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Neocon Nuttery
See other Neocon Nuttery Articles

Title: Leaders see financial crisis over in 18 months
Source: msnbc
URL Source: http://www.msnbc.msn.com/id/27873920/
Published: Nov 23, 2008
Author: AP
Post Date: 2008-11-23 16:50:02 by Beendigen Sie die Kommunisten
Keywords: None
Views: 642
Comments: 33

At Asia-Pacific conference, Bush makes final push to expand free trade

Image: President Bush
Mandel Ngan / AFP - Getty Images
President Bush takes his seat during the Asia-Pacific Economic Cooperation summit Sunday.
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Video: Economy in turmoil
Stimulus package coming?
Nov. 23: NBC's Patty Culhane reports on the possibility of a new stimulus package that might be needed to turn the economy around.

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LIMA, Peru - Pacific Rim nations assured the world Sunday that the global financial crisis can be quelled in 18 months, but provided few details of how they expect that to happen — or how their governments can help.

The 21 economies, which represent more than half of the world’s productive power, also pledged during a two-day summit not to erect new protectionist barriers for the next year, and to jump-start stalled World Trade Organization talks.

The main accomplishment of the Asia-Pacific Economic Cooperation forum was a widening of support for the Washington Declaration made last weekend by major economies that pledged to maintain free trade despite pressures to protect domestic industries.

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The leaders voiced confidence that the crisis could be resolved by mid-2010, though they did not go much beyond the steps outlined in the Group of 20 summit in Washington.

“We are convinced that we can overcome this crisis in a period of 18 months,” the leaders said in a statement. “We have already taken urgent and extraordinary steps to stabilize our financial sectors and strengthen economic growth.”

The reassuring words were added early Sunday to a declaration the leaders had signed off on the previous day. Delegates from several countries said the changes were made overnight at the request of the summit’s host, Peruvian President Alan Garcia.

“We have agreed that this meeting produce a clear and firm statement that breaks the vicious cycle of anguish and uncertainty,” Garcia said Sunday. “We — united as the world’s peoples, governments and businesses — are going to beat the crisis.”

The 18-month timeline fits with a calculation by the International Monetary Fund, which forecast developed economies would grow barely 0.1 percent in 2009, and that the world would emerge from the crisis the following year.

But some delegates and analysts were skeptical that the timetable was much more than wishful thinking, and some leaders distanced themselves from the language. Mexican President Felipe Calderon described the date as more of an estimate than a prediction.

Canadian Prime Minister Stephen Harper went a step further.

“I think it would be speculative to commit to that kind of timeline,” he said.

And Dan Price, an aide to George W. Bush, said the U.S. president thinks the global economy can be fixed even faster.

“That particular sentence was added by the president of Peru as the chair,” Price said aboard Air Force One. “Certainly, some in the region may think that recovery may take 18 months. President Bush believes that the actions we are taking now will begin to produce results in the much nearer term.”

Vinod Aggarwal, director of the APEC Study Center at the University of California-Berkeley, said the timeline was useful in sending a signal to markets.

“I don’t think it will make that much difference, but I don’t think it hurts,” he said.

More important, he said, was the leaders’ agreement to send ministers to Geneva next month to jump-start the so-called Doha round of World Trade Organization talks. Concern over the global financial crisis has injected new urgency into the negotiations, which collapsed in July.

In their final declaration, the APEC leaders said they were deeply concerned about instability in food prices, were committed to battling corruption and piracy, and supported “decisive and effective long-term cooperation” to combat climate change.

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The leaders called for greater APEC participation in the IMF and other multilateral lenders. Japan said last week it was ready to lend up to $100 billion to the Washington-based organization, but China has so far resisted entreaties to dig into its $1.9 trillion in reserves.

The summit could be the final foreign trip for George W. Bush as U.S. president. Barack Obama replaces him on Jan. 20, and delegates in Lima said there was little incentive to propose more concrete action without Obama’s presence.

Obama, who did not send representatives to Lima, pressed forward back home, announcing a plan to save or create 2.5 million jobs by the end of 2010 and preparing to introduce leaders of his economic team on Monday.

Harper said he expects Canada to officially enter recession by the New Year and is studying a financial stimulus package.

“If it is necessary for there to be government spending to bolster domestic consumption and stimulate investment markets, we will undertake those measures,” he said.

