Business

Bush to warn of protectionism
by Martina Janeckova

On Thursday from Wall Street, New York, President George W. Bush plans to tell the world leaders that reforming financial markets alone won’t help if they abandon the free market. Bush will host leaders at a White House dinner on Friday and review causes and solutions for the financial crisis on Saturday. He is convening representatives of some of the world’s biggest industrial democracies, emerging nations and international bodies in Washington. Besides the United States, the countries represented will be Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey. Those countries and the European Union make up the so-called G-20. The top agenda item is how to revise regulatory oversight of financial markets around the world, but Bush will also emphasize preservation of free trade and competition. Dan Price, Bush’s deputy national security adviser for international economic affairs said “Protectionist rhetoric about walling off markets or companies does not help stabilize markets. It in fact leads to greater uncertainty.” In the short term, the world leaders are expected to focus on ways to stimulate economic consumption, free up credit and ensure that international financial institutions have the money to respond. Goals include making financial markets more open and less risky for millions of investors. The summit is the first in a series intended to deal with the economic recession in the world, and the next meeting won’t be until after Bush leaves office on January 20. Obama is not coming to the summit but will have a couple of representatives available to meet with leaders on his behalf.

by Martina Janeckova for PocketNews (http://pocketnews.tv)

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