Financial System Nearing Meltdown
Posted by Stephen Cline on October 12th, 2008The G20 group of leading leading economies met in Washington to hear the head of the IMF, Dominique Strauss-Kahn tell them that the world’s financial system was nearing melt down and this global economic crisis called for nations to band together and not try and solve each countries problems individually.
With world markets plummeting investors are seeing their savings and superannuation getting smaller each day and looking to their government leaders, waiting for them to say something that will cool this bear market.
With the United States being considered as the worst hit by this global economic crisis the focus of policy is on five areas — providing liquidity, strengthening capital, protecting investors, enlarging the macroeconomic response and improved regulation.
However saying this, President Bush failed to unveil any new proposals following his meeting with the financial leaders of G7. Time will tell how the rest of this story pans out. And all the latest global economic crisis news will be found here.