Sunday, February 10, 2008

Global Economic Slowdown Predicted by G7 Countries.

Finance leaders from the world's wealthiest nations warned Saturday that global economic woes could get worse from the slump in the U.S. housing market, but offered few specific remedies. In a statement issued after meeting in Tokyo, the finance ministers and central bank chiefs of the Group of 7 industrialized nations offered a more pessimistic view of the global economy than they did four months ago, after their last meeting. But they also said the fundamental elements of the global economy remained strong and the United States would probably avoid recession. Members urged China to absorb more imports by raising the value of its currency, which would make foreign goods cheaper for Chinese consumers. They also called on oil producing nations to help cut energy prices by raising output. Some warned that higher fuel and food costs could cause global inflation. By Martin Fackler, 2008, The New York Times.

Now when President Bush, on January 16th of this year, asked OPEC to increase oil production in order to help our economy, Hillary Clinton called Bush's efforts "pathetic". Now I wonder if Hillary is going to call the leaders of Japan, Germany, France, Britain, Italy and Canada "pathetic" since they asked the oil producing nations, OPEC, to raise output. Now the finance ministers and central bank chiefs of the Group of 7 said that the United States will probably avoid a recession. But we have many economists suggesting it might be too late that we are in a recession and it is too late to turn it around. In fact many economists said the economy almost came to a halt in the last three months. President Bush said this is just a little slow down, who do we believe? I don't think I'm going to believe the media. The G7 also said that if we don't increase the production of oil and lower the cost of food that this could cause global inflation. Global recession or inflation which will it be? Lets just drill for more oil and use corn for food not to run our cars.

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