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Context of 'September 22, 2009: Agenda Set for G-20 Summit: Leaders Seek Accord on Banking, Financial Reform'

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NYU Economics Professor Nouriel Roubini tells Bloomberg News that, following the $350 billion injection by the Bush Administration, President Barack Obama will have to use as much as $1 trillion of taxpayer funds to shore up capitalization of the banking sector. “The problems of Citi, Bank of America and others suggest the system is bankrupt,” Roubini said. “In Europe, it’s the same thing.” Roubini also predicts that oil prices will continue to trade between $30 to $40 a barrel all year. Regarding commodities, Roubini said, “I see commodities falling overall another 15-20%. This outlook for commodity prices is beneficial for oil importers, it’s going to imply that economic recovery might occur faster, but from the point of view of oil exporters, this will be very negative.” [Street Insider.com, 1/20/2009; Bloomberg, 1/20/2009]

Entity Tags: Barack Obama, Citibank, Nouriel Roubini, Bank of America

Timeline Tags: Global Economic Crises

President Obama receives approval from NATO leaders on his new strategy for Afghanistan and Pakistan at a NATO summit in Strasbourg, France. Obama in turn heralds commitments from NATO allies, saying their agreement to send up to 5,000 more trainers and police to Afghanistan is “a strong down payment” toward securing the country. Obama is echoing a phrase delivered by counterinsurgency guru, retired Lieutenant Colonel John Nagl, a week earlier (see March 31, 2009). At the NATO meeting, leaders pledge to send 3,000 more troops on short-term assignments to boost security for the scheduled elections in Afghanistan on August 20, and some 2,000 additional personnel to train growing Afghan security forces. They also promise to send 300 paramilitary police trainers and provide $600 million to finance the Afghan Army and civilian assistance, according to Obama. He adds that these figures should not be considered a ceiling, suggesting that more could be sought at some point in the future. “We’ll need more resources and a sustained effort to achieve our ultimate goals,” he states. [Reuters, 4/4/2009; Associated Press, 4/4/2009]

Entity Tags: North Atlantic Treaty Organization, Afghan National Security Forces, Afghan National Police, Barack Obama, Afghan National Army

Timeline Tags: War in Afghanistan

The tasks before the forthcoming Group of 20 (G-20) summit to be hosted by President Barack Obama in Pittsburgh, Pennsylvania, are rolled out in the media. The number one agenda item for global leaders will be restraining financial institutions’ compensation and forcing them to clean their balance sheets to avert a duplicate of the near-meltdown of global financial systems. They will also attempt to find new methods for controlling over-the-counter derivatives markets, which are said to have augmented the global crash. The leaders are also scheduled to “increase oversight of hedge funds, credit rating agencies, and debt securitization.” Most leaders agree that it is essential to find a resolution for the huge financial imbalances in trade, savings, and consumption, all of which played a role in the global financial crisis, and ultimately may leave global economies vulnerable to future financial shocks. Christine Lagarde, the French Finance Minister, says that signs of economic recovery should not act as an excuse to avoid economic reforms. Officials of France and Germany are recommending stringent financial sector regulations, which incorporate limits on executive pay. The mandate of the G-20 is to “promote open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability.” The G-20 is comprised of finance ministers and central bank governors from 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union, which is represented by the rotating council presidency and the European Central Bank. [Reuters, 9/22/2009; New York Times, 9/22/2009; Voice of America, 9/22/2009; G-20.org, 9/22/2009]

Timeline Tags: Global Economic Crises

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