Obama's Economic View Is Rejected on World Stage
From the Times' online report later this morning:
SEOUL, South Korea — Leaders of the world’s biggest economies agreed on Friday to curb “persistently large imbalances” in saving and spending but deferred until next year tough decisions on how to identify and fix them.
The agreement, the culmination of a two-day summit meeting of leaders of the Group of 20 industrialized and emerging powers, fell short of initial American demands for numerical targets on trade surpluses and deficits. But it reflected a consensus that longstanding economic patterns — in particular, the United States consuming too much, and China too little — were no longer sustainable...
The G-20 leaders largely endorsed an approach to imbalances that finance ministers, including Treasury Secretary Timothy F. Geithner, hammered out last month at a meeting in Gyeongju, South Korea, but added a timetable.
