Thursday, October 30, 2008

G-20 summit at Washington, Nov 15 ...

To get a special invite to speak for the economist PM of India Dr Manmohan Singh to attend the G20 summit at Washington is an honour, no doubt ..

The G-20 countries are made up of the G-8 (US, UK, France, Germany, Japan, Canada,Italy, Russia) and the G-11 (Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea and Turkey) besides the European Union.

In this time of crisis, the western countries look to China, India and Japan, besides some countries in Europe, to help shore up the economic crisis afflicting the developed western world and to some extent other countries of the world. Everybody is aware of the fact that ever since US started exercising its seignorage of the Bretton Woods Institutions, the World Bank and the IMF, the policies of these Institutions which were to help and monitor world economies got skewed to serve the interests of US and other developed nations from Europe. And the world is now fully aware of where those policies have taken the two Institutions which have failed miserably in monitoring, forewarning or controlling the economic crisis which has befallen the world now.

Without democratising  these Institutions of international economic governance, US should not expect India and China to play a major role to revive or resurrect the developed economies.. Dr Manmohan Singh would be stressing on the need to democratise these Institutions in the first instance and would be giving lot of economic advice to the world leaders on how to manage their economies.

Dr Manmohan Singh and PM of UK Gordon Brown will be addressing the group on this crisis .. Hope the G20 summit turns out to be useful than a time wasting session ..

george..

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