As noted in G-20 talks up more deficit spending; Deutsche Bank recommends gold, there were loud cries at the Shanghai G-20 Summit for “a worldwide coordinated effort” to head off global recession. Here are a few more details about the G-20 discussions.
At the Group of 20 largest economies summit just concluded in Shanghai, the primary concern was deteriorating global growth and how to counter it. Much discussed was a “coordinated effort,” which would include increase government spending by members, in addition to the massive deficit spending already going on worldwide. Mark Carney, Bank of England head,