Influence of 'Abdu'l-Bahá

Leaders of the world's largest economies have reached an agreement to tackle the global financial crisis with measures worth $1.1 trillion (£681bn).

To help countries with troubled economies, the resources available to the International Monetary Fund (IMF) will be tripled to $750bn.

There will also be sanctions against secretive tax havens and tougher global financial regulation.

And the G20 has committed about $250bn to boost global trade.

US President Barack Obama said the summit could mark a "turning point" in the pursuit of economic recovery and made progress in reforming a "failed regulatory system".

"By any measure the London summit was historic.

"It was historic because of the size and the scope of the challenges that we face and because of the timeliness and the magnitude of our response," he said.

Prime Minister Gordon Brown said there was "no quick fix" for the world economy but there was a commitment to do whatever was necessary.

"This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for its delivery," Mr Brown said.

Another G20 meeting will be held in New York in September to check on progress, the BBC has learned.

The deal was announced shortly before the European stock markets closed and gave leading indexes a significant boost.

London's FTSE 100 index of leading shares ended 4.3% higher. In Paris, the Cac 40 jumped 5.4% and in Frankfurt, the Dax rose 6%.

The deal

On behalf of the G20, Mr Brown announced the following steps:
· Bankers' pay and bonuses will be subject to stricter controls

A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system :
· There will be greater regulation of hedge funds and credit ratings agencies
· A common approach to cleaning up banks' toxic assets has been agreed
· The world's poorest countries will receive $100bn extra aid
· G20 countries are already implementing the biggest economic stimulus "the world has ever seen" - an injection of $5tn by the end of next year.

IMF boost

The IMF has been one of the biggest beneficiaries of the G20 summit.

The resources it has to help troubled economies will be increased to $500bn.

An overdraft facility will also be increased to $250bn (in the IMF's currency, so-called Special Drawing Rights) that all members can call upon.

Mr Brown said that there would be a crackdown on tax havens to prevent the loss of sorely needed tax revenue.

Shortly after the summit finished the Organisation of Economic Co-operation and Development published a blacklist of countries deemed uncooperative.

It said Costa Rica, Malaysia, Philippines and Uruguay had not made any commitment to respecting international standards.

"We have agreed tough standards and sanctions for use against those who don't come into line in the future," Mr Brown said.

President Obama was said to have played a key role in brokering the agreement on tax havens, resolving differences between France and China.

Hopes met?

French President Nicolas Sarkozy said that the conclusions of the G20 summit were "more than we could have hoped for".

Earlier, there had been suggestions of rifts between France and Germany and the US and the UK.

The US and UK emphasised the need for public spending to ease the crisis while France and Germany were keen for tougher financial regulation.

Mr Sarkozy had threatened to walk out of the meeting if it did not yield concrete results.

German Chancellor Angela Merkel also praised the outcome.

She said the new measures would give the world a "clearer financial market architecture" and the agreement was "a very, very good, almost historic compromise".

Her finance minister, Peer Steinbrueck, said he was pleased that the G20 statement did not oblige states to launch further economic stimulus packages.

Protests

Protesters gathered outside the summit, but in smaller numbers than during Wednesday's demonstrations in London's financial district.

Several hundred staged "noisy but calm" protests near the Excel centre, representing groups including the Stop the War Coalition and CND.

And about 400 more demonstrators were boxed in by police outside the Bank of England in London's financial district, during angry but peaceful protests.

More than 100 people were arrested over the two days of protests - 86 of them on Wednesday, police said.

A small group of protesters gathered earlier at the London Stock Exchange, but later dispersed.

Poor benefit

The G20 countries have pledged $100bn in aid for developing countries, more than expected.

The money will be dispensed through multilateral lenders such as the Asian Development Bank.

The measure that could make the most difference in the short term for the poorest countries is the availability of $250bn of trade credit, says BBC international development correspondent David Loyn.

It will enable goods currently rotting on the quayside in Africa to move again, he says.

BBC business editor Robert Peston said the tougher financial regulation announced by the G20 was a significant step.

He said it sounded the death knell for the freewheeling Anglo-American way of banking and conducting financial markets.

However, he said the measures would not get the world out of recession overnight.

news.bbc.co.uk 2 April 2009


After a little while we gathered around the table with him. During the meal one of the friends asked 'Abdu'l-Bahá how he enjoyed his stay in London, and what he thought of the English people. I acted as interpreter. 'Abdu'l-Bahá replied: "I have enjoyed London very much and the bright faces of the friends have delighted my heart. I was drawn here by their unity and love. In the world of existence there is no more powerful magnet than the magnet of love. These few days will pass away, but their import shall be remembered by God's friends in all ages and in all lands.

There are living nations and dead nations. Syria lost its civilization through lethargy of spirit. The English nation is a living one, and when in this spiritual springtime the divine truth come forth with renewed vitality, the English will be like fruitful trees, and the Holy Spirit will enable them to flourish in abundance. Then will they gain not only materially, but in that which is far more important, spiritual progress, which will enable them to render a greater service to the world of humanity."

~ Abdu'l-Baha, Abdu'l-Baha in London, p. 78

What is the most important thing governments can do?

