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Rustyjigz

G7 pledges to avoid protectionism

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BBC

 

Leading industrial countries have pledged to avoid protectionism as they battle the global economic crisis.

 

Finance ministers at a G7 meeting in Italy said raising barriers to free trade would make the downturn worse. Hours earlier, the US Congress approved an $787bn economic recovery plan that includes a 'Buy American' clause. G7 ministers said stabilising the world economy and financial markets was their priority. They said they would work together to support growth and jobs. The 'Buy American' clause has raised fears that protectionism could be growing in the world's largest economy.

 

But in a statement after the meeting, new US Treasury Secretary Timothy Geithner dismissed such concerns.

 

"All countries need to sustain a commitment to open trade and investment policies which are essential to economic growth and prosperity," he said.

Ministers also called for urgent reform to the International Monetary Fund, saying the crisis had shown weaknesses in the world financial system.

"We agree that a reformed IMF, endowed with additional resources, is crucial to respond effectively and and flexibly to the current crisis," the ministers' statement said.

Other points included:

  • Praise for recent economic moves by China;

  • Help for banks; and

  • The need for a speedy end to the Doha talks on world trade
The G7 comprises the US, the UK, Japan, Germany, France, Italy and Canada. The BBC's correspondent at the meeting says it was billed as a meeting to discuss the broad issues of the economic crisis, not to decide major policy initiatives - and that's what it was. Britain's Chancellor of Exchequer (Finance Minister), Alistair Darling, said it was a stepping stone to a meeting in London in April of the G20 group, which also includes big emerging economies such as China and India.

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Rusty, here's the thing. Anyone who wants to read a BBC article can go to the BBC to read it. If they want to read an AP article, they go to an AP site and read it. And if your post isn't primarily YOUR opinion, the cut-n-paste stuff is mostly just white space that's annoying. Use articles to support an opinion if necessary, but just cutting and posting articles without so even telling us why you think it's worth sharing makes no sense.

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View PostRusty, here's the thing. Anyone who wants to read a BBC article can go to the BBC to read it. If they want to read an AP article, they go to an AP site and read it. And if your post isn't primarily YOUR opinion, the cut-n-paste stuff is mostly just white space that's annoying. Use articles to support an opinion if necessary, but just cutting and posting articles without so even telling us why you think it's worth sharing makes no sense.

 

 

ok

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View PostBBC

 

Leading industrial countries have pledged to avoid protectionism as they battle the global economic crisis.

 

Finance ministers at a G7 meeting in Italy said raising barriers to free trade would make the downturn worse. Hours earlier, the US Congress approved an $787bn economic recovery plan that includes a 'Buy American' clause. G7 ministers said stabilising the world economy and financial markets was their priority. They said they would work together to support growth and jobs. The 'Buy American' clause has raised fears that protectionism could be growing in the world's largest economy.

 

But in a statement after the meeting, new US Treasury Secretary Timothy Geithner dismissed such concerns.

 

"All countries need to sustain a commitment to open trade and investment policies which are essential to economic growth and prosperity," he said.

Ministers also called for urgent reform to the International Monetary Fund, saying the crisis had shown weaknesses in the world financial system.

"We agree that a reformed IMF, endowed with additional resources, is crucial to respond effectively and and flexibly to the current crisis," the ministers' statement said.

Other points included:

  • Praise for recent economic moves by China;

  • Help for banks; and

  • The need for a speedy end to the Doha talks on world trade
The G7 comprises the US, the UK, Japan, Germany, France, Italy and Canada. The BBC's correspondent at the meeting says it was billed as a meeting to discuss the broad issues of the economic crisis, not to decide major policy initiatives - and that's what it was. Britain's Chancellor of Exchequer (Finance Minister), Alistair Darling, said it was a stepping stone to a meeting in London in April of the G20 group, which also includes big emerging economies such as China and India.

 

 

Of course forign countries are for free trade. We buy so much forign crap in America that this is really THEIR stimulus plan and they want to divvy up that 800 billion ASAP!

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I am against the US supporting most all protectionism actions - it will do nothing but hurt us in the long run. This is not the best way to support American made products and jobs

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View PostOf course forign countries are for free trade. We buy so much forign crap in America that this is really THEIR stimulus plan and they want to divvy up that 800 billion ASAP!

 

England, France, Germany, Italy and Spain (other perhaps too?) have all enacted large stimulus packages as well, burying themselves deeper into debt, hoping that it works. They also added little protectionist tidbits into their plans.

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The most effective method for Americans to support, encourage and bolster our own businesses and industries would be for people to look at the product to determine where it is made and if you want to spend your money supporting that company/country.

 

It gets a little dicey when you throw the bailout money into the equation along with the mixed feelings that folks have about the unions and auto makers. Why "buy American" when you don't support the life support to an industry that refuses to evolve from obsolete methods and practices?

 

Jeff B.

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View PostThe most effective method for Americans to support, encourage and bolster our own businesses and industries would be for people to look at the product to determine where it is made and if you want to spend your money supporting that company/country.

 

It gets a little dicey when you throw the bailout money into the equation along with the mixed feelings that folks have about the unions and auto makers. Why "buy American" when you don't support the life support to an industry that refuses to evolve from obsolete methods and practices?

 

Jeff B.

 

 

It's a tuff call but buying forign is ultimately another nail in your own financial coffin. The dough you spend on an American car or product may just find it's way back to the company you work for and keep you from getting laid off. It's unlikely that money will find it's way back from China to save your job.

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