US goes to polls

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From Fazle Rashid
NEW YORK, Nov 02: America went to polls today with a weakening economy as the core issue. Up for grab will be 500 elective offices including members of the House and Senate and governors. Answers to a variety of issues like: Is this election about Barack Obama?
How powerful has been the impact of the Tea Party, most important of all is how will the new Congress address the weak economy, did anonymous campaign money sway the outcome. The results will have its impact in the 2012 presidential elections.
Whatever the outcome the Federal Reserve "is all but certain to move to spur the nation's sputtering recovery". But economists fear it is unlikely to have a big impact on employment and growth. A Republican victory would shift control of the oversight and appropriations process in the Congress and lobbyists are hoping that it will mean less money for agencies like the Securities Exchange Commission to hire staff to enforce regulatory reforms.
And in the global plane currency tensions will dominate the coming G20 summit. This will be the fifth summit level meeting of G20. The G20 is now treated as the most significant forum for international economic cooperation. The leaders will try to bridge tensions between the United States and China.
The Summit billed for November 11 and 12 in Seoul, South Korea will focus on China allowing appreciation of its currency renminbi. China has been outspoken in defending its currency policy. China's commerce ministry accused US Fed Reserve of contributing to currency tensions. US retorted saying Beijing is exacerbating the currency frictions.