Looking Ahead to the G20 Summit

It appears that next week is going to be a very busy week for Korean President Lee Myung-bak who will be hosting the upcoming G20 Summit in Seoul.  In the Korea Herald today it is being reported that he will talk with U.S. President Obama and the Chinese President Hu Jintao for final coordination of the agenda for the G20 Summit and one of those agenda items will be the currency exchange rates.  The article reports that there are criticisms from China and Brazil at the latest U.S. stimulus plan adding six hundred billion dollars of long term treasury bonds into the U.S. economy.  The fear is that this will create a sharp drop in the dollar and create a flood of capital inflows into emerging markets.  President Lee hopes to mediate this issue with the Chinese and U.S. President prior to the beginning of the G20 Summit.  China currently holds many treasury securities.  There is much speculation about what China could do to retain its current economic standing.  Possibly they could purchase some of the new treasury securities adding to the large debt it currently holds.  If the Chinese Government was to revalue its currency, this would create havoc with the U.S. economy.  Additional items that President Lee will address during the summit is economic cooperation with the Brazilian President for a highway construction deal in Brazil, he will meet with Russian President and the Australian Prime Minister to assist in the on-going negotiations for a free trade deal between Korea and Australia.  Also attending this meeting will be the U.N. Secretary General.  While President Lee meets with the Russian President, there will be talks on economic cooperation involving energy and natural resources, modernization efforts and lastly the denuclearization of North Korea.  Last week there was a free trade deal signed between Korea and the Economic Union.  There will be additional meetings to work towards ratifying this deal.  Lastly will be negotiations between Korea and France to retrieve “Oegyujanggak” which are books containing records of the Josean dynasty of Korea which were found to be taken during a French invasion in 1866.  These documents have since turned up in the National Library of France.  This blog does not have a complete agenda of all items to be discussed at the upcoming G20 Summit but it shows a wide array of items to show how global the world has become.   Upcoming highways in Brazil to retrieving historical documents taken during 1866 found in a library.  These world leaders have lots to discuss to maintain an economy and a society for all people to thrive in.  In looking at world leaders, it isn’t hard to believe that when taking office a nation’s head of state whether he is called President of Prime Minister has a full head of colored hair which can easily go grey from the weight of these responsibilities.