The Lecce Framework – Update 3
Posted by Ivo Cerckel on June 13th, 2009
Update 1 added clairvoyance
Update 2 added Steinbrueck
Update 3 adds visions of increased signs of stabilisation
Whereas the invisible hand of FreeGold,
the marking to market of their freely floating gold reserves by individuals, corporations and guv’mints,
would provide for the adequate propriety, integrity and transparency in the global economy,
our Masters are deeming it appropriate to achieve these objectives through force,
LECCE, Italy, June 13 (Reuters)
Following is a draft statement, obtained by Reuters, from the Group of Eight finance ministers’ meeting in southern Italy.
SNIP
While the stabilization of the economy over the short term is critical, we also discussed other challenges ahead of us. The crisis has revealed that there are some fundamental weaknesses in the global economy related to propriety, integrity and transparency. To address these issues in a comprehensive fashion, we have agreed on the need to develop the Lecce Framework – a set of common principles and standards governing the conduct of international business and finance – which builds on existing initiatives and lays the foundation for a stable growth path over the long term (1)
Those people think they will be clairvoyant.
At one moment, they say, they will know that recovery is certain.
The world’s rich nations have started to consider how they will unwind emergency steps to rescue their economies once recovery is certain, according to a draft statement from a meeting of Group of Eight finance ministers on Saturday. (2)
They have visions of increased signs of stabilisation
G8 finance ministers on Saturday agreed that their economies were showing “increased signs of stabilisation” and for the first time started to craft exit strategies to counter the inflationary impact of their stimulus measures. (3)
BUT
there is no reason yet for optimism, German Finance Minister Peer Steinbrueck said Saturday. (4)
Ivo Cerckel
honestmoney@maktoob.com
NOTES
(1)
Lecce G8 finance ministers’ draft statement
Reuters, Saturday June 13 2009
http://www.guardian.co.uk/business/feedarticle/8556726
(2)
G8 considers how to move out of crisis mode
Sat Jun 13, 2009 6:48am EDT
LECCE, Italy (Reuters) -
http://www.reuters.com/article/newsOne/idUSTRE55B4G420090613
(3)
G8 prepares for global recovery
By Guy Dinmore in Lecce, Italy
Published: June 13 2009 12:32 | Last updated: June 13 2009 12:32
http://www.ft.com/cms/s/0/24e2969a-5808-11de-8cbb-00144feabdc0.html
(4)
G8: German Fin Min: No Reason Yet For Optimistic View On Econ
JUNE 13, 2009, 7:33 A.M. ET
LECCE, Italy (Dow Jones)–
http://online.wsj.com/article/BT-CO-20090613-701201.html
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