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The main theme of Saturday's emergency meeting of world leaders in Washington,the world's economies are becoming more connected all the time and they are in big trouble these days.A plan to get out of the economic slump,watch out for each other and let fast rising nations help out.Our Richard Quest wraps up the summit from Washington. Richard,I understand that the summit there the leaders that were there did leave with a plan,tell us about the plan. Well,the plan was detailed in the extreme,it was some 10 or 11 pages long.And it breaks down pretty much into a commitment,a recognition that something needs to be down now.What they called "to rap the fact",in other words help people who are struggling in recession,losing their jobs,counties going down the toilet,if you like,at the moment.And that talked about cutting interests rates and increasing government spending.But,for the financial industry,there was an action plan,and that was very detailed.They talked about regulation,accouting principles.It dealt with the reform of the so-called Bretton Woods Institution,the International Monetary Fund and the World Bank. I won't rumble on the full 11 pages of the document.You can read it out for yourself,....that just it is that the message went out,it's not business as usual. Ok,Richard,we have to keep it real here.There are 20 world leaders that are involved in this,will they all be able to work together to actually solve this global financial crisis,I mean,there are times before when one side wants to one thing,and another side wants to something.Is this actually feasible? I think that was the surprise of the document.President Bush, alluded to that Gordon Brown,said it as well,when they decided who would be around the table,how many should come in?When they decided that they weren't sure that if they had 20 countries,to ever get anything more than an agreement,...it's tea or coffee.But in the event,they did manage to come out with this and I think that speaks volumes to the fact that developing world,countries like Brazil,India,and South Africa,they recognized they had a seat at this table.And the developed world,the G7,Australia,Canada,they recognized that they are in deep deep trouble.This meeting was an accommodation,if you like,of the neccessity.It was a realization of the reality.It was a coming together of the practicality. Ok,now,they meet again in April to kind of review their progress,we are gonna keep our fingers across that there actually is some progress by that time. Oh,you are an old cynic,even a young cynic,aren't you? You are cynic,.... it's dripping out,out of you.Look,the truth is ,by the time they meet,they meet again in April,end of April,and several things will have happened:their immediate response to the crisis,fiscal and monetary stimulus.We will have a good idea of how that's coming along.On the reform of financial markets,there,we will be able to see how much is the financing industry fallback.Let me put a bit of cynicism myself in,when they..the finance industry,the huge funds,Wall Street,the ..,Asia,when they realized what's coming down the road towards them,like a speeding truck,they will stop fighting back.You will hear howls:we... so much regulation,we don't want this,we don't want that.Well ,get over it,guys,those leaders,from what,I can tell by the body language,I can tell by what they say,they are angry ,they are frustrated,and they are annoyed.They are having to deal with this,when they should be dealing with their manifesto,..,pledges and spending money.They are pouring money into putting the fire out,when what they would like to be doing,will be building brand new buildings. All right,Richard,we thank you for your insight.
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