New World Economic Order takes shape at G20

[lovuian]

http://www.reuters.com/article/newsMaps/idUSTRE58O1FB20090925

PITTSBURGH (Reuters) - The Group of 20 is set to become the premier coordinating body on global economic issues, reflecting a new world economic order in which emerging market countries like China are much more relevant, according to a draft communique.

Leaders of the G20 developed and developing nations also agreed to make the International Monetary Fund more representative by increasing the voting power of countries that have long been under-represented in the world financial body, said the draft G20 communique obtained by Reuters.

It called for a shift in IMF voting by at least 5 percent, although several G20 representatives said it was a 5 percentage point shift from developed to under-represented countries. Currently, the split in voting power is 57 percent for industrialized countries and 43 percent for developing countries. The shift would make the split nearly 50-50.

snip...
The G20 also agreed the head of the IMF should be selected based on qualifications and not nationality, according to the draft communique obtained by Reuters. The decision is significant because the head of the IMF has always been a European, while the president of the World Bank has always been an American.

The American Empire is on a downward spiral

[inthebrain]

1. That's cool, the current world order sucks ass

I don't know how it could possibly get any worse.

[MadHound]

3. Oh give them a chance

When our crony corporate capitalist overlords get together for these shindigs, things generally tend to go downhill quick for the ordinary human being. After all, how do you think we got where we are?

[inthebrain]

5. You mean like poeple losing their homes every 7.5 seconds?

I don't buy it.

And just an FYI and I'm not accusing anyone here of anything. The New World Order discussions have a habit of devolving into anti semitism and ocassionaly, when it's not intended as such, mistaken for it. A lot of this stuff is commonly used to target Jews.

Just to be safe, I think when someone posts something like this, they should be real clear in their intentions. This is a little vague.

[anigbrowl]

2. Tinfoil industry announces end to recession, 'can't keep up with demand'

(this is not directed at the OP in particular!)

[Creena]

4. Now in cat sizes!

[Ghost Dog]

6. G-20 Unites Again to Curb Bank Pay, Align Economic Policy

Sept. 26 (Bloomberg) --

...

After recording $1.6 trillion in losses and writedowns, banks were told to avoid “multi-year guaranteed bonuses” and a “significant portion of variable compensation” must be deferred, paid in stock, tied to performance and subjected to clawbacks if earnings flop. The G-20 stopped short of endorsing a French proposal to introduce specific caps on pay.

Awards must also be curbed if they are “inconsistent with the maintenance of a sound capital base.” Regulators should be allowed to modify the compensation practices of key firms. Banks will also have to increase the quality and quantity of capital they hold by the end of 2012.

...

The G-20’s new-found status reflects how the recent slump was sparked by the developed economies and the rebound is being powered outside their ranks. That’s a reversal from previous international crises when the G-8, whose genesis lies in the oil shock of the early 1970s, drove the recovery.

...

Countries with significant deficits in their trade accounts promised to save more, while those with surpluses will strengthen domestic demand. The IMF will help them assess each others’ attempts to meet those objectives.

The initiative could see China relying less on exports and more on its own spending, the U.S. cutting back expenditure and Europe increasing investment to even out lopsided flows of trade and investment that contributed to the credit boom and subsequent bust.

Some economists cast doubt on the pledges given no sanctions will be levied to enforce them and a similar push in 2006 by the IMF petered out.

“The jury is still out on the implementation side of this framework,” said Stephen Roach, chairman of Morgan Stanley Asia. “It boils down to whether sovereign nations are willing to abdicate national policy to the world’s collective interests.”

/... http://www.bloomberg.com/apps/news?pid=20601085&sid=aDjJVnusbetI