Mudcat Café message #2732706 The Mudcat Café TM
Thread #123871   Message #2732706
Posted By: Q (Frank Staplin)
27-Sep-09 - 06:10 PM
Thread Name: This is no time to be silent...G20 in Pittsburgh
Subject: RE: This is no time to be silent...G20 in Pittsburgh
Why not discuss the results of the meeting instead of the useless protests, and whether or not any effective changes will result?

What the G20 claimed-
1. Agreement on "tough new regulations" to prevent another global financial crisis. Increased reserves on the part of the banks, and curbs on excessive pay.
2.Plans to give emerging economies a greater say.
3. The G20 will effectively replace the G8 group of developed economies.
4. A deal to shift the balnce of voting in the International Monetary Fund towards growing nations such as China.

Some nice goals, but is it only talk?
No agreement on capital reserves that banks need to hold. Put off until 'recovery' is assured.
No agreement on holding down bonuses and salaries.
No formal announcement that the G20 will replace the G8 until 2011.
"It was said" that global leaders would shift "at least 5%" of the quota of votes within the IMF from over-represented countries to under-represented countries."
"It was said" that emerging economies would get a greater say at the World Bank.
The leaders pledged to continue pumping money into their economies until "a durable recovery is assured."

Lots of squabbles, e. g., China wields 3.7% of IMF votes compared with France's 4.9% although the Chinese economy is now 50% larger than that of France.
Struggling countries accuse the developed countries of controlling conditions.

What changes will we actually see?