Andrew Graham, The Guardian | October 15, 2008
The monetary meltdown is partly the result of collapsing consumer and business spending. ++ The assumption that banking sytems could be left alone has proven to be false. ++ There needs to be state-financed banking systems. ++ While spending in the West slows, the only way to stop recession is for the Chinese to increase their spending. ++ They hold $2 trillion in reserves that could save the US economy from a total collapse. ++ China has to be invited to the G8 talks as it could play a vital part in stopping the global financial meltdown.