G-20 leaders in DC in hopes of finding the answer to the global economic riddle

Leaders of the world’s 20 industrialized and developing nations met this weekend in Washington DC with one thing in their agenda–how to solve the global economic crisis. Hosting the momentous event is the place where it all began, the United States. Just after Asian and European leaders met a fortnight ago to tackle the issue, this event has a much broader participation which includes the Americans and rising stars Russia and Brazil.

Some sectors are drawing parallelism for this summit towards Bretton Woods, a post-Second World War conference among Allied nations that laid out most of the world’s economic system that are currently in place.

The Washington summit plans to promote government spending as primary source to boost declining economic activity. It also reminded participating economies to stay wary of protectionism as an easy escape route. And finally, a more rigid global financial regulation must be enforced in place of the current ones being used.

So far, the markets are not too impressed with the consensus made in DC. The Dow futures as of this writing (Monday evening Manila) are pointing deep south indicating a tough start in Wall Street this week. Economic news around the globe are not too encouraging either. Japan just announced they are officially in recession and Britain will have the same recessionary outlook next year, seen to be the worst in 20 years.