National Security, the G20 and the Global Financial Crisis Posted by Adam Blickstein

Today NSN held a press conference call with Dr. Thomas Fingar, former director of the National Intelligence Council and current lecturer at Stanford's school of International Studies and Brad Setser, Fellow for Geoeconomics at the Council on Foreign Relations, examining the G20 summit and the national security implications of the global financial crisis. The audio can be heard here, and below are some quotes from the call:

Dr. Thomas Fingar:  “With respect to the larger institutional setting—and this goes far beyond the economic realm—there seems to be a dawning and growing recognition that we need to do something to re-engineer, to revitalize, to replace, to restructure.  But there’s not yet, in my view, a consensus on what the replacements should look like—or more importantly, on who should design them, who should lead the effort, or who should participate in the remaking of the global order.  Sixty years ago there were 140 fewer countries and the outcome of the war reduced the number of active players to a handful.  We’re in a very, very different situation today… with the United States, the European Union, Japan, the rise of the BRICs.  Essentially all of those participating in the London conference in some sense have a right to participate in the larger setting.

Brad Setser: I think this is really the first deep crisis of the globalized economy that Dr. Fingar described.  It’s a synchronized downturn--all major regions of the global economy are now contracting--and it’s a synchronized downturn with a very large magnitude, with most major economies experiencing if not the sharpest downtown of the post-war era, something very close to it...The agenda for the leaders, I think, can be divided into two parts.  The first part is taking steps that will help stabilize the economy in the downturn…  I think the second immediate priority is to increase the resources available to the IMF.  A couple of years ago the IMF was sitting on a pool of lendable resources of $200 billion, $250 if you count its supplementary credit lines, and nobody wanted to borrow from it, and there were questions about its relevance.  Now with the downturn in cross-border capital flows and the large pool of countries looking to borrow from the IMF, it is clear that $250 billion isn’t anywhere near enough.  And I think we should have known that because the major emerging economies, countries that previously borrowed from the IMF, countries like Korea and Brazil and Russia, all more or less have concluded that $200 billion of reserves isn’t enough.

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