Word: stimulus
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...romantic Prague, but elsewhere in the Czech capital, the President may find the ambience somewhat more chilly. Whereas the Czech Republic might once have been the most unquestioningly loyal of Washington's post-Cold War allies, Prime Minister Mirek Topolanek's comment last week that President Obama's economic stimulus plan is "a road to hell" underscores the fact that Czech support for the U.S. leadership is no longer a certainty...
...summit, Japan backed calls by the U.S. for greater fiscal spending to combat the recession - moves opposed by leaders of several European countries including France and Germany, who fear that unchecked government spending will lead to rampant inflation. But Aso dismissed German Chancellor Merkel's caution about fiscal stimulus before heading to London. "The fact that he picked a fight with Merkel plays very well - like he's one of the big boys," says Gerald Curtis, a professor at Columbia University who has written extensively about Japanese politics. "He looks like a leader. Even though people are nervous about increasing...
...Japan's economy contracted at an annualized rate of 12.1% in the last quarter of last year - the sharpest downturn since the oil crisis of the mid-1970s. Tokyo is working on an additional stimulus package - the country's third in the last six months - that is expected to pump at least $100 billion more into the economy...
...what are the key points agreed on, and how will they play out? The leaders neatly skirted the biggest point of contention in the run-up to the summit: whether to boost national economic-stimulus packages. Instead, the G-20 focused on two other significant areas: the funds available to international institutions to help poor or struggling economies to withstand the crisis, and tougher global regulation of financial markets. (See pictures of the global financial crisis...
...that very moment, Barack Obama was across town in plenary-session meetings with other national leaders at the G-20, discussing regulations, stimulus and funding for emerging markets that they hope will stem the enormous amounts of human suffering the world will endure over the coming months. The President had already met the day before with the Russians to discuss preventing nuclear apocalypse, with the Chinese to discuss the genocide in Sudan and with the South Koreans to discuss the pending missile launch by North Korea...