Pan-African News Wire
By Ben Cohen
Barack Obama was welcomed to London by hordes of rioting protesters, a sign that significant action is needed to quell public anger over the banking collapse.
Obama was grilled in London over U.S culpability for the crisis, a charge he partially accepted. He was however, keen to point out that the lack of regulation was a world wide problem, not just a U.S one. Said Obama:
"If you look at the sources of this crisis, the US certainly has some
accounting to do with respect of a regulatory system that was inadequate to
the massive changes that had taken place in the global financial system."
"What is also true is that here in Great Britain, and continental Europe,
around the world, we are seeing the same mismatch between the regulatory
regimes that were in place and the highly integrated global capital markets
that had emerged."
While Obama may be right, he has a long way to go to convince the world he has the righ solution. So far, it isn't looking great.