From the BBC:
Japan's finance minister is facing calls for him to resign amid claims he was drunk at a recent G7 meeting.
Shoichi Nakagawa has apologised for his behaviour but blamed cold remedies for a slurred performance at a news conference in Rome at the weekend.
You may recall similar suspicions following Nicolas Sarkozy's "winded" press conference at the '07 G8 in Heiligendamm. Which begs the question: what are they serving at these summits (and where can I get some)??
Update: Nakagawa's gone, can Aso be far behind?
Showing posts with label G7. Show all posts
Showing posts with label G7. Show all posts
Monday, 16 February 2009
Sunday, 15 February 2009
That Was The Week That Was
Politique
-G7 finance ministers meet in Rome following the passage of an $787bn US stimulus package. US Treasury Secretary Geithner received a not-so welcome reception at the meeting, with some ministers critical of the US deficit and "Buy America(n)" provision present in the final bill. While the meeting provided window treatment to the tensions over protectionism, it is clear that a substantive lack of coordination and consensus is setting the global economy up for a period of tense economic relations. G7 communique text here.
-The Israeli election ended in a stalemate as Kadima won a shock 1-seat minority victory over Likud. The insurgent candidacy of far-right party Yisrael Beitenu and its leader Lieberman shook the political establishment, banishing Labour to the political wilderness and winning the key to an eventual coalition government.
-Venezuelans voted again on abolishing term limits. Chavez has raised tensions in the run up to this vote by denouncing an opposition and US-led "coup" plot.
-For the first time, Pakistan officially acknowledged that "some part of the conspiracy" against Mumbai was carried out on its soil.
Economia
-US Treasury secretary Geithner unveiled an "outline" of the Obama administration's financial system rescue plan. The heavy on intentions, light on details presentation was immediately rebuffed by markets, commentators and policymakers begging for more clarity and substance.
-Karl-Theodore zu Guttenberg assumed the economic portfolio in Angela Merkel's coalition. The move comes less than a week after it was announced that German industrial output fell in December by its largest margin since unification.
-In testimony before Congress, US director of national intelligence Dennis C. Blair said that the global economic crisis was the most urgent threat to US, and global, security. The global political instability, economic uncertainty and diminished US authority stemming from the crisis surpassed the threats posed by terrorism and nuclear proliferation.
The Rest
-In the FA Cup, Everton beat Villa, ManU over Derby, and Swansea forced a replay against Fulham at the Cottage. In other Prem news, Big Phil went bye bye. In Serie A, Becks looked set to return to L.A. after the MLS imposed Friday deadline (or tactic?) passed without a deal. In Spain, Raul broke the all-time goals record at Real Madrid.
-In the biggest study of its kind, researchers found that regular multivitamin use did little to prevent cancer or heart disease in older women.
-Walking down Amsterdam Avenue in Manhattan yesterday, my wife and I stumbled upon a disheveled, mad scientist looking Malcolm Gladwell. As we approached the best-selling author, he very clearly slowed down to walk parallel to us, awkwardly incapable of disguising the fact that he was eavesdropping on our animated, but admittedly unremarkable, conversation. I am convinced that we are now the subject of his next book, Caring for the Elderly, and demand royalties.
-G7 finance ministers meet in Rome following the passage of an $787bn US stimulus package. US Treasury Secretary Geithner received a not-so welcome reception at the meeting, with some ministers critical of the US deficit and "Buy America(n)" provision present in the final bill. While the meeting provided window treatment to the tensions over protectionism, it is clear that a substantive lack of coordination and consensus is setting the global economy up for a period of tense economic relations. G7 communique text here.
-The Israeli election ended in a stalemate as Kadima won a shock 1-seat minority victory over Likud. The insurgent candidacy of far-right party Yisrael Beitenu and its leader Lieberman shook the political establishment, banishing Labour to the political wilderness and winning the key to an eventual coalition government.
-Venezuelans voted again on abolishing term limits. Chavez has raised tensions in the run up to this vote by denouncing an opposition and US-led "coup" plot.
