1 trillion dollars to beat recession

by Nial Maloney

The British Prime Minister heralded a "new world order" earlier today and Obama called the deal a "huge turning point". The deal will inject more than 1 trillion dollars into the world's financial system. Two countries, The French and Germans, had voiced concerns about pumping money into countries already in recession but agreed to Thursdays decision.

There are six points to this plan and many of the G-20 remain committed to the plan. The plan includes measures to restore jobs and growth, it also will repair the financial system, strengthen financial regulation, fund international financial institutions, promote global trade and investment, and build an inclusive recovery. This plan, according to the British Prime Minister, "amounted to the largest macro economic stimulus the world has ever seen."

Obama believes that this plan will work and will help to rebuild our global prosperity. Lastly, the G-20 members will establish a new board to provide early warning of financial risks.