Policymakers point toward protectionism
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Reuters
Oluşturulma Tarihi: Ocak 30, 2009 00:00
DAVOS - Policymakers and business chiefs flagged new trouble for the global economy yesterday, with India's trade minister warning of protectionism.
One day after Chinese and Russian leaders told the World Economic Forum in Davos that unfettered debt-fuelled consumption was to blame for the global financial crisis, the head of JPMorgan criticized governments.
"JPMorgan would be fine if we stopped talking about (the) damn nationalization of banks," Jamie Dimon said. Dimon acknowledged bankers had done "some really stupid things" in the crisis, but also criticized policymakers and regulators. "I haven't yet seen people get all the right people in a room, close the damn door and come out with a solution," he said.
OPEC Secretary General Abdullah al-Badri said the group would not hesitate to act if oil price remained low. The Organization of Petroleum Exporting Countries meets in March and Badri said it was still monitoring the impact of cuts totaling 4.2 million barrels per day.
"In some places (protectionism) is real," Indian trade minister Kamal Nath said. "We are seeing greater use in the West of anti-dumping measures, non-tariff barriers being used in Europe. If there are protectionist measures India will be compelled to also take commensurate measures."
"JPMorgan would be fine if we stopped talking about (the) damn nationalization of banks," Jamie Dimon said. Dimon acknowledged bankers had done "some really stupid things" in the crisis, but also criticized policymakers and regulators. "I haven't yet seen people get all the right people in a room, close the damn door and come out with a solution," he said.
OPEC Secretary General Abdullah al-Badri said the group would not hesitate to act if oil price remained low. The Organization of Petroleum Exporting Countries meets in March and Badri said it was still monitoring the impact of cuts totaling 4.2 million barrels per day.
"In some places (protectionism) is real," Indian trade minister Kamal Nath said. "We are seeing greater use in the West of anti-dumping measures, non-tariff barriers being used in Europe. If there are protectionist measures India will be compelled to also take commensurate measures."