President Barack Obama wrote an op-ed piece ahead of next week's G-20 Summit in London that ran in 31 newspapers around the world Tuesday, in which he argued the need for worldwide economic cooperation.
No one can deny the urgency of action, Obama said in his piece.
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.
If people in other countries cannot spend, Obama added, 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.
He said, 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.
My message is clear, Obama continued, The United States is ready to lead, and we call upon our partners to join us with a sense of urgency and common purpose. Much good work has been done, but much more remains.
Obama said the US would act boldly to lift the American economy out of crisis and reform our regulatory structure, and these actions will be strengthened by complementary action abroad.
Through out example, Obama said, the United States can promote a global recovery and build confidence around the world; and if the London Summit helps galvanize collective action, we can forge a secure recovery, and future crises can be averted.
He said global recovery efforts must begin with swift action to stimulate growth. Already, the United States has passed the American Recovery and Reinvestment Act - the most dramatic effort to jump-start job creation and lay a foundation for growth in a generation.
Other members of the G-20 have pursued fiscal stimulus as well, and these efforts should be robust and sustained until demand is restored. As we go forward, we should embrace a collective commitment to encourage open trade and investment, while resisting the protectionism that would deepen this crisis.
Obama further argued, We must restore the credit that businesses and consumers depend upon. At home, we are working aggressively to stabilize our financial system. This includes an honest assessment of the balance sheets of our major banks, and will lead directly to lending that can help Americans purchase goods, stay in their homes and grow their businesses.
Finally, Obama said, We have an economic, security and moral obligation to extend a hand to countries and people who face the greatest risk.
If we turn our backs on them, Obama argued, the suffering caused by this crisis will be enlarged, and our own recovery will be delayed because markets for our goods will shrink further and more American jobs will be lost.
The nations of the world have a stake in one another, Obama said in closing his piece.
The United States is ready to join a global effort on behalf of new jobs and sustainable growth. Together, we can learn the lessons of this crisis, and forge a prosperity that is enduring and secure for the 21st century.
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