Whether you live in the United States or in another country such as China, you know it is important to have effective communication between the leaders of each country. The G20 Summit is one of these events where communication and compromise are supposed to occur, but this year it looks like things are not going as well as expected.
According to the Christian Science Monitor, the 2010 G20 Summit, a meeting of top international economic advisers, concluded in Seoul, South Korea, Friday, Nov. 12. The news from the Summit is still being discussed, but it appears little progress was made between the United States and China on currency issues. The lack of international cooperation is evident, as a fear of global economic collapse looms in the distance. Although the G20 Summit involves a host of international cooperation, the main source of a global recovery will have to come from China and the United States, which has not occurred yet.
The main issue that I am interested in is what the United States and China are going to do to get the global economy back on track. Right now, the United States is having a hard time following the declining rate of the dollar, and this will hurt the global economy. China is the largest holder of our deb, and I am afraid that the decline of the dollar will make China more apprehensive about letting us borrow money. China and the United States are the two main sources of currency, and both have the ability to bring the whole global economy down really fast. The decline of the dollar is something I am very concerned about, and this was the opportunity for the United States and China to sit down and talk about how to correct this issue. If our currency keeps declining then it will soon become worthless, which will then make China less likely to lend us money or buy any of our bonds. China and the United States hold the key to the future of the global economy, but with neither of them discussing important issues, it is very disconcerting to me. I am also concerned about how little information has become available as to what was really agreed upon during the G20 Summit.
Although it seems like an agreement between all involved that something needs to be done, no one has really said what that action will be or how difficult it might become. As an American, I feel that it is my right to know what is going on in our economy, and I would like to know the plan for bringing our economy back from the brink of collapse. If I was able to suggest anything to the officials at the G20 Summit, it would be that better communication needs to be put into place. In order to make the G20 Summit more effective, you have to be willing to compromise with each other and make communication a goal of the event. The fact that international cooperation ceased to exist only tells me one thing, and that is that the people involved lack the needed communication skills.
Every country is experiencing some kind of economic collapse or downturn right now, which means that everyone needs to stick together and figure it out as a whole. Although each country is ultimately responsible for their own, it is the responsibility of each country to work together to create a reasonable solution for the currency and various economic problems we all are facing. I would tell the Summit that you have to be willing to work together for the good of your country and people, regardless of whether you disagree on various beliefs such as religion or government. Maybe the G20 Summit needs a moderator or an arbitrator so that each side can rationally discuss their opinions and a compromise would be easier to work out.
Robert Reich, “G20 failure moves global economy to brink of protectionism”, The Christian Science Monitor