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keeping us safe ...
President George W Bush has invited world leaders to gather in the US by the end of the year to discuss reform of the global financial system.
The summit would be the first of a series announced after talks between Mr Bush, French President Nicolas Sarkozy and EU Commission chief Manuel Barroso.
But the agenda is unclear and differences are already emerging.
Mr Bush said any plan must not undermine free markets. Mr Sarkozy said 'hateful practices' must be abandoned.
Before he arrived at Camp David, the US presidential retreat in the state of Maryland, the French leader warned the world could not 'continue to run the economy of the 21st Century with instruments of the economy of the 20th Century'.
After the meeting, Mr Bush said: 'It is essential that we work together because we are in this crisis together.'- By Gus Leonisky at 21 Oct 2008 - 5:46am
- Gus Leonisky's blog
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quack quack...
the big steal
Uncertainty also roiled currency markets as investors continued to turn to the security of the United States dollar and the Japanese yen and drove down currencies of developing countries like Brazil, Ukraine and South Korea and even of developed countries like Britain.
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Gus: currency traders are next in the firing line, with the hedgers... Someone somewhere is cashing in BIG bux. As the oil price plummets, as the US dollar revalues contrary to what it should be considering the black hole of its mega deficit, who presently benefits from the turmoil? Yamerica... In America.... And the traders in Yourp bendzeeknees and the traders in Aussieland bendzeeknees... follow the lemmings, while the pig puts lipstick on...