Leaders Tackle Economy at G-20 Summit

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LONDON - World leaders promised, Thursday, to provide billions of dollars in emergency loans to boost the global economy, but failed to heed to President Obama's suggestion at new stimulus spending.

Still, Obama said the agreements at the G-20 summit were "just the beginning" of the cooperation between countries to fight the global recession.

"I think we did OK," Obama said afterward. "When I came here, it was with the intention of listening and learning, but also providing American leadership. And I think the document that has been produced as well as concrete actions reflect a range of our priorities."

Leaders kicked off the G-20 global economic summit in London Thursday.

Police had been out in force, facing violent clashes and arresting dozens of protestors angry about the worldwide financial crisis.

Click play to watch David Brody's report followed by comments from Pat Robertson.  Also, click here to watch President Obama's comments to reporters after Thursday's summit.

The president arrived bright and early at the G-20 ready for a day of serious money talk. The U.S. and Britain want European countries to open their wallets a little wider to help lift the recession. But the French and Germans are not expected to budge unless they get stronger international regulations to curb the banking industry.

"It make no sense to pump more and more money in our economy whenever we haven't restored the confidence on the financial markets," said Peer Steinbrueck, German finance minister.

"President Sarkozy was very clear on that front," Christine Lagarde, the French finance minister told the BBC's "Hard Talk" program. "He said that 'if the deliverables are not there, I won't sign the communique.'"

Violent Protests

The French and Germans are not the only ones a little frustrated.

Thousands of protesters took their anti-capitalist message to the streets of London with swindlers list signs, smashing windows and causing havoc along the way.

The signs said it all. One sign read "Eat The Bankers" and that was exactly the sentiment as there was a lot of anger in the crowd.

Police had their hands full. However, it was a different story just ten minutes away at Buckingham Palace. Britain's finest were posing for pictures as they waited for President Obama's historic arrival to meet the Queen.

There was also a woman named June Peebles. All Mrs. Peebles wanted was a glimpse of Mr. Obama. She has been walking around London looking for him.

"First of all, I went to Downing Street," she told CBN News. "But he left ten minutes previously, so I walked from Downing Street and that's why I've asked you has he left yet? I hope to see him."

Peebles left disappointed and unless there is major progress at the G-20, disappointment may be the summit buzzword as well.

"I think many of them will be very embarrassed if something doesn't come out of this, because it's had so much coverage," said one Londoner.

G-20 Results -- Nothing?

Some conservative economists would actually like to see a bunch of nothing.

"What I hope happens at the G-20 is just a big giant stalemate," explained Dan Mitchell of the CATO Institute. "The Europeans tell Obama to go jump in a lake that they are not going to waste money on these phony stimulus schemes to increase government spending. And Obama tells the Europeans to go jump in a lake on setting up some sort of global regulatory cartel where you would have international bureaucrats telling American banks what to do," he continued. "That would be a terrible idea."

No matter what the outcome of this G-20 summit, there's already talk of another one possible as early as this summer. All of the world leaders agree that what happens here in London is just the first step in a process.

Expect the communiqué that is presented to be full of pledges, but short on specific commitments.

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CBN News
David Brody

David Brody

CBN News White House Correspondent

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