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G20: Seoul « Previous | |Next »
November 14, 2010

The communique of the G20 Seoul Summit said that g they had agree to “get the global economy back on the path of recovery.” Good oh.Unfortunately the specifics were lacking as to how they would do this , apart from phrases stressing the importance of “rebalancing” the global economy, “coordinating” policies, and refraining from “competitive devaluations.”

There there was no mention of Ireland, which may need a European ballout. Financial markets were unmoved by the bland promises to deal with imbalances and they now have Portugal in their sights.

EyevineNofuture .jpg

There was no substantive progress on anything to do with exchange rates; little substance on the "regulation” of the global megabanks; and few steps on the reform to the governance of the IMF. There was no confronting the power of Wall Street head on, which means breaking up the big banks and imposing hard limits on bank size so they can’t reassemble themselves.

| Posted by Gary Sauer-Thompson at 10:33 AM | | Comments (2)


It appears that the Irish state is making ordinary citizens in Ireland pay for the greed of a political and financial elite (property developers and bankers).

Ireland a faces a future of low growth, high unemployment, a downward spiral of ever harsher austerity measures and mass migration of its youth.

A debt ladened Ireland may well seek a bailout from the European Union. The problem here, as Ambrose Evans-Pritchard points out in The Telegraph is that:

The eurozone’s fiscal fund (European Financial Stability Facility) is fatally flawed. Like Alpinistas roped together, an ever-reduced core of solvent states are supposed to carry the weight on an ever-widening group of insolvent states dangling beneath them. This lacks political credibility and may be tested to destruction if – as seems likely – Ireland is forced to ask for help. At which moment the chain-reaction begins in earnest, starting with Iberia.

Portugal is in worse shape than Ireland.