March 24, 2009
Posted: 08:38 AM ET
By Barack Obama, President of the United States
We are living through a time of global economic challenges that cannot be met by half-measures or the isolated efforts of any nation. Now, the leaders of the G-20 have a responsibility to take bold, comprehensive and coordinated action that not only jump-starts recovery but launches a new era of economic engagement to prevent a crisis like this from ever happening again.
No one can deny the urgency of action. A crisis in credit and confidence has swept across borders, with consequences for every corner of the world. For the first time in a generation, the global economy is contracting and trade is shrinking. Trillions of dollars have been lost, banks have stopped lending and tens of millions around the globe will lose their jobs. The prosperity of every nation has been endangered, along with the stability of governments and the survival of people in the most vulnerable parts of the world.
We have learned that the success of the American economy is inextricably linked to the global economy. There is no line between action that restores growth within our borders and action that supports it beyond. If people in other countries cannot spend, markets dry up; already we've seen the biggest drop in American exports in nearly four decades, which has led directly to American job losses. And if we continue to let financial institutions around the world act recklessly and irresponsibly, we will remain trapped in a cycle of bubble and bust. That is why the upcoming London summit of the world's 20 leading economies is directly relevant to our recovery at home.
Filed under: President Obama
From around the web
Go Behind The Scenes
LARRY KING LIVE'S Emmy-winning Senior Executive Producer Wendy Walker knows what it takes to make a great story.
With anecdotes, provocative emails, scandals, show transcripts and insights into Walker's long working relationship with Larry King, her new book PRODUCER issues readers an invitation to listen in on the most intriguing conversations on the planet.