How can global governments work together to overcome the recession?

Question

World leaders are meeting at the G20 conference in London this week to address the global economic crisis. Tell us what you you think our governments can do to overcome the global recession.

G20 in Photos
http://ca.news.yahoo.com/nphotos/slideshow/ss/events/wl/090328_g20summit/

World Economy: In Depth
http://ca.news.yahoo.com/indepth/id_world_economy.html

Answer 1

Governments should not work "together". We should start to produce things locally again as much as possible. Outsourcing and globalization must be stopped. Global trade should be reduced to a minimum. It will be good for workers, good for consumers and good for the environment.

Answer 2

Nothing quite like the current economic crisis has happened before, with financial systems the world over all failing in tandem. But it is worth noting that the boom that preceded the present downturn was not an overnight occurrence; it gathered pace over a decade of negative saving and underinvestment--particularly in the U.S.--along with certain corrupt practices that were readily tolerated in the midst of the "boom" period.



It was a sustained "boom" during which the rest of the world financed the large deficits of the U.S. and accumulated huge amounts of dollar reserves, leading to the fall in the value of the dollar. Along with the weakening of the dollar, many of the world's currencies linked with the dollar also weakened. Consequently, wholesale and retail price levels increased in dollar terms.

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During this period, the regulatory bodies, auditors and rating companies--in fact, the whole system--failed. Chairmen and members of the board of directors failed too; so have the management and compliance officers. Add to that the failure of many "rank and file" employees.



As a consequence, the existing gap between rich and poor has grown even wider. The poor, who constitute a majority of the world's population, have suffered, and global conflicts have increased. Yet many among the rich have become richer, and the middle class has also benefited considerably from the boom.



Now the dollar is appreciating, the pound is depreciating and there is excess supply in commodities and products. However, human nature, which reacted to the gap and the imbalance in the system, is now taking corrective action to bring about some balance, as it always does when events go to extremes.



The U.S. and the developed world have taken action to bail out the financial sector and some industrial companies. This is to ensure that bankruptcies are avoided and people do not lose their jobs--or the deposits they have with the financial institutions.



However, bailing them out by pouring billions of taxpayers' money into the system is not the answer for an immediate revival of the global economy.

Answer 3

To buy their way out with borrowed money is all that most countries have to fall back on at this point. The main problem as I see it is that we as a society, have already borrowed more than we can pay back in our lifetime now. So to borrow our way out of debt is just not practical.

The only other thing that really can be is to let the market hit bottom and when it has corrected itself those with the cash( gold and so-on) will buy up everything at rock bottom prices and become even richer.

Even with all the Government intervention in the last great depression that is still what happened in the end, and it took a world war to really put people back to work again anyway. Also there is a certain school of thought out there that believes they only prolonged the agony with all the different things they used to prop up the last market.

If we let the market correct itself now it will hurt like hellfire I'm sure. But it will be quicker than the option.

Or we could just forget about money as the main means of currancy and learn to share the goods, looks like there is to much for us to buy right now anyways. If we give away all the stock that we have piled in ports all over the world right now. Would that not give us a job building new stuff. Besides the 2009 model year is just about over anyways, can anyone say brand new second hand and really keep a straight face. jussayin'isall!

Answer 4

If we are in fact global, then accounting rules and policies need to be a global standard. The FASB needs to abolish the market to model for portfolio valuation and enforce fair market value and make the banks include this in their financial statements. The insolvent banks have to fold and or be sold as in any insolvency procedure. Creating more debt to fix a debt problem is not the answer. This is just Liberal Fascism. CEOs and rating agencies need to be investigated into how the fraud was committed and the accomplices put on trial, not paid bonuses with bailout funds. The US has ripped off the world financial sector of many countries and caused a global financial crisis. Clinton and Big Al got the ball rolling. Abolishing the Glass-Steagall Act of 1933 was the start of it all. Unregulated financial instruments such as derivatives are the biggest problem right now. The derivatives exceed $650 trillion dollars. SO what is $20 trillion going to fix? It’s like pissing on an apartment fire to put it out.

So what can the Gov and banksters do to overcome the recession? They spent $10 trillion to prop up the banksters and they are still zombies. If they would have taken that $10 trillion and divided it up amongst the American people, then everyone in the US would have gotten a cheque for $400,000.00. End of recession.