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#1. To: All (#0)

Bush pledges final hard push for Doha round

Sat Nov 22, 2008 4:50pm EST

By Doug Palmer and David Alexander

LIMA (Reuters) - U.S. President George W. Bush preached a message of "free markets, free trade and free people" on Saturday at his last international summit, pledging to use his remaining time in office to work toward a successful conclusion of a global trade deal.

"I recognize that I'm leaving office in two months but nevertheless this administration will push hard to put the modalities in place so that Doha can be completed and so we send a message we refuse to accept protectionism in the 21st century," Bush said in a speech to business executives at a summit of the Asia Pacific Economic Cooperation forum.

In a joint statement issued hours later, APEC heads of state said they were committed to reaching a breakthrough "next month" on difficult farm and manufacturing trade issues that have long blocked a deal in the seven-year-old Doha round of trade talks.

APEC leaders from 21 countries in Asia and the Americas, all around the Pacific Rim, also pledged not to raise new trade barriers for the next year.

The United States, China, Japan and other major APEC members also belong to the Group of 20 nations, which agreed last week in Washington to push for a breakthrough in the long-frustrated Doha round by the end of 2008 and to keep markets open.

"Now we've got to put those words into action," Bush told the executives before heading into closed-door meetings with APEC heads of state.

White House spokeswoman Dana Perino said Doha came up in Bush's bilateral meetings during the day with the leaders of South Korea and Japan.

"Doha has come up in every meeting," she said. "There is a path to get Doha done. The president wants to walk it and make everyone walk it with him so that we can get this done in the next couple of months."

Japanese Prime Minister Taro Aso told Bush countries should push to finish the Doha round, a Japanese official said.

The APEC summit comes as world leaders are struggling to restore global economic health in the midst of the worst financial crisis since the 1930s.

"I think we ought to focus our efforts on three great forces for economic growth: free markets, free trade and free people," Bush told the business leaders.

BUSH CRITICIZES CONGRESS

He welcomed Peru and Australia's decision to join the United States, Singapore, Chile and Brunei in negotiating a regional free-trade pact. He lashed out at the U.S. Congress for failing to approve three free-trade agreements with Colombia, South Korea and Panama before adjourning this week.

Bush told South Korean President Lee Myung-bak that he thought Congress had delayed the agreement with South Korea because "there's a backlash against free trade and ... he thinks we need to overcome it if we're going to overcome our economic challenges," Perino said.

The APEC leaders are expected to focus on common actions that countries can take to address the financial crisis and prevent another one from happening.

Bush acknowledged the world economic order was rapidly reshaping itself, and said the United States supported the demands of developing countries for a greater role in international institutions such as the World Bank and the International Monetary Fund.

"We're witnessing a dramatic shift of history as the center of the world's economic stage moves from West to East, from the Atlantic to the Pacific," Bush said. "Some view the rise of the Asia Pacific with suspicion and fear. America doesn't. The United States welcomes this success of emerging economies throughout the region."

The crisis has crippled U.S. economic growth and already cost the government hundreds of billions of dollars to prop up ailing banks. Other industries are also in trouble.

Bush and Canadian Prime Minister Stephen Harper discussed the auto industry during a bilateral meeting on Saturday, Perino said. Executives of the big three U.S. automakers are seeking $25 billion in emergency loans from the government to avoid collapse.

While the auto crisis is affecting both countries, Perino said Bush and Harper did not discuss a coordinated approach in dealing with it.

(Additional reporting by Chisa Fujioko, Dana Ford and Paul Eckert; editing by Fiona Ortiz and Mohammad Zargham)

Beendigen Sie die Kommunisten  posted on  2008-11-23   16:57:27 ET  Reply   Untrace   Trace   Private Reply  


#2. To: All (#1)



United States AmeriKa

Beendigen Sie die Kommunisten  posted on  2008-11-23   17:02:19 ET  (2 images) Reply   Untrace   Trace   Private Reply  


#3. To: All (#2)

APEC leaders promise swift economic action

By Chisa Fujioka and Oleg Shchedrov

LIMA (Reuters) - The United States, China, Japan and 18 other economies in Asia and the Americas pledged quick and decisive action on Sunday to prevent a severe global economic downturn.

With recession gripping parts of the world and financial markets in chaos, leaders at the 21-member Asia-Pacific Economic Cooperation forum, or APEC, said the slowdown is "one of the most serious economic challenges we have ever faced."

