From nook and corner of every country and every place, people tend to speak only about recession and money crunch, mortgages, real estate , interest rates. Wherever the topic goes
to recession, the Country that comes to mind is USA and its Allies. There seems to be widespread damage that has happened as what we thought as a HIT, but it has turned out to be a METEOR SHOWER engulfing so many Companies, economies both emerging as well as developed.
The G20 summit has to provide concrete steps and also provide framework to alleviate the fears of recession and to stall further economic crisis throughout the World. Allocate work and monitor the progress of reforms, policy changes, way things were conducted by US Govt in giving a free hand to Banks, lending institutions and the lame duck attitude towards mortgage crisis and aftermath. Certainly the blame is on USA for the crisis to become deep and hitting almost all
major economies like France, Germany, BRIC and Japan widening the Crisis and running helter and skelter for COVER.
World has to remind itself that when it comes to clean up the Act has to be so clean that there is no blame game, nor policing by any Country on neighbour country and policies and decisions has to be taken to control their own economies. But the answers or solutions to the Mortgage and Banking Mess should come from all quarters and from World Leaders is not to be highlighted.
The new WORLD ORDER and the new leadership under OBAMA should envisage a world without fight, War , intrusions in to other countries without prior need. Care should be taken to alleviate the fears of Common man, working class and the elite or so called HNIs and FIIs .
Bailouts and Burnouts are going to be heard as we go forward , but what needs to be tackled and policies and reforms and tightening the credit across the Banks . Why not the Banks and the Financial institutions need be placed under a Security and General AUDIT on their lending and Banking practices ? This Audit may provide new findings that can be shared across countries and best practices if any, can be taken to another country where the banks have failed to protect the citizens and put the entire country for sale.
I would seriously advocate the need for AUDIT of Reforms, Financial system, Banking Industry and if there is a mistake, crime committed by a Bank , it has to be taken to Task and made to learn a lesson. Banks , Financial Institutions, FMs of G20 and all other who are connected to and are concerned about the recession should come UNITEDLY to FIGHT this economic CRISIS.
Lets hope NEW YEAR and Christmas usher in goodwill and a happy economy and Markets returning to NORMAL. Awaiting the reforms and packages from G20 .
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