Answer 5

talking agreeing then breaking down until forced by the people to CHANGE SINCE LIFE DOES NOT LIKE ABUSIVE PRACTICES. History has shown that it takes wars to resolve these issues until a victory is brought about. the war is not just about greed and rights it is about reforms. when people give in to rights they have a hard time abolishing what they have made gains in. So while we slip then take two steps forward then slip three steps back lets say the next push is in a forward dirrection by six steps. thus the gain is made once again. So the push now is no different then when democracy ousted religions, and then dictators and then regal thrones of power. Even the Chineese are having a heck of a time controling the people as they did in the past. In order for them to be involved in global trade they must conform to new rules regarding human rights....this must surely be a difficult reverse in thinking as it is for and power of any country. The people in the end always will win regardless of what some may think. The people are the governments of the world and leaders are nothing more then part of these people. Freedom once given is always hard to control again since no one wants to give it up......

Answer 6

Frankly, you would hope their experts are along with them on this one, or at the very least have briefed the leaders on their perspective country's needs.



People are still scratching their heads trying to figure out what CAUSED this collapse in the first place (Johnny Q Public) and I'm sure there are a myriad of explanations, accusations and conclusions. It's not any one thing that led to this but so many.



I suspect our leaders well know how we got here, at this stage, perhaps never realizing it could spiral off to this extent, hopefully humbled by the global ripples that still haven't settled, and sobered by the realization that all must work to calm the waters and chart a new course for the future.



Hopefully they are working on recovery, and ensuring this never happens again. I hope this was a life lesson that these types of crises affect us ALL and no one is immune, nor can anyone afford to be complacent or negligent in their responsibilities.



They'd better be talking about how they are ALL going to pump money and resources into kick-starting the economy again and working towards cleaner automobiles, factories and energy and a better tomorrow for our children and not leave them in a worse mess than we've lived through in our own generation.



It's all come crashing into a dead-end wall and has to be dealt with once and for all.



I think there have to be some global measures and agreements put into place to ensure there can never be this kind of financial collapse in future, but I have no idea how they will do that.

Answer 7

There is absolutely nothing they can do because they have already created a band aid system that simply will put the economy right back where it started, in recession again, bailing out banks, insurance Co, and the auto industry was and is not the smartest thing the governments have done, and because media is one of the greatest contributors in creating global recession by all of it's sensationalism and fear mongering it has created over job loss, this whole recession thing is simply motivated by government and big businesses greed for wealth and we the tax payer get the shaft again.

Answer 8

I think they are on the right track, stop the hedge funds and divorce the bank system from the markets, yes they have to invest to earn money, but they shouldn't have free reign and be allowed to undermine the financial system to make an extra dollar for the people at the top of the ladder. Put some limits on what large companies are allowed to pay in regard to ridiculous salaries and bonuses.

The rest they won't tell us about, and unfortunately this will continue whilst ever there are humans running the planet, so not much we can do there.

Answer 9

The U.S. mainly messed up the economy because of forcing loans to people who couldn't afford which was dumb. And now they are trying to get us out of this mess. Imagine how that is going to turn out? I personally thing that the leaders are only going to make it worse because some of them have rediculous ideas and they will never cooperate with eachother. The people that have to fix the economy is us. Your everday person. If we spend and don't let the media TRICK us into thinking the economy is worse then it is then we will spend our money and by spending our money the economy will fix it's self. The reason why the economy is still bad is because everyone is afraid to spend. But that is the wrong way to be especially if you have a stable job. The economy needs us so let's start spending and fix this mess that has been created!

Answer 10

simply the goverment should garantee any investment . for example if i want to buy a shares in bank of america , that shares must be garanted that will not drop down any more . the goverment wont loss cause it s the worse can get and they will have to do some control as they will be part of that game so the shares gonna raise as the investors they have nothing to worried about and when they feel scured the money will show up and the econmey start rolling (dont forget rich people map has changes) as the moeny investes in the banks they can support alots of loans for people and buss and will be alots of jobs and i will rather goverment approve on any loan will come out from the banks to make sure that no games from the banks workers and thats will be the control i talk about

Answer 11

Our world leaders should work more closely together with the goal of providing increased opportunities for generating wealth worldwide.



In this day and age of tremendous job losses, our leaders need to provide the conditions, tools, equipment, guidance, relationships, social support, supervision, knowledge, and training that will make this happen. Job seekers more than ever before, need to be shown what the job requirements of the future will be.



By transforming themselves into role models of honesty, trust, and integrity, our world leaders can go a long way towards improving public perceptions about them, as well as the economic situation as a whole.

Answer 12

The monetary system, created thousands of years ago is obsolete and must be outgrown. It's function in the past was a means to manage the relationship between the acquisition of resources, materials, manufacturing, distribution, goods, services, labor and consumption, among other things.



