Showing posts with label G20. Show all posts
Showing posts with label G20. Show all posts

03 April 2009

The G20's declaration against you

The full text of the declaration is here.

Despite some nice words about markets and recovery, there isn't a lot to cheer about, unless you think it could have been worse.

A lot more money for the IMF to lend to governments which overreached themselves. Rewarding the profligate wasters and overspenders.

A commitment to sustaining the fiscal child abuse that pours a fortune of borrowed money into unproductive activity under the guise of stimulus.

Creating a Financial Stability Board to punish countries that grow "recklessly".

Punishing countries that offer taxpayers protection from the thieving claws of the likes of the US IRS and the legalised thieves of other national tax mafias. Public finances are important, your finances are not important.

A limp wristed pledge to not increase trade protectionism for the next 20 months. Given Barack Obama already had a hand in increasingly US farm subsidies, it's hardly surprising. A statement on progressing the Doha round, a bare minimum really.

So for all the cheshire cat grins of Gordon "Britain always is in deficit under me" Brown and Barack "no more pork, except my pork laden budget" Obama, this summit was a wet blanket. It has done next to nothing, done little to avoid future harm, and has shown an inadequate regard for how the global economy is dependent upon producers not governments.

Well at least protestors should remain disappointed.

02 April 2009

Standard distorts G20 protests

It reports tens of thousands protested, yet the BBC reports there were only 5,000. (The post on the Standard links to BBC News but clearly doesn't read it).

It ignores the direct attacks on Police which I saw live on TV, refusing to take sides of course. It ignores the rampant vandalism of the RBS branch in the city for being the reason why the Police contained the protestors.

See I watched the coverage on BBC News and Sky News channels for most of the day yesterday. The Standard is getting its news secondhand. Funny how it writes about inaccuracy when it writes such shoddy nonsense as this.

G20 - what good it could do

While the UK media fawns over the arrival of Barack Obama, and several thousand solutionless people who are statists or anarchists, the G20 summit COULD achieve good if only two things happened.

1. The G20 came out, unanimously, against trade protectionism, in favour of renewing the Doha round, and a new emphasis on lowering barriers to trade in primary products, manufactured goods and services. THIS could do more to encourage global recovery than any other government measure because, it basically, is about removing government measures.

2. The less free G20 members (China, Russia in particular) might notice that an economy in trouble can have public political protests largely kept under control.

However, this is unlikely. Far more likely are platitudes, a few moans from poorer countries that it isn't their fault (but showing how dependent they are on wealthy country demand), and a demonstration that everyone is in agreement that the recession should end.

On the other side, I've noticed in the protests some Soviet flags (because the USSR was known to accept public protests as a matter of course), and the hard left "Stop the War Coalition" is calling for US withdrawal from Iraq and Afghanistan, an end to aid for Israel and unilateral nuclear disarmament. In other words, surrender to Islamists and leave nuclear weapons in the hands of dictatorial governments. Charming lot.