G7 Must Now Shrink To G5 To Avert Crisis

Posted on Monday, December 20 at 13:53 by 4Canada
Heather Stewart, economics correspondent Sunday December 19, 2004 The Observer Germany, France, Italy and Canada should be thrown out of the G7 club of the world's richest nations to make way for China, according to Stephen Roach, chief economist at Morgan Stanley. This, he says, is the only way for the global economy to avoid drifting into crisis. In a new paper, Roach argues that the current system is 'completely antiquated', and that a slimmed-down, more powerful 'G5', with a seat each for the US, Britain, China, Japan and the eurozone, 'could be very aggressive in diagnosing the sources and potential cures of global imbalances'. Full article: http://observer.guardian.co.uk/business/story/0,6903,1376752,00.html

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  1. Mon Dec 20, 2004 11:07 pm
    While I understand the idea of coalescing the European nations as they have
    already determined to join themselves economically I can only imagine that
    combining themselves at the table of the G# would be a good force for
    further uniting them.

    I certainly don't think however that Canada should be booted out. If for no
    other reason than the fact that Canada is the number 1 trade partner of the
    number 1 importer, the US. Also, funnily, the next headline in my RSS reader
    was in regards to the shortage of iPods in Canada which I assume means you
    bought them all. That has to mean you have not only cash but good taste as
    well. :)

    full disclosure since I haven't created an account: I'm a Virginian and I
    happen to think Canada is pretty keen. :)

  2. Tue Dec 21, 2004 12:16 am
    Canada cannot be part of the G5 because it is in 8th place in economic strength. Now that Canada, Italy, and France have been kicked out, the big 5 (USA,Japan,Germany,China,and UK) can now talk amongst eachother on how much economic power they have to crush the smaller economic countries of the world. Mind you, I don't mind buying products from US,Japan,UK,China and Germany or buy from their stores (the countries that have them here) but I prefer to support Canadian businesses and manufacturers first since I am Canadian. I also enjoy purchasing from smaller economic countries too to support them. I just wish we could reduce US, Japanese, and German retail and corporation amounts in this country by a certain percentage to help keep the Canadian economy strong.

    ---
    Alliance Atlantis films proudly presents...
    Anakin Skywalker will fall and the Empire will rise May 2005.

  3. Tue Dec 21, 2004 1:19 am
    Well, if it's any consolation I bought a leather belt, made in Canada in 1998
    and it's been holding my pants up ever since.

  4. by avatar Jesse
    Tue Dec 21, 2004 2:02 am
    <blockquote> I certainly don't think however that Canada should be booted out. If for no other reason than the fact that Canada is the number 1 trade partner of the number 1 importer, the US. </blockquote> Would the US be in the G5 if they didn't have the $1B/day trade with Canada? Maybe, but it is interesting that Canada would be excluded when we have so much riding on the involved economies. <blockquote> Also, funnily, the next headline in my RSS reader was in regards to the shortage of iPods in Canada which I assume means you bought them all. That has to mean you have not only cash but good taste as well. :) </blockquote> <p> I wonder if that because the demand was so high or if there wasn't enough supply? We do enjoy our downlaoded music, anyway. :D </p> <p>---<br>Canadians are asking, why do americans hate us? They hate our freedoms: our freedom of religion, our freedom of speech, our freedom to disagree with each other.



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