Thursday, December 30, 2010
On October 10, 2008, G7 (the world’s leading powers) including Japan met in Washington addressing five points to stabilize the financial chaos. George W. Bush tried to convince members of the G-20 countries including China, which collectively account for 85 percent of the global economy, to help the US. Without significant achievements from these meetings, it seems to everyone that “going it alone” is only the solution. The Japanese prime minister Aso Taro publicly made a proposal to host “G7 summit” in Tokyo on October 11, 2008, but no leaders expressed interests in Aso’s idea. By now, it is clear that the G7 is not able to stabilize this financial chaos. Unfortunately, the meltdown of the global financial system, will not stop until the end of the American presidential elections on November 4th and beyond. Probably the chaotic period will continue after January 20 when Obama takes office. By then, every country goes its own way to deal with the financial crisis (G1).