God’s Words of Strength to His People During Financial Turmoil
World leaders sit together at the first working session of the G8 Summit in Camp David. Photograph: Michael Gotthsalk/Pool/EPA
At the G8 Summit, President Barack Obama urged the European leaders to call for concerted action on the euro crisis in the form of easing up on fiscal austerity and to focus on economic growth. This effort by the US President is done in a bid to step the current turmoil in the eurozone and hedge the risk of global contagion.
At the wooded Camp David presidential retreat in Maryland’s Catoctin Mountains, Obama and leaders from other major economic powers are seeking ways to soothe financial markets after worries about Spain’s banking problems and the risk of a Greek exit from the euro zone sent world stocks to their lowest levels this year.
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WRAPUP 1-Europe’s economic woes dominate G8 gathering
Reuters – UK Focus – Sat, May 19, 2012 10:12 BST
At the wooded Camp David retreat in Maryland’s Catoctin Mountains, Obama and leaders from other large economic powers will try to forge a common approach to tackling a crisis that threatens the future of Europe (Chicago Options: ^REURUSD – news) ‘s 17-nation single currency.
Though no major policy decisions are expected from the Group of Eight summit, leaders hope they can bridge enough of their differences to soothe rattled financial markets after worries about the risk of a Greek exit from the euro zone sent European stock prices to their lowest level since December.
“Hopefully we’ll get some stuff done,” Obama told Italian Prime Minister Mario Monti as he and other summit participants arrived for Friday evening dinner at a lodge at the secluded presidential retreat.
Obama tells EU: ‘Growth not austerity’
As Greece’s heads for a fresh general election, US president uses G8 summit to call for concerted action on euro crisis. From Jeff Mason and Laura MacInnis at Camp David, Maryland
Greece has confirmed it will hold a repeat general election on June 17, as leaders of the G8 gathered in America to discuss the global economic crisis.
US President Barack Obama is to press European leaders to ease up on fiscal austerity and focus on economic growth in a bid to stem turmoil in the eurozone and head off the risk of global contagion.
The urgency of the summit was underscored by the announcement of a new national ballot in Greece after party leaders failed to form a coalition government following the recent inconclusive election.
“We are calling a general election for June 17,” said a statement from the Greek parliament’s press office yesterday.
G8 summit at Camp David and Nato protests in Chicago
9am: CT Good morning, welcome to the Guardian’s live coverage of the G8 and Nato summits and protests.
I’m in Chicago, where news broke overnight that three of the nine anti-war protesters arrested in late night, pre-emptive raids have been charged with terrorism related offences.
Police have alleged that the group were making Molotov cocktails in an apartment in the Bridgeport area of the city, claims which others staying in the apartment have denied to the Guardian.
Meanwhile at Camp David talks today are expected to focus on the eurozone, with Barack Obama reportedly intending “press European leaders to ease up on fiscal austerity and focus on economic growth at a summit on Saturday that will discuss ways to stem turmoil in the euro zone and head off the risk of global contagion”.
G8 Summit Obama tells EU to Ease up on Austerity ..money printing to follow
The President made the following statements that surely suggest money printing is one the way.
“All of us are absolutely committed to making sure that both growth and stability, and fiscal consolidation,are part of an overall package in order to achieve the kind of prosperity for our citizens we all are looking for,” Obama said.
“Contingency plans need to be put in place and the strengthening of banks, governance, firewalls – all of those things need to take place very fast,” he told reporters. EU President Herman Van Rompuy said. “We will do whatever is needed to guarantee the financial stability of the euro zone,”
Consequences of money printing are that the type of money that can never be printed, gold and silver, prices will be driven higher. You won’t find anything better than the performance of precious metals over the past decade as the dollar has declined. To stay on the winning side of history dictates that precious metal investors will yet again come out on top.
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Past performance is not an indication of future potential values.
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