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G-8 Is a ‘Western Club’ Incapable of Solving the World’s Problems

Spiegel - As the G-8 convenes in Japan for its annual summit, German media commentators have dismissed it as a Western talking shop incablable of tackling the problems of the globalized world. The world urgently needs a forum that includes the top emerging economies, they write.

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Panic grips world’s markets

Guardian - The US government’s $700bn bail-out of the banking industry collapsed yesterday as Congress defied the White House by voting down the plan, sending Wall Street stocks plummeting and spreading shockwaves through the global economy.

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Don’t blame the New Deal for today’s financial crisis

IHT - It was in the Bush years that anti-regulation and deregulation found full expression, fueled by an ideology that markets know best, government hampers markets, and problems will fix themselves. America is now painfully relearning that the opposite is true.

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World on the edge

Economist - Look beyond the stockmarkets, especially at the seized-up money markets, and there is little to see except bank failures, emergency rescues and high anxiety in the credit markets. These forces are drawing the financial system closer to disaster and the rich world to the edge of a nasty recession (see article). [...]

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