day
Standard & Poor's 500 Index futures expiring in December fell 18.2 points...
READ MORE>>

MORE ARTICLES >>