Just when he thought he could relax and sit around giving oversight to his transition team it appears that President George W. Bush will be hosting an important meeting of the G20 countries before he can escape to Crawford Texas. Other reports I’ve seen give the idea, and insistence, for this most unusual meeting to French President Nicolas Sarkozy. The meeting is set to take place on the 15th of November and Bush is going to invite participation from the President Elect and his team.
I find it interesting that the meeting is going on during the transition period, while power is being transferred from the Bush administration to either an Obama or McCain administration.
It would seem that the major economies of the world are intent on diving into this as soon as possible without respect to major changes in the American political landscape. I suspect this is a sign of just how desperate the world is about the economy and its infinite potential to get much worse in both the short and long term.
The American President Elect will be up to his eyebrows in high stakes world diplomacy and in helping to set up the world principals if not the first true world institutions to control and regulate the global economy. The President Elect wont have his cabinet or staff together yet! Consider the following from an article on CNBC.
President Bush will host a summit on Nov. 15 in the Washington, D.C., area to discuss the global financial crisis and ways to prevent it from happening again, the White House announced
“The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common
set of principles for reform of the regulatory and institutional regimes for the world’s financial sectors,” said White House spokeswoman Dana Perino.
I would like to be a fly on the wall as the Argentineans, the Chinese, the Europeans, the Indians, and even the South Africans indicate how thrilled they are to be at a summit caused by our flagrant mismanagement of the world’s principle economy. I also find it fascinating that we’ll be sitting down with major economies run by Communism, Socialism, Gangsters and a “Moderate” Islamist nation while we, all evidence to the contrary, claim to represent a free market economy! We’re actually going to be Europe Jr. but it’s going to take time for the denial to fade, and the realities to sink in. Some of these world leaders will not be in a proper frame of mind to appreciate the “American Way” or the glories of the market system. In fact if Obama wins the election it will make George W. Bush the only pro American leader at the summit! Throw in the General Secretary of the UN, the President of the World Bank and the Director of the International Monetary Fund and all you need is popcorn for a serious Anti American Party.
In any event our ability to shape the forthcoming policy will be at our lowest because of the election and because of our perceived culpability in this mess. We’re going to see the outcome directed by other leaders, I suspect European leaders, and I suspect we’ll lose many of our advantages in the new economic accords. So who are these guys that will be rewriting the global economies rule book about 10 days after our election?
“G-20 members are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
“The Managing Director of the International Monetary Fund, the President of the World Bank, the United Nations Secretary-General, and the Chairman of the Financial Stability Forum have also been invited to participate.”
These leaders are going to try to create a global system of economic governance that in the end will lead to a plethora of “global” institutions as national sovereignty becomes more and more irrelevant and obsolete in a global economy. The world is going to be treated to the spectical of one nation state, the United States of America, toadmit that we cant solve this problem alone and invite the creation of new powerfull international agencys and regulation. We’re going to join the world chorus in calling for a new world standard of value and banking that will be presented to the world as if it were the 10 commandments of God.
If Barak Obama is President Elect than we’re going to be treated to any number of built in penalties for America based on environmentalism to economic imperialism that will resonate with the world view of the new President. George W Bush will not be a player in this at all because he won’t want to be seen as a sore loser. Bush is now very much a lame duck and his presence will serve as a convienient excuse should they need a whipping boy. The world leaders who will design the global financial system will reinforce the views Obama’s learned from his Communist Poet Buddy in Hawaii to his America hating preacher of twenty years to the hapless liberal academics infesting our nation’s colleges. Obama will agree with the nations of the G20 and blame the Bush administration and Market Capitalism itself while agreeing to global economic protocols and institutions that will ensure the death of Market Capitalism.
The world as we know it will never be the same.
In addition, we expect that the leaders will discuss the effects of the crisis on emerging economies and developing nations. The summit will also provide an important opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can enhance their commitment to open, competitive economies, as well as trade and investment liberalization.
Check out this fine article at CNBC.com: http://www.cnbc.com/id/27321251