Tens of thousands of people have marched through London demanding action on poverty, climate change and jobs, ahead of next week's G20 summit.

The Put People First alliance of 150 charities and unions walked from Embankment to Hyde Park for a rally.

Speakers called on G20 leaders to pursue a new kind of global justice.

Police estimate 35,000 marchers took part in the event. Its organisers say people wanted the chance to air their views peacefully.

Protesters described a "carnival-like atmosphere" with brass bands, piercing whistles and stereos blasting music as the slow-paced procession weaved through the streets.

Police said one man was arrested during the march for being drunk and disorderly.

Unite union, general secretary Derek Simpson said: "I think it's an important message but whether it will get through to the people meeting in London I don't know. Anyone who sees the numbers on this march should realise how important it is."

Families with children in pushchairs were among those marching along the 4.2-mile route under banners with slogans including 'capitalists - you are the crisis' and 'justice for the world's poor'.

As protesters passed the heavily-policed gates of Downing Street, there were chants and jeers with one person shouting "enjoy the overtime".

BBC News reporter Mario Cacciottolo said people were clearly angry, but the atmosphere was not tense.

Milton McKenzie, 73, from Essex, told him: "How the hell can we have a situation here in Britain where we have people out of work and the bankers just cream it off and are helped by the government."

Italian trade unionist Nicoli Nicolosi, who had travelled from Rome, said: "We are here to try and make a better world and protest against the G20."

Glen Tarman, chairman of the Put People First co-ordination team, said: "An exciting alliance has been born today. We will keep up the pressure on world leaders and the UK government to address our demands and put people first."

TUC general secretary Brendan Barber said he wanted to see G20 leaders agree a plan of action to deal with the financial downturn.

"Where I hope we will see a consensus emerge is in the recognition that unless they act together, then the problems are only going to get worse.

"This, unlike any other recession, is a recession right across the world."

The Energy and Climate Change Secretary Ed Miliband said it was important for the G20 to make commitments on helping the environment as well as the economy.

"There are some people who will say you can either tackle the economic crisis or the climate crisis.

"But the truth is that both come together with this idea of a Green New Deal, of investing in the jobs of the future, which are going to be in the green industries of the future."

The director of the the Adam Smith Institute, Dr Eamonn Butler, said governments have caused the economic crisis.

"The world market economy is actually a very moral system that raised a billion people out of poverty in the last 10 years," he said.

A huge security operation is under way in the run-up to the G20 summit, at which world leaders will discuss the global financial crisis and other issues.

There have been fears that banks and other financial institutions could be the focus for violent protests.

Commander Simon O'Brien, one of the senior command team in charge of policing security, said: "It's fair to say that this [the march] is one of the largest, one of the most challenging and one of the most complicated operations we have delivered.

"G20 is attracting a significant amount of interest from protest groups. There is an almost unprecedented level of activity going on."

Saturday's march will be followed by a series of protests on Wednesday and Thursday by a variety of coalitions and groups campaigning on a range of subjects, from poverty, inequality and jobs to war, climate change and capitalism.

Ahead of the summit, Prime Minister Gordon Brown has been visiting a number of countries seeking support.

On Friday, during a visit to Chile, he said people should not be "cynical" about what could be achieved at next week's summit, saying he was optimistic about the likely outcome.

However, in an interview with Saturday's Financial Times, German Chancellor Angela Merkel dampened expectations of a significant breakthrough.

She said one meeting would not be enough to solve the economic crisis and finish building a new structure for global markets.

In Berlin, thousands of protesters have also taken to the streets with a message to the G20 leaders: "We won't pay for your crisis".

Another march took place in the city of Frankfurt. The demonstrations attracted as many as 20,000 people.

Banners accused the Germany government of being too willing to spend billions bailing out financial institutions and too slow to protect ordinary workers, the BBC's Steve Rosenberg said from Berlin.
news.bbc.co.uk 28 March 2009

The most important thing is to polish the mirrors of hearts in order that they may become illumined and receptive of the divine light. One heart may possess the capacity of the polished mirror; another be covered and obscured by the dust and dross of this world. Although the same Sun is shining upon both, in the mirror which is polished, pure and sanctified you may behold the Sun in all its fullness, glory and power revealing its majesty and effulgence, but in the mirror which is rusted and obscured there is no capacity for reflection although so far as the Sun itself is concerned it is shining thereon and is neither lessened nor deprived. Therefore our duty lies in seeking to polish the mirrors of our hearts in order that we shall become reflectors of that light and recipients of the divine bounties which may be fully revealed through them.

This means the oneness of the world of humanity. That is to say, when this human body-politic reaches a state of absolute unity, the effulgence of the eternal Sun will make its fullest light and heat manifest. Therefore we must not make distinctions between individual members of the human family. We must not consider any soul as barren or deprived. Our duty lies in educating souls so that the Sun of the bestowals of God shall become resplendent in them, and this is possible through the power of the oneness of humanity. The more love is expressed among mankind and the stronger the power of unity, the greater will be this reflection and revelation, for the greatest bestowal of God is love. Love is the source of all the bestowals of God. Until love takes possession of the heart no other divine bounty can be revealed in it.

~ Abdu'l-Baha, Baha'i World Faith - Abdu'l-Baha Section, p. 218