While that holds true on a basic level today, now the monetary system serves the purpose of consolidating power in the hands of the few, while maintaining a stranglehold over the world's population and resources, which are exploited at every turn. The upper echelon of banking, corporate, finance and governments around the world exist to maximize profit regardless of human or environmental concerns.



There is only one solution and that is to move from a monetary based society into a resource based society. This direction will elevate the quality of living for everyone on the planet while eliminating waste, pollution, and constant competition against each other.



Technologically, we are at a point where 90% of world labor can be achieved with machine automation and over the past 50 years this reality has driven 70% of agriculture and industrial jobs to the service sector. Now the service sector is being overrun with atm's, automated kiosks, and soon to be automated restaurants. 'Technological Unemployment' is the term used to describe this reality and it is on a collision course to halt the free-market system as we know it.



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Together we can create a world that is ethically, environmentally, socially and technologically advanced, creating true freedom and abundance for all peoples of the world without want. In fact, the quality of life will soar so high, future generations will gawk at how primitive, corrupt and imature our current world is.



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Answer 13

Fair trade rather than free trade. The developed world has been bled by unfair free trade with regions where the minimum wage is $1/day. There should be a minimum wage, minimum health, safety and benefit level for any country to be allowed into the free trade scheme.



Years of freer trade have done little to help the developing world- it has not increased wages or the lives of those individuals in the developing world. Instead, major corporations have been taking advantage of low wages and lack of employment health and safety regulations in these areas.



This recession is not just the result of the sub-prime mortgage crisis and poor lending. It is also the result of years of lost manufacturing and industrial jobs that have been replaced by precarious service sector employment. These precarious jobs have much lower wages, less security, are less likely to have regular working hours, and have lower benefits and health and safety protection. They include jobs from employment agencies and on-call jobs.



The solution is not extending credit to more countries and individuals. That is what caused the problem in the first place. The solution is giving people stable employment at a reasonable wage. If people feel secure in their jobs and have money to spend, they will spend it. The solution is developing a framework where this is possible. Stop businesses from relocating to areas of low labour and strengthen employment security in ALL developed countries. If we create a trade system that has minimum wage levels, wages are taken out of competition and instead business can focus on competing on developing products rather than on wages.

Answer 14

I would like to see them get interest rates on car loans and credit cards down under 10%. That would be a lot more reasonable in consideration of the savings percentage. Also if larger sums could be borrowed and used for large ticket items without paying back 3 times the original cost more people would buy.

One caution I would make is that the North American countries that have are not responsible for dragging along the smaller countries who have not. Charity starts at home.

Getting our troops out of Iraq and Afghanistan would save us small fortunes and assist to rebuild the economy. The taliban is going to go back to their own lifestyles after we leave any way. An Arab friend of mine from Syria claims they will not continue with the changes once we pull our troops our; so it seems we are wasting our monies trying to build for people that have zero appreciation for our efforts.

Answer 15

Companies should change their goals from making as large profits as they possibly can to becoming sustainable and morally responsible to their employees, shareholders and the public at large. There has to be some kind of balance between making a profit and ensuring that their employees have a job. Employees must also be flexible enough to do other jobs inside their respective work places during lean times to help out. Get rid of the mentality of this is the job I was hired for and that is the only job I am going to do! Companies must also take a look at becoming as lean as they possibly can. The best way to do that is by going to the people who do the jobs everyday for the best ideas for doing that job as efficiently as possible.

Answer 16

Governments need to motivate the public(each and every individual) so that everyone feels that he/she has to do something(even a little bit) for the recession. Saving even a penny in such great recessions have a cumulative effect(considering the huge population of the world). One shouldn't consider that one person's effort is meaningless. No one person can do anything. We need everyone to stand up and fight recession. Saving is the main point, but not at the cost of firing employees. The overall expenditure has to be cut, so the exorbitantly payed CEOs and other high officials of companies should drastically cut down their salaries. The salaries of other general employees can be also cut down reasonably, but firing is not the solution. It's every man's fight against a common enemy: global recession..... and people have to stand up to it themselves.... and governments of every country should colloborate and fight it as one unit rather than only for their country.

Answer 17

Our economy is in a vicious cycle: People won't spend because the economy is down, and the economy keeps going further down because people won't spend. Governments can help by spending money on projects that employ people, and by encouraging trade. When we sell to other countries it boosts employment here to produce goods, and when we buy from other countries it boosts their employment to produce goods for us. When the common people have assurance that they will be employed they will go back to normal spending.



