The G20 has saved us, but it's failing to rein in those who caused the crisis

[CHIMO]

It must rank as one of the least fair deals in economic history. Over the last 12 months, western governments have taken unprecedented and extraordinary action to avoid what undoubtedly would have been a global slump. The good news is that they have succeeded. The bad news is that what caused the crisis – the stranglehold of a new financial oligarchy upon public policy – has hardly been touched. And not only is this grossly unfair, but unless there is change, a second and more serious crisis potentially awaits.

The communique from the G20 finance ministers in London yesterday, emerging after they met to prepare for the big meeting of their leaders in Pittsburgh later this month, perfectly illustrates the dilemma. On the plus side, countries with very different economic philosophies, stages of economic development and national interests have managed to find some key areas to make common cause.

For example, they are sticking to their guns and following through with the huge fiscal and monetary stimulus necessary to put a floor under the global economy, and continue to find common ground on coming down heavily on tax havens, increasing the funding of the IMF and giving more formal influence to China.

Good. But what to do about the banking system and its bonuses, the excesses that created the credit crunch and division among the great nations? Banks are exploiting this vacuum to return to business as usual. It is hard to believe that only 12 months ago their recklessly overstretched balance sheets threatened an implosion of the western banking system.
http://www.guardian.co.uk/commentisfree/2009/sep/06/g20-financial-crisis-banking-bonuses

[leveymg]

1. It's hard to believe that anyone seriously believes the crisis has passed

Sometimes I think the Guardian used to be the flagship newspaper of the British Left.

[FreakinDJ]

2. WTF - "giving more formal influence to China"

China manipulates it's currency unfairly against WTO rules.

Uses Export Quotas to dump goods into America against WTO rules

Imposes 20 - 45% tariffs on American made goods while WTO rules keeps American tariffs at 2%

Ignores Copyrights, Patent Rights, and exports more "knock-off Products" then any other country in the world which cost American Companies $Billions in lost revenue

AND WE NEED TO GIVE THEM MORE INFLUENCE

the stranglehold of a new financial oligarchy upon public policy – has hardly been touched.

No Shit Sherlock

[notesdev]

3. Then it hasn't really saved us from anything, has it?

[ixion]

4. exactly...

it has not. It has simply pushed the reckoning out a few months. When it comes now, and it will, it will be much worse.

[TheWatcher]

5. "The G20 has saved us"

I have to be open honest about this, I stopped reading after those four words.

Anything that starts like that can't possibly have anything reality based to offer.