They said free trade and higher government spending were key to resolving the crisis and supported a big push to revive long-stalled global trade talks by seeking agreements on contentious farming and manufactured goods.

The leaders promised to "take all necessary economic and financial measures to resolve this crisis."

Their declaration at the end of a two-day summit in Peru echoed the measures called for by the "Group of 20" major economies at a meeting in Washington a week earlier, and widened the support for drastic action to stimulate lending and spending.

APEC members account for more than half of the world's economic output and also include Canada, Indonesia, Mexico, Chile, New Zealand, Singapore, South Korea and Hong Kong. Nine of them belong to the G20.

They pledged at the summit to work together to ease the turmoil, agreed not to adopt new trade barriers for a year and called for better regulation of the financial industry.

They also supported overhauls of the International Monetary Fund and World Bank at a time when more countries need emergency bailouts to avert economic disaster.

"The global political and economic architecture is undergoing the deepest and most complicated changes since the Cold War," Chinese President Hu Jintao told Russia's Dmitry Medvedev at the summit.

Japan reiterated an offer of $100 billion in funding for the IMF, but its peers did not follow the example.

TRADE DEADLOCK

APEC, which groups some of the most open economies in the world, warned that countries should not be tempted to use protectionist measures even if job losses mount.

"We are convinced that we can overcome this crisis in a period of 18 months," the leaders said at the summit.

But seven years of global trade negotiations have been hampered by disputes between the United States, China, India and other major players, and it is not clear what concessions they are prepared to make now.

U.S. President George W. Bush, on his last scheduled international trip before leaving office in January, held bilateral meetings with the leaders of China, Japan and Russia during the summit.

He tried to use the meeting to revive global trade talks before handing off to President-elect Barack Obama, who has expressed more caution about free trade than Bush.

A senior U.S. official told reporters in Geneva he saw a "very high probability" that trade ministers would return to Geneva next month to try to get a breakthrough in the so-called Doha round of trade talks.

Major economies have slashed interest rates and spent hundreds of billions of dollars to help struggling banks after the meltdown in the U.S. housing market sparked a worldwide credit crisis.

Now countries are looking at stimulus plans that include government spending increases and tax cuts.

Obama said on Saturday he was crafting an aggressive two-year stimulus plan to revive the troubled economy.

Canada could dip into a technical recession later this year or early next year, and will use fiscal stimulus if needed and if it does not cause a long-term budget deficit, Canadian Prime Minister Stephen Harper said.

APEC meetings over the last eight years have often been marked by anti-Bush protests and demonstrations against free trade, but protests were muted in Peru, perhaps because Bush is so close to leaving office.

(Additional reporting by Marco Aquino, Doug Palmer and Paul Eckert; Writing by Fiona Ortiz; Editing by Terry Wade and Kieran Murray)

Beendigen Sie die Kommunisten  posted on  2008-11-23   17:03:30 ET  Reply   Untrace   Trace   Private Reply  


#4. To: All (#3)

Obama sees long haul ahead, China offers help (Obama may delay tax increases [Ha Ha Ha!])

By Caren Bohan and Terry Wade

WASHINGTON/LIMA (Reuters) - U.S. President-elect Barack Obama may consider delaying a campaign promise to roll back tax cuts on high-income Americans as he works on a huge stimulus plan to counter the worst economic crisis the world has faced in decades.

In other moves to stave off the worst economic mess since the Great Depression, the 21 members of the Asia-Pacific Economic Cooperation forum declared at the end of a two-day summit in Lima that they would take all necessary economic and financial measures.

And diplomats also said there was a high probability the World Trade Organization would hold a ministerial meeting next month to seek a breakthrough in the Doha round of trade talks.

But it may be the moves by Obama that resonate most in global financial markets on Monday.

Two Obama aides indicated when asked on Sunday TV talk shows that the tax cuts brought in under the current administration of Present George W. Bush may be allowed to run their course until the end of 2010, rather than being rescinded by legislation before then.

Business leaders and economists had expressed concern that raising taxes now would only exacerbate the economy's woes.

Obama, who will take over from Bush on January 20, is ready to announce his top economic team on Monday.

He plans to nominate Timothy Geithner, president of the New York Federal Reserve Bank, as Treasury secretary, a transition official said. Lawrence Summers, 53, who was Treasury secretary in the Clinton administration, will help shape policy as director of the White House National Economic Council, the official said.

