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Will G20 $1 trillion deal steer world out of economic crisis?
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The G20 London meeting ended with a positive note. The member countries signed the $1trillion deal to end the global economic meltdown. Gordon Brown termed the deal as the beginning of a new world order. The member countries deemed the deal as the confidence building and are optimistic that it’ll begin the global economic recovery and would lift the world out of recession next year.
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Sachin Kumar
Apr 3 2009
shimla,
India
For what purpose the huge $ 1 trillion deal has been done. Where this amount will be spent? With out addressing the root cause of recession we can’t get out of it. The basic fault is with these neo liberal economic policies. These policies promote the hegemony of giant trance national companies.These companies can go to any limit for making financial gains. These companies are responsible for this slowdown and without having a mechanism to check the functioning of these companies we can’t think of any improvement.
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I am not that much optimistic with the present deal considering the fact that majority of the countries attending G20 summit are billions of dollars in debt. then the million dollar question is where exactly is this $1 trillion going to come from?
This deal only makes a sense to me if the member nations would have announced that they were going to pay off a trillion dollars of their debts. A trillion dollars of additional borrowing is nothing short of a disaster.
This deal only makes a sense to me if the member nations would have announced that they were going to pay off a trillion dollars of their debts. A trillion dollars of additional borrowing is nothing short of a disaster.
Whether it will help end the economic crisis or not will be decided in the coming time. bt the world leaders need to understand that there are no chance for small successes or little failures, no mixture of some success and some failures, no chance for adjustments as time goes on, just one BIG FAILURE and that's it. still i hope for a better future...a new world order.
So far the meetings of big organisations like G20, G8, SAAEC...have proved nothing more than a big feasts ending in nothing substantial, and this time it will be among the exceptions, seriously speaking i doubt.
They’ve got an agreement stating there must be a will to rectify the problem. Anyone who has been in a meeting where several people need to come up with a consensus, know that to agree on something so monumental in the time frame they did, shows a huge amount of willing. Let’s look to the future instead of dwelling on the past.
I agree to you but I don't think we should ignore past and this deal does not make a very good sense to the ppl who are closely watching everything. it's nothing but an eyewash. let me tell you how the deal will be implicated if the g20 leaders are really interested in it. This will result in giving extra money to the IMF and the World Bank. and they will further conduit it to the affected ppl and its more like trying to put out a fire by giving the keys to the firehouse to the arsonists.
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