Bush Agrees To Host Global Crisis Summit

By Grant Swanson

The current global economic crisis has reached an all time zenith. As a result, President Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso have called for a global summit to discuss the problems that have descended upon our world. The key issue that will be discussed is reform to our current system of capitalism. European countries are generally socialist democracies and their belief is that the US is having such economic turmoil because of capitalistic privatization. Privatized retirement plans, or hedge funds, are an excellent example of what the European countries are considering a massive problem to the US’ economy and must be reformed. Due to the success of such reforms in Europe and the desperation of the current US economic crisis, Bush is much more willing to listen to what ideas the European world has to offer. In another article, China and India are reported to have not been invited to the global summit. A later comment says that China is also reported to look down upon America. A prominent economists in China said in an interview that Chinese children were once raised to admire the US...but now there is no reason to look up to the US. China can now look down upon the US' system of chaos. The interesting thing about the global summit is that it has been set for a date two weeks after the next election. Thus, President Bush will not be dealing with the summit...the next President will. I do not envy Obama or McCain. Whoever does win will have the world’s scrutiny and US’ economic demise on their palate. I wish them luck.