October 03, 2008

Sarkozy Suggests New Bretton Woods Summit Should Take Place in the U.S

Increase DecreaseOctober 1, 2008 (LPAC)-- The French, Oct. 4 "preparatory meeting" in Paris for a New Bretton Woods summit aims to bring together the heads of state and government of those EU members that belong to the G8. Besides French President Nicolas Sarkozy, German Chancellor Angela Merkel, British Prime Minister Gordon Brown, and Italian Prime Minister Silvio Berlusconi, the talks will also include financial decision-makers of the Eurozone: EU Commission President Jose Manuel Barroso, European Central Bank President Jean-Claude Trichet, and Jean-Claude Juncker, head of the eurogroup.

This "G4" is scheduled to meet on Saturday afternoon, for three reasons: 1) The U.S. House of Representatives is expected to have voted on the revamped version of the Paulson swindle; 2) The ECB will have decided on its interest rates on Oct. 2; and 3) Markets are closed.

The final meeting date can still change, and reports from Le Monde indicate how shaky this scramble looks. Barroso and his Brussels gang already moved in with a whole pile of impotent "measures," aimed at increasing bank surveillance, early warning systems, better risk analysis, etc. Other proposals being floated are hedge fund regulation, rating agencies control, offshore banking regulation, and so on.

President Sarkozy hopes that a full G8 summit among heads of state and government could take place between mid-November and mid-December, after the U.S., Japanese and Canadian elections. The location for that meeting can be fixed as desired, but according to Sarkozy, the ideal place to have it would be in the U.S., so that both the outgoing U.S. President and President-elect would be available.

Questioned on French radio Europe 1, Jean-Claude Juncker said that he "applauded President's Sarkozy's initiative" to "take the leadership" of a world response to the financial crisis. But he estimates that the G8 alone "does not have the ability to solve the problems by themselves" of world finance. "One has to add India and China" to achieve a global and long-term response


Michelle Rasmussen, Schiller Institute in Denmark said...

This is along the lines the American economist and elder statesman Lyndon LaRouche has been calling for for a long time -- to get an agreement between the U.S., Russia, China and India to convene a New Bretton Woods conference to create a new financial system in the spirit of Franklin Roosevelt. See: www.larouchepac.com and www.larouchepub.com. In Denmark: www.schillerinstitut.dk, tlf.: +45 35 43 00 33

Mary Ann Seidler said...

I am a volunteer historical tour guide at the Mount Washington Hotel - in Bretton Woods. This hotel was where the conference was held.
The hotel is still there -including all the rooms the conference was held in.
Every day on our tours, louder and louder - people nearly shout - "have a new Bretton Woods conference"
The symbolism of having a new conference at this very hotel- would mean an incredible amount - to so many people.
This is the place where we stabilised the world economy once before.
Please don't make a new "Bretton Woods" in the glaring media light of New York - have it where it should be held - in the quiet, thoughtful place the first (and very successful) Bretton Woods was held - Bretton Woods!