Gordon Brown today calls on nations across the world to follow Britain in its "ground-breaking" moves to save the banking system. The Prime Minister, writing in The Times, urges other governments to put money into struggling banks and offer similar guarantees worth hundreds of billions to persuade the banks to start lending to each other again. Amid indications that the United States is considering such moves, Mr Brown calls for a global solution to a global problem. He says that he never expected to find himself taking a government stake in banks but that countries had to abandon "outworn dogmas" and embrace new solutions.
Gordon Brown today calls on nations across the world to follow Britain in its "ground-breaking" moves to save the banking system.
The Prime Minister, writing in The Times, urges other governments to put money into struggling banks and offer similar guarantees worth hundreds of billions to persuade the banks to start lending to each other again.
Amid indications that the United States is considering such moves, Mr Brown calls for a global solution to a global problem. He says that he never expected to find himself taking a government stake in banks but that countries had to abandon "outworn dogmas" and embrace new solutions.
Krugman:
What should be done? The United States and Europe should just say "Yes, prime minister." The British plan isn't perfect, but there's widespread agreement among economists that it offers by far the best available template for a broader rescue effort.And the time to act is now. You may think that things can't get any worse -- but they can, and if nothing is done in the next few days, they will.
What should be done? The United States and Europe should just say "Yes, prime minister." The British plan isn't perfect, but there's widespread agreement among economists that it offers by far the best available template for a broader rescue effort.
And the time to act is now. You may think that things can't get any worse -- but they can, and if nothing is done in the next few days, they will.
