Source:
The Independent on Sunday (UK)Mini-summit announced as George Soros says ‘the world financial system has disintegrated’By David Randall and Jane Merrick
Gordon Brown will fly to Washington next week for his first meeting with Barack Obama since he became President. He will discuss an economic crisis whose seriousness was underlined yesterday when the renowned economic guru George Soros said in a speech that the world financial system has “effectively disintegrated”, with turbulence more severe than during the Great Depression.
Mr Brown’s visit, on 3 March, will prepare the ground for April’s G20 meeting in London, which is intended to draw up concrete measures for international economic recovery. Mr Soros, whose words and actions have moved entire markets in the past, told attendees at a conference dinner at Columbia University: “We witnessed the collapse of the financial system. It was placed on life support, and it’s still on life support.”
His words are stronger than his previous statements: at Davos a month ago, he said the financial system was merely “dysfunctional”. He now compares the current situation to the demise of the Soviet Union and added: “There’s no sign that we are anywhere near a bottom.” Another speaker, Paul Volcker, former chairman of the Fed and now adviser to President Obama, said that, while he felt capitalism would survive, “I’m not so sure about financial capitalism”.
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http://www.independent.co.uk/news/world/politics/brown-flies-to-meet-president-obama-for-economy-crisis-talks-1628927.html
Barack Obama meeting Gordon Brown during
a visit to Britain he took last June as the
presumptive Democratic candidate for the presidency