Time to get serious: France's President Sarkozy, US President Obama, German Chancellor Merkel and Britain's Prime Minister David Cameron Photo: REUTERSAn Entire System Of Global Trade Is At Risk -- The Telegraph
Next month's G20 summit must go beyond the usual rhetoric. Confidence in the eurozone's banking system has to be restored through recapitalisation of its banks.
Sir Mervyn King, the Governor of the Bank of England, this week called the current financial crisis "the most serious… since the 1930s, if ever", in justification for a further £75 billion of "quantitative easing". Since Sir Mervyn cited the chaos of the inter-war years, it seems appropriate to quote Winston Churchill: "Want of foresight, unwillingness to act when action would be simple and effective, lack of clear thinking, confusions of counsel, until the emergency comes, until self-preservation strikes its jarring gong – these are the features that constitute the endless repetitio [...]
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