WASHINGTON: President George W Bush will host a summit on November 15 in Washington, DC, area to discuss the global financial crisis and ways to prevent it from happening again, the White House announced on Wednesday.
"This will be the first in a series of summits that bring together leaders from countries that participate in the G-20 finance process to discuss current economic challenges.
The so-called G-20 includes the Group of Seven advanced industrial countries and the European Union as well as China, Brazil, India, Russia, South Korea and other major economies.
At the first meeting, working groups will be set up to develop recommendations to be considered by leaders in subsequent summits.
Earlier Quicktakes Tripolar Currency System - Connecting the dots - Part II recorded what is the likely outcome - which has happened till now.
The New 5
The real action will be 5 countries - Russia and China on one hand - and India, South Africa and Brazil on the other.
The DragoBear Dance
Russia and China as significant military powers as well as a part of P5, will want their pound of flesh. They will, of course, be afraid of being left out! The US will not have them and the EU does not want them!
Three Horsemen Of Apocalyse
The G3 (i.e. India, South Africa and Brazil) have functioning democracies, decent regulatory systems (which can be ramped up), the technology platforms, the trading systems, a vibrant entrepreneurial class - all of which is powering their economies forward. What they don't have is P5 status - which is useful, though not essential.
This Washington meeting
During the con-fab, 'committees will be set up' which create mechanisms for this management.
The big issue for the developing world will be obtaining assurances against predatory raids by the dollar bloc and the Eurozone to dismantle any new system - like the alleged plot of 1997 Asian crisis.
The lesser issues will also be inter-bank settlements, anchoring currencies (the role of gold or bullion).