Group of Seven (G7) Frets About Oil, China

[UpInArms]

http://www.reuters.com/financeNewsArticle.jhtml?type=businessNews&storyID=8201140

WASHINGTON (Reuters) - Finance chiefs from the Group of Seven economic powers met on Saturday to discuss two of the global economic concerns over which they have least control -- high oil prices and China's fixed currency peg.

Increasingly aware of the group's ebbing influence amid shifting world economic power toward developing giants such as China, India, Brazil and Russia, many G7 officials said the world may simply have to adapt to higher oil prices.

The United States, meanwhile, lobbied G7 members to urge China to allow its currency to rise against the dollar -- ratcheting up pressure on Beijing as the White House seeks answers for critics at home who say the administration has been too soft on what they see as an effective export subsidy.

<snip>

The United States has run up balance of payments deficit with the rest of the world set to top 6 percent of national income this year and monthly trade gaps exceeding $60 billion.

...more...

[Al-CIAda]

Here's to hoping there is an irratable contingent just outside making its

presence known.

:evilgrin:

[Goathead]

1. Did they meet at the World Bank building?

Any word on protests?

[smirkymonkey]

2. Does anyone else think that we are about to experience an

economic Tsunami of epic proportions?

There are so many factors that seem to be presaging an upcoming disaster, at this point I don't see how it can turn around painlessly.

[Toots]

3. I thought it was G8

which country has been dropped?

[hedda_foil]

4. Looks like Russia.

[Maple]

5. None of them

Russia is usually involved as the 8th one, but it varies from reporter to reporter as to what to call it.

China has been invited twice to join them, but has declined fearing it'll just be jumped on over it's currency.

Reporters wouldn't know what to do about calling it G9 anyway. :D