Obama wants change in world economy, but in U.S. favor

U.S. President Barack Obama said he would insist on a meeting of G-20 this week to change the world economy in response to the global financial crisis, Reuters reported.
Obama said the U.S. economy recover, although unemployment remains high, and that now is the time to change the balance in the global economy after decades were marked by American overconsumption. „You can go back to the time when China or Germany or other countries just sold us all, and we roll with debt borrowing or taking loans against residential mortgages without selling them anything,“ said the American president in an interview CNN, cited by BTA. Once U.S. consumption is declining, and unemployment is increasing, Washington wants other countries to become engines of growth, said yesterday. „These are some of the things which will be dedicated to meeting the G-20, Pittsburgh, ensuring the construction of a more balanced economy,“ said Obama.

The West has long called China to boost its huge population to greater consumption. Hardly, however, after a meeting between Obama and his Chinese counterpart Hu Jintao will lead to a significant change in economic policy.

Beijing reacted angrily to the decision last month by U.S. President to impose emergency tariffs on imports of Chinese tires. Some economists worry that this controversy may not only hinder efforts to avoid protectionism, but also serious discussions about rethinking the global economy of the Forum in Pittsburgh, said yesterday.

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