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The fresh message of the day was Bush's plea that nations work together to address the crisis, avoiding the go-it-alone protectionist trade strategies that worsened conditions during the Great Depression.
"In an interconnected world, no nation will gain by driving down the fortunes of another. We are in this together. We will come through it together," Bush said. "There have been moments of crisis in the past when powerful nations turned their energies against each other or sought to wall themselves off from the world. This time is different."
"This time is different."
Supporting Growth and Tackling Global Challenges
Advancing the IMF's Surveillance Agenda
Reviewing the IMF's Lending Role
The Santiago Principles—Generally Accepted Principles and Practices for Sovereign Wealth Funds
I see a step towards a single world currency.
…The process that created the so-called Santiago Principles is important in its own right, as a milestone on the way to what might become international financial architecture.
A sovereign wealth fund (SWF) is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds have gained world-wide exposure by investing in several Wall Street financial firms including Citigroup, Morgan Stanley, and Merrill Lynch. These firms needed a cash infusion due to losses resulting from the subprime mortgage crisis.