On Saturday, Obama laid out plans for a two-year economic stimulus involving the creation of 2.5 million jobs.

The size of the stimulus plan appears to be growing from the $100 billion to $300 billion previously suggested by congressional leaders.

One influential Democrat, Sen. Charles Schumer of New York, said on Sunday that a package of up to $700 billion was needed to support the American economy. Schumer also said he expects Congress to get the package onto Obama's desk for signature by Inauguration Day.

"The main thing right now is to get this economic recovery package on the road, to get money in the pockets of the middle class, to get these projects going, to get America working again, and that's where we're going to be focused in January," senior Obama adviser David Axelrod told Fox news channel.

When asked if the tax cuts for the wealthy would be allowed to expire on schedule after 2010 rather than be rolled back earlier, Axelrod said: "Those considerations will be made."

Another adviser, Bill Daley, said on NBC's "Meet the Press" that the 2010 scenario "looks more likely than not."

The comments on the tax increases, the stimulus plan and the economic appointments should bring some cheer to the furrowed brows of investors in world markets, but it may only be temporary.

U.S. stock prices, pummeled for most of last week, rallied more than 6 percent on Friday after word first leaked out that Geithner might take the helm at Treasury.

"I think it will help the market on Monday but I think it will be very short-term help," said Michael Pento, senior market strategist at Delta Global Advisors.

"You can stimulate the economy in the short run by a temporary adrenaline stimulus and a steroid shot of deficits, but in the long run it's extremely deadly."

At the meeting of APEC, which includes the United States, Peru pledged to push for a so-far elusive global free trade deal that they said would help keep the world from sliding into a deep recession.

Bush, Chinese President Hu Jintao, Japanese Prime Minister Taro Aso and other members of APEC, said they would refrain from raising trade barriers over the next 12 months.

They also supported overhauls of the International Monetary Fund (IMF) and the World Bank at a time when more countries need emergency bailouts to avert economic devastation.

"The current situation highlights the importance of ongoing financial sector reforms in our economies," the leaders said in a statement.

They committed to try to reach a breakthrough in the stalled Doha round of trade talks before the end of this year.

China's Hu said leaders must pay attention to the impact of the crisis on the developing world and provide it with support.

Japan was expected to reiterate an offer to give $100 billion to the IMF to prod other countries to chip in funds.

BLAME IT ON THE U.S.

Canadian Prime Minister Stephen Harper and Mexican President Felipe Calderon blamed the United States for starting the crisis and called for better banking regulations.

In other developments, Britain prepared plans to inject billions of pounds into the economy to stave off recession amid slumping house prices, rising unemployment and shrinking manufacturing output.

Finance Minister Alistair Darling will unveil the package of tax cuts and extra public spending expected to total up to 20 billion pounds ($30 billion) on Monday, newspapers said.

A cut in the so-called value added tax, or VAT, is aimed at giving a pre-Christmas boost to consumers' spending power.

"Doing nothing is not an option," Prime Minister Gordon Brown said in a speech he will give to business leaders on Monday. "We need timely action now to prevent permanent damage."

ASIA LEARNS TO FLINCH

China also planned more ways to support its economy, now showing signs of being infected by the crisis after years of extraordinary growth.

State television said projects planned by provincial governments will add an additional 10 trillion yuan ($1.5 trillion) to the value of a 4 trillion yuan economic stimulus package announced earlier this month.

The investments include rail, roads, ports and housing, CCTV said. The spending plans will emphasize rural infrastructure.

South Korean officials said they had further policy options to combat the global downturn, putting pressure on the central bank to cut interest rates in Asia's fourth-largest economy.

"We need financial support for small companies and exporters," Prime Minister Han Seung-soo said.

In the Gulf, also feeling the crisis despite its oil riches, Saudi Arabia's central bank slashed its benchmark lending rate from 4 percent to 3 percent, the second reduction in a month to keep credit markets moving and boost liquidity.

(Reporting by Reuters bureaux; Writing by Martin Howell; Editing by Maureen Bavdek)

Beendigen Sie die Kommunisten  posted on  2008-11-23   17:05:58 ET  Reply   Untrace   Trace   Private Reply  


#6. To: All (#4)

Evoking one of his country's darkest times, Bush said: "One of the enduring lessons of the Great Depression is that global protectionism is a path to global economic ruin." HA HA HA HA HAAAAA!

