Media reports from the Group of 20 summit indicate that two issues have dominated the meeting - the effects of the U.S. fiscal cliff and Europe's troubled economy and financial situations.
No one in attendance who has been willing to talk to the press has any sense of optimism that pressing the United States and Europe will yield positive results. Each one is mired in bickering among its leaders, and that bickering is months if not years old. The Economic Times reports:
"If the United States fails to resolve the fiscal cliff it would hit the US economy hard as well as the world and the Japanese economy, so each G20 country will urge the United States to firmly deal with it," Bank of Japan Governor Masaaki Shirakawa said before a meeting of Group of 20 finance ministers and central bankers.
If wishes were horses, all the beggars would ride.
Douglas A. McIntyre
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