-For the first time, Pakistan officially acknowledged that "some part of the conspiracy" against Mumbai was carried out on its soil.
Economia
-US Treasury secretary Geithner unveiled an "outline" of the Obama administration's financial system rescue plan. The heavy on intentions, light on details presentation was immediately rebuffed by markets, commentators and policymakers begging for more clarity and substance.
-Karl-Theodore zu Guttenberg assumed the economic portfolio in Angela Merkel's coalition. The move comes less than a week after it was announced that German industrial output fell in December by its largest margin since unification.
-In testimony before Congress, US director of national intelligence Dennis C. Blair said that the global economic crisis was the most urgent threat to US, and global, security. The global political instability, economic uncertainty and diminished US authority stemming from the crisis surpassed the threats posed by terrorism and nuclear proliferation.
The Rest
-In the FA Cup, Everton beat Villa, ManU over Derby, and Swansea forced a replay against Fulham at the Cottage. In other Prem news, Big Phil went bye bye. In Serie A, Becks looked set to return to L.A. after the MLS imposed Friday deadline (or tactic?) passed without a deal. In Spain, Raul broke the all-time goals record at Real Madrid.
-In the biggest study of its kind, researchers found that regular multivitamin use did little to prevent cancer or heart disease in older women.
-Walking down Amsterdam Avenue in Manhattan yesterday, my wife and I stumbled upon a disheveled, mad scientist looking Malcolm Gladwell. As we approached the best-selling author, he very clearly slowed down to walk parallel to us, awkwardly incapable of disguising the fact that he was eavesdropping on our animated, but admittedly unremarkable, conversation. I am convinced that we are now the subject of his next book, Caring for the Elderly, and demand royalties.
Monday, 13 October 2008
US Treasury Plans to Part-Nationalize Major Banks
According to the latest crisis measures, the US taxpayer will now own equity in nine major American banks in exchange for a $125 billion capital injection and debt guarantee. Another $125 is expected to be allocated to recapitalize other "healthy" firms across the country.
This decision follows British leadership on the matter, as well as similar European commitments totaling $1.8 trillion.
Gordon Brown has really hit his stride during this crisis. He has reiterated his call for a new Bretton Woods (taking his cue from Rory, of course) to create a new financial architecture for the years ahead. Such calls have been made since the collapse of the "old" Bretton Woods in the early 1970s, but the recent turn of events may very well have convinced enough of the powerful decision-makers that a new approach is required. A "new paradigm," if you will.
We're going to be paying very close attention to any developments
of this kind, but one thing I can say with confidence: the G7 is not the venue for such discussions. As a collective decision-maker, the G7 has failed during this crisis - just as it failed to make significant progress in banking and capital market regulation following the Asian crisis in 1997-8. Even today's pledge for collective action amounted to little more than words; the real action was taken elsewhere. These meetings are geared towards discussion, not decisions. Even the expanded G20 fails to effectively include all the significant players in today's global markets.
If we want to see results, we need to leave this old boys club behind.
This decision follows British leadership on the matter, as well as similar European commitments totaling $1.8 trillion.
Gordon Brown has really hit his stride during this crisis. He has reiterated his call for a new Bretton Woods (taking his cue from Rory, of course) to create a new financial architecture for the years ahead. Such calls have been made since the collapse of the "old" Bretton Woods in the early 1970s, but the recent turn of events may very well have convinced enough of the powerful decision-makers that a new approach is required. A "new paradigm," if you will.
We're going to be paying very close attention to any developments
of this kind, but one thing I can say with confidence: the G7 is not the venue for such discussions. As a collective decision-maker, the G7 has failed during this crisis - just as it failed to make significant progress in banking and capital market regulation following the Asian crisis in 1997-8. Even today's pledge for collective action amounted to little more than words; the real action was taken elsewhere. These meetings are geared towards discussion, not decisions. Even the expanded G20 fails to effectively include all the significant players in today's global markets.If we want to see results, we need to leave this old boys club behind.
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