Bush secures foreign help on economy, North Korea

By BEN FELLER – 20 hours ago

LIMA, Peru (AP) — President George W. Bush snared fresh international support Saturday on the economy and North Korea, emerging from his final world gathering with modest wins and growing nostalgia about his turbulent tenure.

Dogged by a collapsing economy late in his presidency, Bush came away with the commitment he wanted from Asia's Pacific nations: a pledge to keep trade flowing and shun protectionism.

And Bush got a boost as the six nations involved in ridding North Korea of its nuclear weaponry agreed to meet in China in December, perhaps to finally lock in a disarmament deal.

All the while, Bush displayed a new willingness to look back on his term and speak wistfully about it, the kind of reflection he previously had dismissed as premature or pointless.

Barring a surprise trip to Iraq or Afghanistan, Bush's foreign travel as president is ending with this Pacific Rim economic summit in Peru.

"We've had our agreements, we've had our disagreements," Bush said to Russian President Dmitry Medvedev, a rather succinct nod to a bilateral relationship that has certainly seen better days. "I've tried to work hard to make it a cordial relationship, though."

Bush now returns to Washington to the same sober realities: an economy in tatters, feuds with Congress, and only two months left to do anything.

The 21 leaders of the Asia-Pacific Economic Cooperation forum, or APEC, rallied behind the economic crisis plan that Bush and other leaders forged last week in Washington. It already had the stamp of the world's richest economies and emerging powers, including some APEC nations, and now Bush can tout that other Pacific Rim nations are united in the cause.

Most notably, the APEC leaders offered a strong statement in support of free trade. That was Bush's primary appeal when he launched a defense of open markets earlier in the day.

Evoking one of his country's darkest times, Bush said: "One of the enduring lessons of the Great Depression is that global protectionism is a path to global economic ruin."

Bush went so far as to turn the depressing financial crisis into an upbeat opportunity, describing it as a chance for world unity and prosperity. He backed up that lofty idea not with any specifics but broad principles, promoting the power of open markets and free people.

"With confidence in our ideals, we can turn the challenge we face today to an opportunity — and lead the way toward a new era of prosperity for the Asia Pacific and beyond," he said.

The Asia-Pacific leaders also pledged to reach agreement next month on the outlines of a World Trade Organization pact that collapsed in July after seven years of negotiations. But outside experts say that deal is likely dead, at least for the rest of Bush's presidency.

On the North Korea nuclear showdown, the White House announced that the six nations engaged in the matter were poised to get back to the negotiating table. Their goal is reaching terms on how to accurately verify North Korea's nuclear dismantling efforts.

The topic helped drive Bush's trip. He kept a schedule Saturday of a man short on time.

He met individually with two vital partners, Japanese Prime Minister Taro Aso and South Korean President Lee Myung-bak, sandwiched around a joint session of all three men. Bush had already conferred about the North Korea conflict on Friday with Chinese President Hu Jintao, and then capped the last-minute run at a deal by meeting with Medvedev.

The current deal calls for North Korea to give up its nuclear weapons and weapons capability in exchange for aid and diplomatic concessions. The exact date of the next North Korea meeting in Beijing has not been stated.

"We'll let the Chinese announce their date," White House press secretary Dana Perino said. "I think that they have it worked out."

The White House said U.S. partners were growing wary that all their work over North Korea — a long and torturous diplomatic process — might disappear without success before Bush leaves office. Starting Jan. 20, Democrat Barack Obama will preside over U.S. foreign policy.

"I think the very understandable concern of these foreign governments is, `Will the new administration do some sort of policy review. Will it try to work with some new ideas?'" said Dennis Wilder, the White House's top Asian affairs adviser.

"The one idea that all of these countries are definitely committed to is that the six-party process is the right format," he said. "They want to, if you will, put this in the most attractive place possible so that the next American administration will see its value."

Bush's session with Medvedev came at a time of tense relations between two former Cold War foes. Russia opposes the U.S. plans for a missile defense system in Europe, and the U.S. says Russia lost international standing through its war with Georgia.

"In general, though we do have points of agreement and those points of real differences ... we are prepared for the continuous work," Medvedev told Bush as reporters looked on. "I view that, in general, our work was successful."

The White House's account of the private meeting was that Bush and Medvedev had "a cordial, but honest and direct exchange," as Perino put it. The embattled state of Georgia, and the leaders' differences about Russia's treatment of its neighbor, were among the topics.

