'ASHTRAY OF THE G-8'

 

[Hoje Macau, Macau]

 

 

Le Figaro, France

The G-8's 'Impotence'

 

"The G-8 Summit in Japan has illustrated the impotence of the major industrialized nations which, until recently, were able to impose their views on the rest of the planet … The absence of vision is largely the result of the now-concluding American administration."

 

By Pierre Rousselin

                                 

 

Translated By Sandrine Ageorges

 

July 8, 2008

 

France - Le Figaro - Original Article (French)

Confronted with skyrocketing oil prices, the rising cost of food, the financial crisis, chaos in the money markets and finally, global warming, the powerful have no convincing response to provide the world.

 

On all of these issues - and without forgetting the Iranian nuclear threat, the G-8 Summit in Japan has illustrated the impotence of the major industrialized nations which, until recently, were able to impose their views on the rest of the planet.

 

It's been nearly three decades since the global economy has been in a situation as critical as the one that began last summer with the sub-prime mortgage crisis in the United-States.

 

After the euphoria that followed the economic take-off of Asian giants like China and India, the hour of gloom and anxiety arrived. What was expected to be only a temporary financial crisis, we continue to feel the effects of. A downward spiral has been set in motion which has been greatly reinforced by speculation: strong demand raises the cost of raw materials, while the decline in the dollar increases the price of oil. Confronted with such disorder, a vigorous response would seem a necessity. It hasn't come.

 

 [The Times, U.K.]

 

G-8 leaders have instead attempted to reassure us all by painting a picture of “positive” prospects for growth. They have stepped up their calls for a reevaluation of the Chinese yuan, an increase in oil production capacity and investments in agriculture. Yet there is no assurance that even these calls - which are nothing more than common sense - will be heard. The eight major countries have hardly any means of persuasion with which to press their demands.

 

Global warming is an equally urgent challenge. Our generation is the last that will be in a position to act to prevent irreversible damage. But once again, the G-8 balance sheet is negligible. The goal of a 50 percent reduction in greenhouse gasses has been upheld, but only by 2050. Still more disappointing is that the most advanced nations, the United States in front, refuse to lead the way while knowing full well that if they don't, China and India will have no reason to take part in a venture that would compromise their capacity to catch up economically. 

Posted by WORLDMEETS.US

 

 [The Times, U.K.]

 

The absence of vision is largely the result of the now-concluding American administration, which only recently recognized the existence of the problem. It will be for the next administration to fully address it. Fortunately, both candidates for the White House say they are prepared to do so.

 

The G-8 is no longer the appropriate format for addressing these questions. Born in the 1970’s and expanded to include Russia, the forum is seen as a club for the riche, losing traction in a world in which the emerging powers won’t leave them alone.

 

Before its legitimacy reaches an even sorrier state, it would be desirable for the G-8 to include the nations of the future such as China, India, Brazil, Mexico and South Africa.

 

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[Posted by WORLDMEETS.US July 11, 4:40pm]