G-7, IMF and World Bank Leaders to Meet
Following the string of economic crises across the globe, financial elites are planning to meet in Washington this weekend to address how to resolve the problems of global capitalism. Notably missing from the proceedings is any representative from the developing world.
The Washington Post:
Financial markets are tumbling. The world economy is starting to sputter. Food prices have shot up so far, so fast, that there are riots in the streets of many poor nations.
It’s a hard time to be one of the masters of the global economy.
Those leaders — finance ministers from all over the world — are gathering in Washington this weekend to sort out their reactions to the most profound global economic crises in at least a decade. The situation could reveal the limitations that international economic institutions face in dealing with the risks inherent to global capitalism.
“There’s got to be something coming out of the weekend, a way to visibly assume public responsibility for trying to limit the damage that financial markets can do to our society,” said Colin Bradford, a senior fellow at the Brookings Institution. “The pressure is on politicians this weekend to come up with an answer. … What is the power structure going to do about this?”