Just hours before the meeting, the White House released a statement hailing Georgia's peaceful revolution to a free society five years ago — a potential poke at Russia.

Perino said of the timing of that statement: "It was purely coincidence."

Earlier, Bush also met with Canadian Prime Minister Stephen Harper. Their comments to reporters underscored that Bush's last Asia-Pacific Economic Cooperation forum has exactly the kind of farewell-tour feel that the White House downplayed ahead of the trip.

Bush's message to the Canadian leader: "It's been a joy to work with you."

Beendigen Sie die Kommunisten  posted on  2008-11-23   17:08:35 ET  Reply   Untrace   Trace   Private Reply  


#10. To: Beendigen Sie die Kommunisten (#6)

Bush's message to the Canadian leader: "It's been a joy to work with you."

It amazes me that Stephen Harper managed to get his conservative party re-elected to a near majority gov't position in Canada's Parliament despite Harper being known as W's poodle, having replaced Handsome Tony's sacred lapdog spot on W's knee.

scrapper2  posted on  2008-11-23   17:14:30 ET  Reply   Untrace   Trace   Private Reply  


#13. To: scrapper2 (#10)

NEO-CONZ und NEO-KOMMUNISTEN

Beendigen Sie die Kommunisten  posted on  2008-11-23   17:16:12 ET  Reply   Untrace   Trace   Private Reply  


#14. To: All (#13)

STRATFOR

Russia: APEC and Medvedev's Latin American Agenda

Peruvian workers making preparations for the Asia-Pacific Economic Cooperation forum
Summary

The 2008 Asia-Pacific Economic Cooperation (APEC) gathering Nov. 22-23 in Lima, Peru, will be the first APEC summit attended by both the new Russian president and the outgoing U.S. president. Although Russia and the United States have a lot to talk about these days, little of substance will be discussed between the two powers in Lima. Russian President Dmitri Medvedev has another agenda in mind for his tour of Latin America.

Analysis

Russian President Dmitri Medvedev left Nov. 21 for Lima, Peru, to attend the Asia-Pacific Economic Cooperation (APEC) conference, which brings together the leaders of 21 countries that border the Pacific Ocean at a time when the global financial crisis is at its height and tensions are growing among many of the world’s most powerful countries.

APEC itself has devolved from its original design as a multilateral trade group to mainly that of a forum for a handful of world powers — principally the United States, Japan, China and Russia — to hold bilateral meetings. Each of the member countries typically gets some face time with other leaders, but it is typically the Big Four that are heavily watched — especially now. This is the first big summit since August, when Russia invaded Georgia, that will be attended by both Russian and U.S. leaders.

There are many critical issues on the table between Russia and the United States, including the aftermath of the Russo-Georgian war, missile defense in Europe and the global financial crisis — all expected to be discussed during the next U.S.-Russian summit. But Medvedev implied Nov. 5 in his state-of-the-state address that he would no longer deal with the current U.S. administration and was waiting for President-elect Barack Obama to take office before he started negotiations with Washington. Medvedev has seen a possible opportunity in Obama’s presidency to strike deals on policy directions set by the Bush administration.

Although Russia and the United States traditionally hold side meetings during the APEC gathering, none is on the schedule. According to Stratfor sources in Moscow, Medvedev is willing to meet with George W. Bush for what adds up to mainly a photo opportunity but not to discuss anything in depth, even though Washington has requested a more serious sit-down. Medvedev is making a point of marginalizing the current U.S. administration at a very public forum.

Medvedev has other things he would rather concentrate on while he is in the Western hemisphere. First, the Russian president is looking to his meeting with Chinese President Hu Jintao to cover a host of topics, including Chinese loans to Russian energy firms, pipeline connections and Russia’s relations to its Asian neighbor as Moscow continues to reassert itself in the international arena. But Hu has other things in mind — mainly working with the United States on the current financial crisis — and China has given no indication that it is committed to any Russian agenda.

This leaves Medvedev with the other reason for his trip: a tour of Latin America. Following his snub of the American president, Medvedev will travel to Brazil (Nov. 24-26), Venezuela (Nov. 26-27) and Cuba (Nov. 27) — all countries that the United States considers critical in maintaining stability in the hemisphere.

