Saturday, March 14, 2009

G20 – the idiot conference

Several leading finance ministers and heads of central banks assured us today that they are going to take further action in regards to monetary policy, regulatory reforms and stimulus packages. These actions are going to be taken the coming months. So are they going to cut spending, stop printing monopoly money or fire themselves? No, of course not.

The US treasury secretary, Tim Geithner stated, according to Financial Times, the following: “I’m seeing the world move together at a speed and on a scale without precedent in modern times”. No shit! This is a classical quote in my book. When those four horsemen comes galloping I will wave a sign with this statement on it. Absolutely brilliant.

They also pledged, again, to help up-and-coming and developing economies to handle with the loss of international capital flows. How? I cannot really find this information about how they are going to do this. They speak about the International Financial Institution (IFI) and some mumbo jumbo of supporting this or that. But it seems a bit contradictionary doesn’t it? I mean capital flows goes down but somehow this will be compensated with other forms of capital? Or is it regulations and such they are talking about? They have mentioned it several times, but without an explanation. Well, my guess is that we are talking about tax money, but shush… it’s a secret…

So while Obama is dreaming of Rio’s beaches the prelude to the coming summit was pretty funny. I’m just hoping the “real” meeting in April holds even funnier things. Maybe they can agree on fighting against the hoax of manmade global warming with even more billions? Or maybe they can make statement about how everyone most help out except themselves? Maybe they can even promise to borrow more money between them?

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