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Euronews www.euronews.net World leaders in emergency talks to prevent financial meltdown 07/08 10:43 CET In the past week alone 2.5 trillion dollars have been wiped off the value of global stocks. That is why world leaders and policy makers have been scrambling over the weekend, trying to find a way out of the turmoil on the international markets caused by the debt crises in Europe and the United States. The very real fear is that the developed world could sink back into a recession from which it has barely emerged. France’s President Sarkozy, who chairs the G7/G20 group of leading economies, spoke with British Prime Minister David Cameron on Saturday. Further G7 talks are planned, and finance ministers from the G20 countries held a telephone conference on Sunday morning. Sources also report that the European Central Bank was due to hold a rare emergency meeting on Sunday. China has harshly criticised the US after its credit status was downgraded by a major agency, although South Korea has said it still has faith in US bonds, despite of the move. With exposure to US debt standing at around 300 billion dollars, South Korea sees no alternative. There will be a lot more talking this weekend as the world waits nervously for the markets to open on Monday. Copyright © 2011 euronews ………………………………………………………… Europe has ‘thrown away’ recovery: Brown (AFP) — 6 hours ago LONDON — Nicolas Sarkozy and Angela Merkel have used the wrong …

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UK markets sell off as we await a decision on a solution for the Irish debt problem.

Markets wobble on worries over Ireland, UK inflation, and China.

09. November 2010: There is no possibility of agreement at the upcoming G20 summit because the US is declaring financial war on other countries, believes American economist and wall street analyst Prof. Dr. Michael Hudson. The US has been pushing China to revalue its currency — at a time when Washington has been pumping billions of dollars into its economy — a move viewed by other countries as an attempt to deliberately weaken the greenback. The issue of exchange rates is expected to be one of the toughest discussion points at the G20 summit in South Korea later this week. Michael Hudson, a renowned economist and Wall Street financial analyst and advisor, says the meeting in Seoul will not bring an end to global currency wars. “The US is going to China and saying ‘we want you to commit economic suicide just like Japan did. We want you to follow the same way: we want you to re-value your currency, we want you to squeeze your companies, we want you to go bankrupt so we can make our profit at your expense,” says Hudson. “We want you the Chinese to allow our banks to gamble on your currency and make a huge gain on foreign exchange speculation so that our banks can get out of the problem that we have got them into. Will you please help us by going bankrupt for our benefit? Well, you can imagine what the Chinese are saying — they are laughing,” Hudson adds. The American plan to devalue the dollar would flood the global economy with money that would be used to buy out …