The interesting thing is that Medvedev has pulled together an unusual entourage of Russian power brokers. Stratfor sources indicate (though this is not confirmed) that the team includes Russian Finance Minister Alexei Kudrin and former Federal Security Service chief and Security Council head Nikolai Patrushev. These two are not typical travel companions for the Russian president — and they never travel together. But they are two people who can get things done in the Russian system: one holds the checkbook, the other the cloaks and daggers. Their joint presence is a clear sign to Washington that Moscow is attempting to solidify its position either financially or with shadier tools right in Washington’s backyard.

Beendigen Sie die Kommunisten  posted on  2008-11-23   17:18:25 ET  (1 image) Reply   Untrace   Trace   Private Reply  


#15. To: All (#14)

Asia - Pacific leaders pledge to refrain from new trade barriers

Leaders of Pacific Rim nations promised to work together on further “extraordinary” steps to combat the global economic crisis and pledged to refrain from erecting new barriers to trade and investment.

Asia - Pacific leaders pledge to refrain from
new trade barriers

U.S. President George W. Bush, Chinese President Hu Jintao, Japanese Prime Minister Taro Aso and other members of the 21-nation Asia-Pacific Economic Cooperation group (APEC), said they would refrain from raising trade barriers over the next 12 months.

 

Leaders of the APEC, which includes the U.S., China and Japan and accounts for half of world output, also called for improved corporate governance and backed efforts to thaw frozen credit markets.

 

“We have already taken urgent and extraordinary steps to stabilize our financial sectors and strengthen economic growth and promote investment and consumption,” the group said in a statement during its meeting in Lima, Peru. “We will continue to take such steps, and work closely, in a coordinated and comprehensive manner, to implement future actions.”

 

They also supported overhauls of the International Monetary Fund, or IMF, and the World Bank at a time when more countries need emergency bailouts to avert economic devastation.

 

CHINA TO THE RESCUE?

In Lima, Chinese President Hu said the Asian powerhouse would work alongside the international community to strengthen cooperation and protect international markets.

 

China has been a major driver of the world economy as its rapid expansion fueled demand for raw materials. But with so many troubled countries looking to China to ease their financial woes, Beijing had been wary of taking a leading role.

 

"China is within the scope of its abilities taking major efforts to address the financial crisis," Hu said in a speech to business leaders.

 

This included providing support for liquidity for domestic financial institutions and coordinating macroeconomic policy with other countries.

 

APEC members also said they strongly supported recommendations that the Group of 20 leading economies made last week in Washington. Nine of APEC's members belong to the G20.

Beendigen Sie die Kommunisten  posted on  2008-11-23   17:20:41 ET  (1 image) Reply   Untrace   Trace   Private Reply  


Replies to Comment # 15.

#16. To: All (#15)

Backgrounder: Key facts about APEC Economic Leaders' Meeting 2008

   LIMA, Nov. 21 (Xinhua) -- The 16th Economic Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) kicks off Saturday in the Peruvian capital of Lima under the theme of "A new commitment to Asia-Pacific Development."

    The following are some key facts about this year's APEC Economic Leaders' Meeting:

    -- Who: Attending are leaders from 21 APEC member economies: Australia, Brunei, Canada, Chile, China, China's Hong Kong SAR, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Vietnam.

    The leaders include Chinese President Hu Jintao, U.S. President George W. Bush, Russian President Dmitry Medvedev and Japanese Prime Minister Taro Aso. Peruvian President Alan Garcia is the host for this year's summit.

    -- What: The 16th APEC Economic Leaders' Meeting. Since its inception in 1989 in response to growing interdependence among Asia-Pacific economies, APEC has become the premier regional forum for promoting open trade and practical economic and technical cooperation among Asia-Pacific economies.

    Over the years, it has grown to encompass 21 members spanning four continents, and represents the most economically dynamic region in the world, accounting for approximately 40 percent of the world's population, 56 percent of world GDP and nearly half of world trade.

    -- Where: Lima, capital and the largest city of Peru, is located in the valleys of the Chillon, Rimac and Lurin rivers on a coast overlooking the Pacific Ocean.

    -- When: The meeting is being held on Nov. 22-23, following the Ministerial Meeting on Nov. 19-20 and the Concluding Senior Officials' Meeting on Nov. 16-17. 

Special: President Hu Attends Financial Summit, APEC Meeting, Visits Four Nations 

Beendigen Sie die Kommunisten  posted on  2008-11-23 17:24:00 ET  Reply   Untrace   Trace   Private Reply  


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