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G-20 leaders pledge more money, regulation to aid recovery. The G-20 meetingconcluded with the leaders pledging to commit more loans and guarantees to staveoff a long-drawn global slump. The centrepiece of the package is US$1.1tr inspending to create jobs and get banks to lend to each other again. By the end of nextyear, they will have spent US$5.5tr to save the world economy. Other key meauresinclude (1) extending oversight to hedge funds and derivatives as well as tighteningregulation on banks; (2) extra US$250bn for trade finance; (2) agreement to shameand name blacklisted tax havens; (3) new rules on pay and bonuses for corporatechiefs; and (4) sale of billions of dollars of gold reserves by the IMF to help poorcountries. G20 leaders will meet again in New York in September this year when theIMF will report on the impact of the spending to date.
Is quantitative easing the solution to the global problem? With interest ratesnearing the zero bound in all G-7 jurisdictions, the US, UK and Japan have turned onthe “quantitative easing” tap, i.e. the money printing presses to revive their sinkingeconomies. Quantitative easing refers to any central bank practice that provides amassive infusion of cash or liquidity into ailing economies in the hope of stimulatingeconomic activity. The measures can take the form of cheap loans, payments tocompanies and the purchase of assets directly from the financial institutions.
Since the banking crisis intensified in September.......
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