Developing Nations Challenge G-8 on Dollar, Climate, Power

[Coventina]

Source: Bloomberg

July 9 (Bloomberg) -- Leaders of developing nations challenged the hegemony of the U.S. dollar, balked at the industrial world’s strategy for fighting climate change and sought more clout in global markets and institutions.

Five countries with almost half the world’s population -- China, India, Brazil, Mexico and South Africa -- demanded a greater stake in the management of the global economy, signaling the drift in power away from the financially wracked West.

The confrontation in L’Aquila, Italy at the annual Group of Eight summit dramatized the ascendance of emerging nations --led by China -- as the worst economic calamity since World War II batters the U.S. and its European allies.

China is “better situated to deal with this crisis,” billionaire investor George Soros said in a Bloomberg Radio interview yesterday. “The Chinese in my opinion are going to gain in power and influence in a way that people currently don’t recognize.”



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=adDXSS2AOi4E

[SpiralHawk]

1. "We're mad as Hell, and we ain't taking it no more." - The REST of the Planet

"Enuf with the amoral, tortured RepubliconThink on a global scale. How about some honesty, integrity, justice and responsibility for a change?"

- The REST of the Planet

[Vidar]

2. Good for them.