What I really want to know is how did this all start in the first place? I mean how did it really start?

Answer 18

G 20 Top guys should control the pay raise of the CEO's , and should monitor the spending of the big corporation, as well as minimize the trade gape with the least development country. They should also need to give attention to the workers pay as well as be care full about the job market. Same time they have to monitor to the stock market and so called investment company who are manipulating market.

Answer 19

the tier 2 country Canada that exports just as much as the UK has an economy almost the same size as Russia (4 times more people) and Brazil (5 times more people) that also happens to supply the US with most of its oil, imports showed some of its usual influence by co chairing the committee that came up with the solution.

I don't think the tier 1 countries of Saudi Arabia, South Africa, South Korea, and Brazil were given more priority than Canada and Russia.

Answer 20

This economic mess is an organized demolition - nothing in life happens by accident. Overpopulation is the main problem - this cycle will end up with a war like event. The Globalist Warlords will survive my friends.

Answer 21

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Answer 22

Our governments should all work together to bring the world's economy out of this mess. They need to avoid at all costs the protectionist policies that were used during the great depression.

Answer 23

without holiness nothing the world tries to do will work.

force every new computer to have internet filters.

criminalize all adult oriented forums, dating websites.

dress codes for all junior high and elementary schools. (high school is when people become adults).

balance government and private company ownership. if every financial institution is owned by the government what's next religious institutions ?

do not eliminate firewalls. countries can work together but continental unions, combining currencies will eventually result in a loss of freedom.

Answer 24

The government should pay for child care for everyone!!! Just like the doctors get paid through the government to care for us.. child workers should get paid through the government as well!!! Its hard to have a family and two parents work.. one is working just to pay child care!! something should be done!

Answer 25

The government should lower the interest rate . stop spending money. lower taxes. we should stop pushing free trade with country's that exploit workers and have values that are polar opposite to ours. then they should but out and let entrepreneurs and corporations worry about turning a profit. Lets bring the jobs back. lets lets them turn a profit so they can hire people.

Answer 26

Give the power to the people.



The banks, insurance companies and oil companies should be taken over by our governments. The upper management of the banks should lose their jobs and criminal charges have to be considered against these execs that are responsible for mess we are in. All natural resources, ie: fossil fuels, water, diamonds, gold, iron, wood, uranium, should be owned and run by the government with the profits going to the tax payers. Companies like Walmart that exploit it's workers and destroys communities should be forced to do business more responsibly or be taken over by the government. Companies like GM and Air Canada should be forced to sell out to either competitive businesses or the government. Every man, woman and child should have the right to universal health-care. Privately run health-care should be illegal. Every person that desires an education should have the right to it. Minimum wage should be raised substantially and small businesses should be given heavy tax breaks to compete against corporate giants. Countries and companies that put profits ahead of the environment and the well being of their workers should have heavy tariffs placed upon them. Corporate and environmental crimes should be taken much more seriously and the punishments much more severe. No more money should go to bailing out the banks. Instead the money should go to the people who would be expected to use that money to pay off their debts.

Answer 27

Please, there is no substance or details on anything that they have said so far. They are all just trying to look good, at a time we need answers. This is just PR. exercise for Harper. It's time for all of us to embrace the Global Village.

Answer 28

I think they should be investing in environmental technology. This is an industry that will only grow as time goes on and resources run low.

Answer 29

Governments don't need to work together. They need to work for themselves and their peoples, leaving other governments alone to do likewise. Globalisation isn't good for people or countries; only banks and large businesses.



We need to wreck this process at every opportunity.

Answer 30

let usa get out of recession the best way they know how.no country got them in the mess they are in.and for harper to bring home are men and women in the military.canada doesn't go to other countries for help

Answer 31

They should focus on measures to preempt inflationary pressures. These stimulus packages really arent doing anything to prompt spending.

Answer 32

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Answer 33

Rewrite the rules of the economy. We made it up so I guess we can change it as long as it's fair to every country.

Answer 34

If they cant all get together for a photo how can they run the economy

Answer 35

I think the governments should clam people down, let us know what the situation will be. Help indiviuals to accomdate with their lives.

Answer 36

Best way is to get out of the way. Let free enterprise do its magic, it will cure itself!

Answer 37

The bible says when the the world has one government the world will come to a end so i really don't like the idea of it. Most people don't believe in the bible but it is pretty convincing.

Answer 38

All that money "lost" when houses were sold to unemployed people had to go somewhere. How about getting it back?

Answer 39

Talking, agreeing then doing. Except they won't.

Answer 40

WWIII