An Economic Summit in Washington, German Recession, and a change of plan in the United States. We have coverage of the world’s economy from Investor’s Business Daily, Germany's The Local, Forbes and The New York Times.

We’ll start with Investor’s Business Daily, where U.S. trade representative Susan Schwab makes a plea for expanded trade in the face of economic turmoil.
She says trade barriers increased financial troubles in the 1930s during the Great Depression, and this weekend’s economic summit can help avoid that.

“As leaders gather in Washington, we encourage them to recall the benefits of trade liberalization in lifting people out of poverty, raising standards of living and creating new opportunities for people around the world.” (Investor's Business Daily)

One of the countries attending the summit - Germany, is now in its worst recession in 12 years. German website, The Local reported on a blue ribbon panel who says German economic growth will grind to a halt in 2009.

They say “the government’s announced measures would be of little help.” (The Local)

When European economies have slowed, Germany has traditionally stayed strong thanks to exports of automobiles and other machinery. But not now. France 24 takes a look at the impact.

“We’ve obviously seen a slowdown from Germany’s own export sales orders and that’s the really worrying thing in all of this. We’ve already seen factory orders down in Germany, we’ve seen unemployment rising, we’ve even seen the biggest unions moderating their wage demands, because they know they just can’t get more in this slowing economy.” (France24)

Germany aside, U.S. news website Fosters.com says don’t expect much from the summit on the part of America.

“A new president will be taking office in [the U.S.] in January and until then not much is going to be established in the way of policy.” (Foster's Daily Democrat)

And, in the United States – the $700 billion bailout and consumer confidence take center stage.
Forbes raises questions about Treasury Secretary Henry Paulson’s change in strategy to help the U.S. out of its economic troubles.

“By changing tactics and communicating poorly, [Paulson] may be inadvertently recreating the same failed ad-hoc approach to the crisis he's been trying to escape. That's a problem. For the next three months, he's still the bailer-in-chief for a market lacking confidence.” (Forbes)

Speaking of confidence. . . the New York Times takes a look at U.S. consumer confidence, with their headline: Buying Binge Slams to a Halt.

“Suddenly our consumer society is doing a lot less consuming. The numbers are pretty incredible. Sales of new vehicles have dropped 32 percent in the third quarter. Consumer spending appears likely to fall next year for the first time since 1980 and perhaps by the largest amount since 1942.” (The New York Times)

What do you expect to come out of the economic summit in Washington? Is it possible for world leaders to solve the financial crisis? We invite you visit our sources and comment here at Newsy.com.