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Thursday, November 11, 2010

America & G20

US Fed Policy Complicates G20 Summit :

VOAvideo | November 10, 2010 - Concerns about an impending currency war are being stoked again as leaders gather in South Korea for a meeting of the world's top 20 economies. At issue -- the Federal Reserve's plan to pump 600 billion dollars of additional liquidity to jump-start the sluggish U.S. economy. Some analysts say the U.S. plan will hurt emerging markets by driving other currencies higher, scuttling hopes for a multilateral agreement on many trade issues. Mil Arcega reports.

Obama defends economic policies ahead of G20 summit:

AlJazeeraEnglish | November 10, 2010 - World leaders have arrived in South Korea's capital Seoul to take part in the two-day G-20 summit, which kicks off on Thursday.

The meeting of finance ministers and other official representatives of the world's 20 largest economic powers comes amid deep divisions in the bloc, particularly over the US Federal Reserve's decision last week to buy $600b of government bonds. The buyout seeks to boost the world's largest economy, but critics say it will weaken the dollar to the detriment of other nations.

A day before his arrival in Seoul on Wednesday, Barack Obama, the US president, sent a letter to the G-20 leaders defending his economic policies.

"A strong recovery that creates jobs, income and spending is the most important contribution the United States can make to the global recovery," Obama said.He also called for countries to work together in pacing the global economic recovery."When all nations do their part, emerging no less than advanced, surplus no less than deficit, we all benefit from higher growth," the president said.