Mr Bush bowed to demands from French President Nicolas Sarkozy, current holder of the EU's rotating presidency and José Manuel Barroso, President of the European Commission, at his Camp David presidential retreat.
The French leader reiterated his attacks on the American-led sytem of capitalism."We cannot continue along the same lines because the same problems will trigger the same disasters," said Mr Sarkozy. "This is no longer acceptable. This is no longer possible. This sort of capitalism is a betrayal of the sort of capitalism we believe in."
But remarks after the Camp David meeting has already exposed deep trans-Atlanic differences. "
Even the venue of the global economic conference could be a source of discord after President Sarkozy called for it to be held under the auspices of the United Nations in New York, near America's Wall Street financial district, the source, the EU claims, of the present economic crisis.
"Insofar as the crisis began in New York, then the global solution must be found to this crisis in New York," Mr Sarkozy said.
A weakened President Bush, who will be seeing out his last months in office after US presidential elections on Nov 4. The US leader is expected to try and wrest back control by holding the summit in Washington.
[WE HOPE THAT BUSH DOES NOT 'GIVE AWAY THE AMERICAN FARM' IN ORDER TO CREATE SOME PERCEPTION OF A 'POSITIVE' LEGACY FOR HIMSELF. THAT WOULD BE SELF-DELUSIONAL.]
European diplomats are hoping that a new US President-elect might be more receptive to European style "social market" reforms, especially if the elections sweep Democrat candidate Barack Obama into power.
By Paul Eccleston
A global green 'New Deal' is needed to transform the world's economies, according to a new UN report.
Credit crisis is time to act on climate change, says Lord Stern
Greening the global economy
Launching the report in London Achim Steiner, UNEP executive director, said the worldwide financial crisis had created an historic opportunity to replace a system which had seen the world's GDP double between 1981-2005 but which had resulted in 60 per cent of the Earth's ecosystem being degraded while 2.6bn people were still living on less than $2 per day.
[ACTUALLY, THE SPIKING OF FOOD, FINANCIAL AND FUEL PRICES HAS BEEN LARGELY ATTRIBUTABLE NOT TO 'MARKET FAILURES', BUT TO 'GOVERNMENT FAILURES' - NAMELY BUREAUCRATIC INEPTITUDE AND LACK OF JUDGMENT (i.e., 'picking the wrong 'winners' and 'losers'), WASTE, CORRUPTION AND LACK OF TRANSPARENCY. MR. STEINER SHOULD BE QUITE FAMILIAR WITH THESE PROBLEMS, BECAUSE THEY HAVE PLAGUED THE UNITED NATIONS AND THE NATIONS OF EUROPE FOR DECADES.]
By James Kanter
International Journal of Economic Development Volume Seven, Numbers 2-3, pp. 65-411 (Dec. 2005), at: http://www.itssd.org/White%20Papers/ijed-7-2-3-kogan.pdf ; See also, EU Commission Response to ITSSD Precautionary Preference Study, at: http://www.itssd.org/References/Government/EUCommission-ResearchDirectorate-G%5B1%5D...pdf ].
[THESE PERSONS HAVE CREATED THE PERCEPTION OF SIMILAR 'CRISES' FOR THE PURPOSE OF JUSTIFYING THEIR 'SOFT' SOCIALIST REVOLUTION FOR 'CHANGE WE CAN BELIEVE IN'].
The research should be completed in two years, but it is a fair bet the final report will make the case that governments should invest more money in creating green jobs, as well as protecting forest lands and other parts of the so-called “ecosystem infrastructure.”
The Return of FDR, Part III: The Green New Deal [REAL CHANGE - CHANGE WE CAN BELIEVE IN']
By Justice Litle, Editorial Director
New 5-Currency Index CD From EverBank
Martin Wolf, one of the sharpest minds at the Financial Times, sees consumer outlook -- “particularly in the English speaking world, and above all the United States” -- as the most important question now.
“Are [consumers] going to be optimistic and spend,” Wolf muses, “or are they going to say, ‘We spent too much. We borrowed too much. Our wealth is falling. Houses are falling, equities are falling, we’ve got to save a lot.”
Time for a New Motor?
For the last 25 years, Soros observes, the “motor of the world economy” has been the American consumer. And not only has the American consumer been aggressively consuming, he “has been spending more than he has been saving.”
The declines that followed Monday’s rally, however, were tied to a separate issue... rooted in fears that the U.S. consumer may, after many years and countless false alarms, be well and truly tapped out. If so, we don’t know what the new “motor of the world economy” is going to be.
Energy prices are falling now, mainly due to deflation fears and the phenomenon of “demand destruction.” But when global growth resumes, energy prices will go right back up again. And then there are the indirect costs, like the rampant pollution and quality-of-life issues that plague China and India.
The 3 stocks you’ll need to bank as much as 19,000% on the new Gas Rush
On October 8, House Speaker Nancy Pelosi gave a foretaste of this with her call for a $150 billion stimulus package aimed at Main Street rather than Wall Street. Assuming an Obama win, the Democrats are planning to hit the ground running on November 5. That means breaking out the checkbooks for Round Two (and Three, and Four, and so on).
If McCain wins, the spending outlook doesn’t change that much. He, too, has plans to bail out U.S. homeowners. A Republican White House paired up with a Democratic Congress might even touch off a “top this” contest to see who can be more generous.
The soaring speeches practically write themselves. Just imagine it: Millions of proud, hard-working Americans climbing up on the roofs of their eco-friendly homes, installing the solar panels that will set them free from the burden of high energy costs, while leading an industry boom that restores and renews the nation.
Mind or not, we’re going to get one of those, too... a new bubble, that is. When the next mania comes, alternative energy is almost certainly where it will take root. Financial panics will come and go, just as they’ve been doing for thousands of years -- did you know Wikipedia has an entry for “The Business Panic of 33 AD”? -- but human nature never changes.
New deal offers an alternative to global fatalism
By offering universal free insulation to communities, we'll cut bills, create jobs, and start the work of creating a housing stock fit for a zero-carbon economy. By attacking poverty and pay, we'll address the inequality that blights lives - and stimulate the economy at the same time.
• Caroline Lucas is leader of the Green party and a Green MEP.
Soaring prices of grain and oil, it stresses, have stemmed from outdated economic priorities that have concentrated on short term exploitation of the world's resources, without considering how they can be used to sustain prosperity in the long term. Over the last quarter of a century, says UNEP, world growth has doubled, but 60 per cent of the natural resources that provide food, water, energy and clean air have been seriously degraded.
Switching direction and concentrating on 'green growth', he says, will not only prevent such catastrophes, but rescue the world's finances. “The new, green economy would provide a new engine of growth, putting the world on the road to prosperity again. This is about growing the world economy in a more intelligent, sustainable way.