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Prince could see plenty of finger pointing as you can imagine many European leaders are placing the blame for the global economic crisis on the United States.
And a lack of regulation specifically on Wall Street now this -- present a major roadblock.
And global trade deals as the World Trade Organization predicts that 10% drop this year already without some of these tensions in the meantime.
Pope Benedict the sixteenth -- he's also weighing -- calling for a G-8 leaders to create a new world financial order.
With all these different players in the G-8 meeting an outside obviously what role should the United States.
Really be playing here joining me now is Kirby Daley he's a senior strategist for the new -- group.
Fox Business is -- Cody Willard is up bright and early this morning to talk to -- and Fox News contributor.
And ethics expert father Jonathan Schwartz is here always good to have ethics expert on sat well you know two years ago people that -- what we need that for.
The kinds of changed you're absolutely right I'm gonna get to that in a little bit un and the pope's comments the -- wanna start out.
An issue with you because we understand that China's president left the G-8 meeting.
To attend to some of the violence that has erupted.
Also hearing some different conflicting reports at -- China at that time his part Abbas is now saying that the government can actually -- Those behind the riot deaths.
What is going on over there and what is the gays from that -- the world on the G-8 all things considered.
Wolf first of all it's very significant that president who has gone back to China clearly he had an agenda he wanted to push on the sidelines of this sonic.
And if it's a very strong signal.
-- just how seriously they're taking the -- the uprising if it's occurring in China and also.
How much he wants it to keep a firm hand on what's happening in his own country by being there rather than being absent.
When they take such a major step -- the military stepping in and talk of executions already.
Of those behind when they are probably very much up private citizens so you know small hints of Tiananmen square not really is significant but.
But you know -- -- his absence here is very telling.
You know Kirby what we've heard some murmurs from China about -- the US dollar being a reserve currency leave for a lot from European leaders -- placing the blame.
On the United States is that also true in Asia -- placing the blame on the United States for the economic crisis.
Yeah I think there's a lot of blame and I think it's it's well deserved and in many cases in -- there's a lot of resentment still here in Asia.
-- the heavy handedness.
All of the US of of of numerous site administration officials.
Since the late ninety's since the crisis here.
Talking about austerity and how you know when when -- needed to to get itself out of its financial crisis.
The US and the IMF were preaching austerity.
When it comes to the US being in the same kind of -- obviously austerity is not the path they have chosen.
And there is more than a little bit of resentment towards that and now it's more talk from Steny Hoyer and Laura Tyson.
About unbelievably about a second package in more fist fiscal irresponsibility.
There's a lot of finger pointing going on out here Anita toward the US.
And encoding it -- points out he says is well deserved what he thank.
Well I mean that's not necessarily -- the fact is that the our country our nation has led this global economy into court -- it through growth period unprecedented in Britain.
The last 4530 years we've had an amazing boom going on led by the United States.
Certainly we've got some -- to -- here I I.
I can't vouch for the policies over the last fifteen months when we started this bailout culture as he's talking about we should have been austere and actually didn't.
Man -- man up to our own words as soon as he talked about when we tell the countries that they've got to -- with the pain and sometimes.
You gotta do you know let them let the chips fall where they Maine and be disciplined about your budget tonight.
And our devised a -- -- three growth and it is is this system is -- IC system up capitalism is that falls for this.
Wasn't that the -- being that there's a downturn in the economy I mean that's the idea that -- economies will constantly go straight up and doesn't make it's impossible anyway people are always going to get over.
Over greedy at the top and then you have to have a pull back and you have to allow.
Bad managers to get out of the way and this is what the whole problem with bailing out Wall Street really is is we're not allowing this natural boom bust cycle to occur.
For exacerbating this boom part of it.
And therefore the bus is going to be and is as we're seeing much worse than it otherwise would be a father.
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