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G20: humour « Previous | |Next »
April 1, 2009

The OECD is warning that the world economy is in the midst of its deepest and most synchronised recession in our lifetime caused by a global financial crisis and deepened by a collapse in world trade.The IMF warns that G20n leaders need to clean up the toxic assets poisoning the global banking system or risk prolonging the worst global recession in generations.

RowsonM.G20.jpg Martin Rowson

The Rowson humor is a bit rough. But there is a lot of scepticism and cynicism about the capacity of the G20 to do much in terms of developing some substantive form of governance of the global market. Maybe the best that we can expect is the end of the "old Washington consensus".

Update: 2nd April
The Communique is thin. Mark Thoma in the Guardian comments on the G20 after the event:

the failure to move aggressively on an international stimulus package, while expected, was still a disappointing outcome. The attitude, it appears, is that the US caused the problem and it is up to them to fix it. But the US cannot solve this problem alone, and if other countries do not join in and help with fiscal policies to stimulate economic activity, their economies will suffer and their citizens will be worse off because of it.

The G20, by all accounts, has not produced anything like the response needed to pull the world economy out of the current unprecedented mess. The idea is to put back the broken pieces somehow in order to produce more of the same pattern of growth as before. It is unclear that that strategy will work.

| Posted by Gary Sauer-Thompson at 7:51 PM | | Comments (1)
Comments

Comments

the thinking at the G20 summit is almost sloganistic: “globalisation is good”;“freer trade” is good; “growth is good are the memes.