G-20 Seoul Summit 2010

By Padmini Arhant

The G-20 Summit was held in Seoul, South Korea on November 11 - 12, 2010.

Among many important economic issues, the trade imbalances and currency devaluation had drawn the representatives’ attention.

The two leading economies - U.S. and China expressed concerns over the respective trade surpluses and deficits attributed to currency management.

Likewise, the U.S. Federal Reserve proposal to interject $600 billion for economic revival expected to weaken the U.S. dollar while strengthening exports was met with resistance from competing trade partners such as China, Germany, United Kingdom, Brazil…citing the undue advantages to U.S. in the overseas export market.

It is well known that China has benefited from maintaining renminbi under market value boosting its trade to different nations especially the United States due to MFN and the primary creditor status.

Accordingly, China’s trade surplus would be different when evaluated in real market conditions.

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Padmini Arhant

Response to President Barack Obama - Re State of the Union Address

By Padmini Arhant

Hon. President Barack Obama
Washington, DC

Dear Mr. President,

I appreciate you sharing your concerns and the strategies to revive the economy, the priority for the democratic Congress.

The Democratic Party has suffered major setbacks in the recent elections and obviously, the trend cannot continue in the 2010 elections - for the work to rebuild our nation has just begun with your Presidency.

Considering the American plight particularly in the job front, the economic measures taken thus far by your administration is reassuring and the challenge lies in the legislation approval, amid lack of cooperation from the Republican members in Congress.

Although, you are earnestly seeking bipartisanship in the legislative process, the opposition is utilizing the cynical response to stall progress for political reasons especially in the election year.

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Padmini Arhant

P.S. Reponse to your letter also sent via regular mail.

Federal Republic of Germany - Bundestag Election

By Padmini Arhant

Congratulations! to the Chancellor of Germany Angela Merkel and the FDP leader Guido Westerwelle on the re-election of CDU-CSU (Christian Democratic Union and Christian Social Union) in grand coalition with the Free Democratic Party in the 17th German Federal election on September 27, 2009.

As a major economic power and the largest exporter as well as the second largest importer of goods, Germany is significant to the global economy and the international progress. The export-oriented nation has been drastically affected from the global economic crisis. It experiences the common woes like the financial market failure leading to the government bailouts; massive job loss in the manufacturing sector especially the automobiles and heavy industrial equipments…having a ripple effect on other sectors in the economy.

However, Germany has contained the crisis from further deterioration due to the various government run programs viz.

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Padmini Arhant