WILL THE G20 KICK THE G8 TO THE CURB ?

The group of eight industrialized powers are now ineffectual in the worldwide financial crises, according to researchers and international affairs experts.

The G8 consiste of Britain, Canada, France, Germany, Italy, Japan ,Russia and the United States. But the G8 depends on the G20 which includes Argentina, Brazil, China, India and South Africa.

Richard Portes, a researcher at the London School of Economics said "no substantive results have come out of the G8 for years. Portes said the G8 has become irrelevant. Barry Echengreen at UC Berkely said reform of the IMF could not be done without China, the largest reserve holder.

Kumor of the Indian Research Council said there should be a G4 , Japan, China, The United States, and the European Union.

LEADING ECONOMIST IN THE UK SAYS INTEREST RATES NEED TO BE SLASHED

Charles Goodhart, a founding member of the Bank of England's Monetary Policy Committee is making the claim that interest rates should be cut to 0% to avoid depression.

Mr Goodhart is a professor emeritus of banking and finance at the London School of Economics and a member of the MPC between 1997 and 2000. Interests went to zero in Japan in the 1990's when the Japanese had a recession or depression which was long and severe.