Bush vows coordination with world powers on financial crisisWASHINGTON — President Bush pledged Saturday a united response from the world’s leading finance ministers to the growing financial crisis that has threatened credit markets and key institutions around the globe.
“We’re in this together. We will come through it together,” Bush said from the Rose Garden, after a meeting with finance ministers from the world’s seven biggest industrialized nations.
Bush also asked for patience with actions that have already been taken, including the $700 billion bailout plan approved by Congress a little more than a week ago. “The benefits will not be realized overnight,” Bush said.
The Group of Seven finance ministers, including U.S. Treasury Secretary Henry Paulson, were in Washington for a regularly scheduled meeting that took on greater importance after a record week of declines on Wall Street brought on by a freeze in international credit markets.
The International Monetary Fund says it strongly endorses a plan by rich countries to fight the global credit crisis.
This headline, along with other recent headlines such as, “Europe pumping billions of dollars into banking system” and “Wall Street stocks surge following strong global rally” really concern me and confirm my thinking, just as a friend pointed out on yesterday, that years down the road we will look back to this year, possibly even this month, as the time when the entire world’s financial position changed. Could this be the beginning of a “One World Bank”?