What The G-20 Said, And What They Meant
Here's what the G-20 honchos said last week, along with a translations of what really meant. For instance,
WHAT THEY SAID: "We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion, raise output by 4 percent and accelerate the transition to a green economy."WHAT THEY MEANT: The words in the communique were strong but in reality the major countries did not pledge any additional efforts on government spending or tax cuts to boost their own economies.
Somehow doesn't have quite the same ring, does it? [AP] (Photo: mugley)
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...which is presciently correct.
Here's what I see as problematic:
WHAT THEY SAID: "We will not repeat the historic mistakes of protectionism of previous eras."WHAT THEY MEANT: The G-20 leaders repeated a pledge they made at their first summit last November in Washington to refrain from erecting new protectionist barriers during the current economic crisis. Economists see this commitment as critical to avoiding the mistakes that turned the downturn of 1929 into the Great Depression. Back then, country after country imposed trade barriers in an effort to protect domestic industries, only to see global trade plummet -- which left all nations harmed. The problem with this repeated pledge: By one estimate, 17 of the nations at the Washington meeting, including the United States, have already acted to protect domestic industries during the current downturn.
For all the doomsday talk about a global depression, nothing will make that happen more than protectionism. I would have liked to have seen stronger wording, or more definitive action plans here.
New World Order?
@MissPiss: JFK shot Abe Lincoln on an Area 51 soundstage made to look like the moon which was actually on a plane headed for the Twin Towers piloted by Bush?
@Con Seannery '09: Illegal in 1 Giz: The Nazi Bush, the puking Bush, the drunkard Bush or the bank-thieving Bush?
There are more Bushes here than Playboy Mansion!
Why does it allways seem like we bear the burden for everyone.
@Trai_Dep: Im quite sure there's significantly less Bush at the Playboy Mansion than what you're insinuating.
Nazi Bush? REALLY?...REALLY?
There is a massive overload of pessimism here. What's wrong with being positive instead? And if what they're doing is so bad, instead of just complaining, tell us what would be a better solution instead.
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