It is now patently clear that the G20 is a waste of time. Its first great initiative was supposed to be to implement a concerted quantitative easing; only Germany wouldn't, indeed Europe wouldn't. It was supposed to reform, and eventually replace, international financial institutions or, at the very least, ginger them up a bit to act more authoritatively and with more resources behind them. Only nation states are, and were, already perfectly capable of beefing up the IMF's resources without international jamborees.
The meeting of Finance ministers in South Korea lacked the man from Brazil. There are going to be missing heads of state and government at the next round. People simply have better things to do, and better ways of doing things the G20 tried to arrogate to itself.
Tuesday, 26 October 2010
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