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Economy dominates as UN meets Economy dominates as UN meets
(40 minutes later)
By Bridget Kendall Diplomatic correspondent, BBC News, New YorkBy Bridget Kendall Diplomatic correspondent, BBC News, New York
Ban Ki-moon told delegates world leaders needed to work togetherBy 0730 outside the United Nations headquarters in New York, police were huddled on the pavement, getting a final briefing from commanding officers.Ban Ki-moon told delegates world leaders needed to work togetherBy 0730 outside the United Nations headquarters in New York, police were huddled on the pavement, getting a final briefing from commanding officers.
Every year there seems to be more and more of them. Along with the armed patrol boats churning up and down the river, the security cordon gets tighter. Every year there seems to be more and more of them. Along with the armed patrol boats churning up and down the East River, the security cordon gets tighter.
For journalists trying to make their way into the building, laden with laptops and cameras, it is an uphill struggle.For journalists trying to make their way into the building, laden with laptops and cameras, it is an uphill struggle.
This year was US President George W Bush's valedictory speech to the body he has had such a rocky relationship with over his eight years in office.This year was US President George W Bush's valedictory speech to the body he has had such a rocky relationship with over his eight years in office.
The last of the main speakers to hurry in, he arrived well after the first speeches had started - too much financial business on his mind, perhaps.The last of the main speakers to hurry in, he arrived well after the first speeches had started - too much financial business on his mind, perhaps.
Even so he cheerily waved at the cameras.Even so he cheerily waved at the cameras.
On the podium he did, as expected, offer reassurances on the current financial crisis.On the podium he did, as expected, offer reassurances on the current financial crisis.
The terrorists believe time is on their side, so they made waiting out civilised nations part of their strategy George W BushThe terrorists believe time is on their side, so they made waiting out civilised nations part of their strategy George W Bush
He had taken "bold steps", he said, and the new Wall Street bail-out he was still negotiating with Congress would, he claimed, be enacted within the urgent time-frame needed.He had taken "bold steps", he said, and the new Wall Street bail-out he was still negotiating with Congress would, he claimed, be enacted within the urgent time-frame needed.
But what Mr Bush really wanted to dwell on were those favourite themes which perhaps he still hopes will define his legacy - battles for freedom and against terrorism.But what Mr Bush really wanted to dwell on were those favourite themes which perhaps he still hopes will define his legacy - battles for freedom and against terrorism.
"Some may be tempted to assume the threat has receded," he said."Some may be tempted to assume the threat has receded," he said.
"This would be comforting but it would be wrong."This would be comforting but it would be wrong.
"The terrorists believe time is on their side, so they made waiting out civilised nations part of their strategy.""The terrorists believe time is on their side, so they made waiting out civilised nations part of their strategy."
A hint, perhaps, of a presidential worry that whoever his successor is, he may not give combating international terrorism the same priority.A hint, perhaps, of a presidential worry that whoever his successor is, he may not give combating international terrorism the same priority.
Call for actionCall for action
But in the UN corridors today Mr Bush seemed in danger of appearing out of touch.But in the UN corridors today Mr Bush seemed in danger of appearing out of touch.
The buzz this week is not about terrorism, but the implications of financial turmoil, generated in part within the United States, but affecting countries way beyond US borders.Security is tight as world leaders attend the General AssemblyThe buzz this week is not about terrorism, but the implications of financial turmoil, generated in part within the United States, but affecting countries way beyond US borders.Security is tight as world leaders attend the General Assembly
And no national American policy, whether enacted by president or Federal Reserve is any longer seen as sufficient.And no national American policy, whether enacted by president or Federal Reserve is any longer seen as sufficient.
Many seemed to think there needed to be collective action, which took into account the impact on poor countries as well as rich ones.Many seemed to think there needed to be collective action, which took into account the impact on poor countries as well as rich ones.
With American power seemingly on the wane, there were calls from the podium for a new global leadership to fill a growing vacuum.With American power seemingly on the wane, there were calls from the podium for a new global leadership to fill a growing vacuum.
"The global financial crisis endangers all our work. If ever there were a call for collective action - a call for global leadership - it is now," declared UN Secretary General Ban Ki-moon."The global financial crisis endangers all our work. If ever there were a call for collective action - a call for global leadership - it is now," declared UN Secretary General Ban Ki-moon.
President Mahmoud Ahmadinejad of Iran - in what is becoming something of a UN ritual - laid into the United States wholesale, describing it as a "bullying nation" and declaring it was on its last legs.President Mahmoud Ahmadinejad of Iran - in what is becoming something of a UN ritual - laid into the United States wholesale, describing it as a "bullying nation" and declaring it was on its last legs.
He said the "American empire" was reaching the end of its road, and its next rulers would have to limit their interference to their own borders.He said the "American empire" was reaching the end of its road, and its next rulers would have to limit their interference to their own borders.
But others usually more friendly to Washington added their voices to what appears to be a growing feeling that - in the light of this latest crisis - reform of international institutions is now well overdue.But others usually more friendly to Washington added their voices to what appears to be a growing feeling that - in the light of this latest crisis - reform of international institutions is now well overdue.
New rules?New rules?
Brazil's president denounced what he called the "anarchy of speculators" whose "profits were always to be privatised, while their losses are invariably socialised".Brazil's president denounced what he called the "anarchy of speculators" whose "profits were always to be privatised, while their losses are invariably socialised".
He went on to criticise international institutions which he said needed to be "rebuilt on entirely new foundations".He went on to criticise international institutions which he said needed to be "rebuilt on entirely new foundations".
President Nicolas Sarkozy of France was even blunter.President Nicolas Sarkozy of France was even blunter.
"We cannot wait any longer to enlarge the Security Council. We cannot wait any longer to turn the G8 into the G13 or G14, to bring in China, India, South Africa, Mexico and Brazil," he said."We cannot wait any longer to enlarge the Security Council. We cannot wait any longer to turn the G8 into the G13 or G14, to bring in China, India, South Africa, Mexico and Brazil," he said.
Next year's G8 host, Italy, was already planning to propose an enlargement, he said.Next year's G8 host, Italy, was already planning to propose an enlargement, he said.
But the French president's wider point was also that new lessons had to be drawn from today's financial crisis.But the French president's wider point was also that new lessons had to be drawn from today's financial crisis.
His solution: a gathering of heads of state before the end of the year to work out new rules for the global economy.His solution: a gathering of heads of state before the end of the year to work out new rules for the global economy.
"Let us rebuild together regulated capitalism, in which whole swathes of financial activity are not left up to market operators, in which banks do their job of financing development instead of encouraging speculation, and where rules of caution apply to all, to avert shocks, instead of exacerbating them," he announced."Let us rebuild together regulated capitalism, in which whole swathes of financial activity are not left up to market operators, in which banks do their job of financing development instead of encouraging speculation, and where rules of caution apply to all, to avert shocks, instead of exacerbating them," he announced.
A recipe for a new global set of financial rules?A recipe for a new global set of financial rules?
It is only the end of day one of the General Assembly debate, but already it feels as though a consensus is building. The question is, as usual at the United Nations, will these fine speeches ever be turned into action?It is only the end of day one of the General Assembly debate, but already it feels as though a consensus is building. The question is, as usual at the United Nations, will these fine speeches ever be turned into action?